Omega Bank Card (omegabankcard.com), also known as Omega Financial Solutions, is a merchant account provider based in Birmingham, Alabama. The company is a reseller of First Data and Clearent. Omega Bank Card is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California, and is headquartered at 234 Aquarius Dr, #100, Homewood, Alabama 35209. Omega Bank Card Services should not be confused with Omega Processing, a Kentucky-based merchant services provider that has no affiliation with the company profiled in this review. Fletch Leonard is listed as the co-owner of Omega Bank Card.
- Sales & Marketing: Omega Bank Card appears to hire independent sales representatives but has not received any complaints about its sales practices.
- Costs & Contract: Omega Bank Card offers a three-year contract through First Data with no early termination fee.
- Complaints & Service: Omega Bank Card has received fewer than 10 public complaints.
- BBB Rating: Omega Bank Card has an “A+” rating with the Better Business Bureau and has received zero complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Omega Bank Card
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Omega Bank Card Services appears to utilize a team of independent sales agents and in-house appointment setters to market its services. Independent sales agents are often a cause for complaint within the credit card processing industry due to the minimal training and oversight they can receive. In this case, though, we are currently unable to locate any Omega Bank Card negative reviews that accuse the company’s sales team of deceptive practices.
In the time since our last update, Omega Bank Card has rolled out advertisements for a couple of new pricing plans on its website. The first is its “Limitless” program, which is a cash discount program that costs a flat $35 per month but reimburses merchants for their per-transaction fees via surcharges. The second plan is an interchange-plus plan that appears to charge different markups on different card types. Despite the fact that it is poorly explained by Omega’s sales copy, this plan appears to revolve around a transparent interchange-plus markup.
In light of these plainly disclosed plans and the lack of complaints filed against Omega, we are assigning the company an “A” rating in this category.
Omega Bank Card Services Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||None|
|PCI Compliance Fee||$7.50 Per Month|
|Equipment Lease Terms||Variable|
According to an Omega Bank Card representative and a copy of the company’s merchant agreement (available below), Omega’s standard contract is a three-year term through First Data with Interchange-plus pricing, no annual fees, a $7.50 monthly regulatory fee that includes PCI compliance, and a monthly minimum fee of $10. The company does not charge an early termination fee unless it places equipment with a merchant, but the merchant will not pay this $199 fee as long as the equipment is returned to Omega Bank Card within 30 days. The company also offers terminal rental for $9.95 per month.
As noted above, Omega Bank Card also offers a cash discount program that adds a surcharge to customers’ non-cash purchases to offset the merchant’s per-transaction fees. This plan costs a flat $35 per month and likely includes one-time and incidental fees, but its main selling point is the elimination of per-transaction fees.
These pricing plans compare favorably to industry averages, and the company is accordingly showing zero complaints regarding its pricing and fees at this time. Merchants are encouraged to read their merchant agreements carefully to ensure that they are receiving the best possible pricing. See the Omega Bank Card Merchant Application and the Omega Bank Card Program Guide.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
We are currently unable to locate any negative Omega Bank Card reviews, which indicates that the company is not a ripoff or a scam. The company’s website states that all Omega merchants have access to 24/7 customer support, so the company most likely outsources its customer service to First Data. Because of this, it’s possible that some complaints intended for Omega Bank Card are instead filed against First Data. In the absence of any evidence that this is occurring, however, we will award Omega Bank Card an “A” in this category.
Key Points - BBB
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Omega Bank Card (listed under the name “Omega BankCard Services”) currently maintains an “A+” rating with the Better Business Bureau and has been accredited since 2004. The company has had zero complaints filed against it in the last three years. It has also not received any informal reviews, although it should be noted that these reviews are not always subject to verification by the BBB. In light of this information, we agree with the BBB’s rating.
About Phillip Parker
Hi, I’m Phillip Parker and I believe that the merchant account industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. I created this website to help you avoid the bad players, save money on fees, and get peace of mind with your merchant account. If you would like to help support my work, check out my cost analysis service. I can evaluate your statement and tell you exactly how much you're overpaying for your merchant account. Get more information here.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
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