OLB Group Overview

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E-Commerce Specialists

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 merchants build online stores. In mid-2018, it dramatically expanded its operations by acquiring Excel Corporation, CrowdPay.us, and Omnisoft.

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 Location and 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. 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.

OLB Group Review Table of Contents

  • Costs & Contract: OLB Group offers variable contract terms that may come down to the individual agent selling the account.
  • Complaints & Service: OLB Group has received fewer than 10 public complaints.
  • BBB Rating: OLB Group currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the last 3 years.
  • Sales & Marketing: OLB Group appears to hire independent sales agents and its subsidiaries have received numerous complaints about their sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With OLB Group

OLB Group Statement Analyzer

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Products & Services Offered

  • Debit and credit card processing
  • Online payment gateway
  • Online store builder
  • Point of sale hardware
  • Third-party business applications
  • Crowdfunding payment solutions

Types of Businesses Served

  • Retail
  • Mobile
  • E-Commerce
  • Non-profit
  • Manufacturing

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OLB Group Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Equipment Lease Terms Undisclosed

Chyp and eVance Contract Terms

As with OLB Group’s sales division, it appears that the current standard OLB Group merchant account contract is simply 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 merchant complaints to shed any light on its various fees. It is very likely that OLB Group’s contract terms 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.

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.

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OLB Group Complaints & Customer Reviews

Key Points

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

Clean Complaint Record

We are currently unable to locate any negative OLB Group reviews, 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 it did not amass any public complaints 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 higher risk for complaints.

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

We have not found any outstanding class-action lawsuits or FTC complaints filed against OLB Group. Dissatisfied merchants 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 appears to offer a contact form on its website and does not list any phone or live chat support options. 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.

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Response from OLB Group

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OLB Group BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

The Better Business Bureau currently assigns OLB Group an “A+” rating 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.

An “A” Performance

Given the company’s pristine BBB history, we agree with the BBB’s rating at this time. However, we will be observing OLB Group closely to see if its new acquisitions impact its standing with the BBB. Moreover, merchants are advised to regard any rating assigned by the BBB with some skepticism.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates 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, merchants 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 is no public feedback regarding specific OLB Group sales agents at this time, although this may change if the company merges its new acquisitions into the OLB brand.

Poor Sales Reputation Among Merchants

There is an ample amount of merchant 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 merchant complaints about misrepresentation of rates and nondisclosure of contract terms. In recent years, merchants 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.

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 develops 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.

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Response from OLB Group

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OLB Group Marketing Example

OLB Group Logo

Our Opinion of OLB Group

Preceded By Its Subsidiary’s Reputation

OLB Group rates as an average merchant services 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, merchants will likely be better served by working with top-rated merchant account providers. Merchants 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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Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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