OLB Group Credit Card Processing 2023: Reviews & Complaints

OLB Group Rating
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Company Overview

An acronym for “On-Line Business,” OLB Group is a merchant account provider that sells e-commerce payment processing and retail point-of-sale solutions. The company was founded in 1993 to help businesses build online stores. In mid-2018, it dramatically expanded its operations by acquiring Excel Corporation, CrowdPay.us, and Omnisoft. They continued to expand in 2020 by acquiring DoubleBeam and in 2021 by acquiring a portfolio of CBD merchants. OLB Group announced in 2022 that they will soon be expanding into NFTs, further expanding their integration of crypto into their portfolio. Later in 2022, OLB Group announced a major partnership with payment software company Cuentas to bring “fintech solutions” to over 32,000 bodegas in the United States. The company also purchased Crowdpay.US, Inc. in 2022.

In 2023, OLB Group engaged Maxim Group LLC to provide financial advisory and investment banking services for the potential spinoff of its Bitcoin mining subsidiary, DMint. The aim is to make DMint a standalone publicly held company, and shares in DMint will be distributed to OLB shareholders after the listing process on an exchange is complete.

Also in 2023, OLB Group acquired an 80% share in Cuentas SDI LLC, a company that owns the platform of Black011.com and serves over 31,000 convenience stores. The acquisition aims to expand OLB’s services to the underbanked population and will be led by a new Vice President of Sales, Jeff Jorgge.

Article Summary

Before we dive in, here’s a short summary of what we’ll cover:

  • OLB Group’s various payment processing services.
  • OLB Group has received a very low number of complaints for its size and time in business. However, its subsidiaries have received a number of complaints.
  • Though it is likely the same as that of Excel Corporation, there is very little information available about the OLB Group contract.

Excel Corporation Acquisition

OLB Group’s April 2018 acquisition of Excel Corporation included the full assets of eVance Processing, Chyp, and Securus Payments. According to the June 2018 SEC filing cited above, “in order to finance the Asset Acquisition, the Company executed a term loan agreement with GACP [Great American Capital Partners – ed.], for $12,500,000.” According to the same SEC filing, the net tangible assets acquired in this deal totaled $2,968,589, while the remaining $9,875,576 borrowed by OLB represented “[g]oodwill and other intangibles.” Two other passages from the SEC filing are of interest:

[…] as of June 30, 2018, [OLB Group] had a cash balance of $164,410 And a working capital deficit of $2,779,777 […]

The Company has borrowed $1,000,000 from a private investor in order to make its first scheduled payments on the Loan and Security Agreement (entered into on April 9, 2018) and is currently in the process of a capital raise of up to $5,000,000. If the full $5,000,000 is raised, the Company will have enough liquidly for the next several years. This, along with the additional acquisitions of CrowdPay.US, Inc, and Omnisoft, Inc. should provide the company with the assets and operations it requires to continue as a going concern. However, there are no assurances that we will be able to consummate the above capital raise and meet its required interest and principle payments on the loan. These factors among others, raise substantial doubt about the company’s ability to continue as a going concern.

In other words, OLB Group purchased Excel Corporation while in a state of deficit and took on two multi-million dollar loans in order to fund Excel Corporation’s acquisition and ongoing operations. This is significant because Excel Corporation is the parent company of eVance Processing, Chyp, and Securus Payments, three providers that rate poorly on CPO due to deceptive sales tactics and expensive contract terms. If OLB Group intends to eventually break even on its acquisition of Excel Corporation, then it will need to see significant annual returns from Excel Corporation’s merchant portfolio. Given Chyp’s known business model, this may result in even more aggressive sales tactics and unfavorable contract terms intended to generate rapid profits.

OLB Group Payment Processing

OLB Group processes all major credit and debit cards for most business types. Their offerings are extensive and include the omnisoft e-commerce solution family of products, the Secure Pay payment gateway, the CrowdPay.us capital-raising service, the eVance merchant services division, ShopFast POS solutions, PayFac payment facilitation, Gift & Home Market Connect e-commerce options, and more. See our eVance review for more on their merchant processing

Business Management Platform

The company provides a cloud-based business management platform called OmniSoft. This platform offers omni-commerce solutions designed to manage various aspects of a business.

Mobile Payment Gateway

OLB Group has a mobile payment gateway known as SecurePay. This is designed to secure the processing, transmitting, and storing of payment card-related data.

E-commerce Platform

The company’s e-commerce platform provides cloud-based merchant services to over 10,500 merchants across all 50 states in the U.S. It offers a comprehensive digital commerce solution, including site creation, hosting, transaction processing, order fulfillment, customer service, and sales reporting.

Private Label Shopping Solutions

OLB Group delivers fully outsourced private-label shopping solutions to highly trafficked websites. This service includes a seamless end-to-end e-commerce solution for clients.

Location & Ownership

OLB Group is headquartered at 200 Park Ave #1700, New York, New York 10166, but a press release states that the operations of Excel Corporation will be based in Alpharetta, Georgia. Additionally, the OLB Group website lists 1120 6th Ave 4th Floor, New York, NY 10036 as its address. OLB Group is a registered ISO/MSP Esquire Bank Jericho, NY, and an FSP of First National Bank of Albany. eVance Inc. Excel Corporation’s subsidiary companies include registered ISOs/MSPs of Wells Fargo Bank, N.A., Walnut Creek, California; Elavon, Inc., Atlanta, Georgia; BMO Harris Bank N.A., Chicago, Illinois; and Merrick Bank, South Jordan, Utah. Ronny Yakov is the CEO of OLB Group.

Table of Contents

OLB payment processing
Some of OLB’s “PayFac” features.

OLB Group Customer Reviews

Here's What Their Clients Say

Key Points

Total Online Complaints <10
Live Customer Support No
Most Common Complaint N/A
Recent Lawsuits Yes

Clean Complaint Record

We are currently unable to locate even one negative OLB Group review, which is likely a product of the brief period of time that the company has owned Excel Corporation. OLB Group has been active for more than two decades as an e-commerce website supplier, and there are no negative OLB Group reviews during that time. This is a very positive sign. However, the company’s acquisition of Excel represents a much firmer step into the payment processing industry, which is sure to expose it to a higher risk for complaints. If you have an OLB Group review to make, please leave it in the comments below for us to review.

The Legacy of Excel Corporation

In total, OLB Group’s newly acquired subsidiaries like Securus Payments, Chyp, Pipeline Data, and Calpian Commerce have amassed hundreds of serious complaints online. It seems reasonable to take these complaints into consideration when assessing OLB Group. The complaints filed against OLB Group’s affiliates generally describe deceptive sales practices, costly contract terms, non-cancellable equipment leases, and unreachable customer support.

OLB Group Lawsuits and Fines

OLB Group was sued in 2020 over allegedly not paying debts owed by eVance. The case is ongoing. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

OLB Group Customer Support Options

OLB Group offers a contact form on its website and a phone number, but there is no indication of what kind of support they provide through either. It’s possible that the company’s merchant services customers will still receive support from Excel Corporation’s operations team, but this is not apparent. The visible options for customer support would not qualify OLB Group as a top-rated option for customer service at this time. We will assign OLB Group a rating that reflects its organizational affiliations and history until the company develops a reputation of its own.

OLB Group Customer Service Number

  • (212) 278-0900 – General Customer Support

Other Support Options

OLB Group Online Ratings

Here's How They Rate Online

Online Ratings Summary

BBB Reports 0

No BBB Complaints

The Better Business Bureau currently does not list a rating for OLB Group and does not extend BBB accreditation to the company. OLB Group has received 0 complaints nor any informal reviews in the past three years. The BBB has maintained this profile since 2008.

Score Pending

While it is normally our philosophy that “A+” ratings should be reserved for companies with 0 complaints, we agree with the BBB by not rating the company in this instance. However, we will be observing OLB Group closely to see if its new acquisitions impact its standing with the BBB. Business owners should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

OLB Group Fees, Rates & Costs

A Closer Look at The Contract

Key Points

Cancellation Penalties Undisclosed
Monthly & Annual Fees Undisclosed
Processing Rates 1.00% - 4.99%
Equipment Leasing Undisclosed

Chyp and eVance Contract Terms

As with OLB Group’s sales division, it appears that the current standard OLB Group rates and contract are simply the same as the contract sold by Excel Corporation subsidiaries. There is very little publicly available information about the standard Excel Corporation contract at this time. The company does not provide its pricing or terms on its website, and there are no client complaints to shed any light on its various fees. It is very likely that OLB Group rates and contract details will vary depending on which Excel subsidiary is presenting the contract. Further variation beyond that is possible due to the fact that eVance Processing and Chyp use independently contracted sales agents.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, the OLB Group also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company emphasizes its efforts to synthesize in-store retail payments with supplemental e-commerce services, as well as catering to online businesses. However, pricing is not disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Another Precautionary “C”

Despite our inability to obtain concrete details about OLB Group’s standard contract terms at this time, the track records of Pipeline Data, Securus Payments, and Chyp are consistently average to below average in this category. We will therefore assign OLB Group a “C” for now, and we would not expect the company’s pricing to compete with cheaper merchant accounts. If you have any information about the standard OLB Group merchant agreement (including any early termination fees or PCI compliance fees), please share that information in the comment section below this review. We also encourage business owners to check out our list of the providers of the best merchant accounts.

OLB Group Employee Reviews & Sales Tacitcs

Should You Work For Them?

Key Points

Uses Independent Resellers Yes
Telemarketing Yes
Misleading Marketing No
Discloses All Important Terms No

Independent Sales Agents for Excel

OLB’s credit card processing branch is basically the Excel Corporation organization, which uses a national team of independent sales representatives and agents, ISOs, and referring agent banks to sell its products. As a result, clients are unlikely to receive a sales call from an agent identifying themselves as a representative of “OLB Group.” Instead, it appears that eVance Processing and Chyp are responsible for growing OLB Group’s merchant base under their respective brands. This approach means that there are no public OLB Group reviews regarding specific sales agents at this time, although this may change if the company merges its new acquisitions into the OLB brand.

Poor Sales Reputation Among Businesses

There is an ample amount of client feedback regarding Excel Corporation’s current and former assets like Securus Payments, Pipeline Data, and now Chyp. Specifically, the sales tactics of these organizations have received hundreds of business complaints about the misrepresentation of rates and nondisclosure of contract terms. In recent years, clients have especially cited undisclosed long-term leasing contracts as a major point of dissatisfaction with Securus Payments. These complaints were posted with regularity both before and after Securus’s acquisition by Excel. We have seen nothing from OLB Group to indicate that these trends will be addressed. This does not compare favorably to our list of best credit card processors.

A Precautionary “C”

Given the reputations established by OLB Group’s subsidiaries, we have assigned the company a “C” rating in this section for the time being. Our grade may change if OLB Group complaints exhibit a track record independent of its subsidiaries. If you suspect that an OLB Group subsidiary is applying hidden fees to your account, we recommend seeking a third-party statement audit to find and eliminate charges.

OLB Group point of sale shopfast

OLB Group has its own point-of-sale system, ShopFast

Our OLB Group Review Summary

Our Final Thoughts

OLB Group rates as an average credit card processing provider due almost entirely to the reputation of Excel Corporation and its subsidiaries. The company may ultimately prove to be more transparent and ethical than its newly acquired sub-brands, but we will wait until we have concrete proof of this before changing our rating. For now, businesses will likely be better served by working with top-rated merchant account providers. Business owners who engage with OLB Group are encouraged to request and review all documentation prior to signing, and to report their experiences in the comment section below this article.

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