Payment Approved Review: Fees, Comparisons, Complaints & Lawsuits

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An Austin-Based Payment Processor

Headquartered in Austin, Texas, Payment Approved is a merchant account provider that serves businesses of all sizes and types. It is likely that the company resells the products and services of a larger entity, but it does not disclose its backend processor or its acquiring bank on its website.

The company advertises itself as “the future of payments,” thanks to its proprietary API that can send funds across different platforms and networks at speeds of 10,000 transactions per second. Payment Approved advertises a P2P web/mobile app that it has developed on its website. This platform allows financial institutions to develop a channel by which their customers may send and receive money from their accounts. Furthermore, the company app can handle payroll processing, online bill payments, online invoices, and act as a POS system, among other things. The company also lists a similar app named Giddy as one it endorses to facilitate the same purpose.

In 2021, Payment Approved acquired Optima Compass, a RegTech and AML compliance company.

Payment Approved Payment Processing

Payment Approved offers payment processing for credit and debit cards, and it boasts a speedy setup and underwriting process. It also advertises state-of-the-art AML and KYC compliance monitoring for every transaction and a suite of products and features designed to provide a simple, trackable solution for AML compliance, reporting, API integration, white label app solutions, and transaction management. These features are called Compass, Agent Navigator, Giddy, Digital Ledger, CBIX, and Compass Intelligence.

Company Location and Ownership

Payment Approved appears to operate out of WeWork, which maintains a location at 600 Congress Ave, 14th Floor, Austin, TX. Jason Montoya is the CEO of Payment Approved.

Payment Approved Review Table of Contents

  • Costs & Contract: Payment Approved appears to offer a month-to-month contract with…
  • Complaints & Service: Payment Approved complaints number fewer than 10 on…
  • BBB Rating: Payment Approved does not have a profile with the Better Business Bureau at…
  • Sales & Marketing: Payment Approved does not appear to hire independent sales agents and has not received…

Payment Approved Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Item Result
Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Clean Complaint Record

We cannot locate any negative Payment Approved reviews, which is a solid indicator that the company isn’t scamming or ripping off merchants. Payment Approved offers a general phone number on its website, but it is unclear whether this number handles customer support issues. If you have your own Payment Approved review to make, please do so in the comments below.

Payment Approved Lawsuits

In 2020, a patent lawsuit was brought against Payment Approved. This is an ongoing case. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Payment Approved Customer Support Options

Payment Approved does not offer a phone number or email address on its website, but it does offer a customer support form. It’s possible that Payment Approved directs merchants to its backend credit card processor for after-hours customer support, but in any case, the company seems do a satisfactory job of resolving merchant issues before they are taken to public forums. Payment Approved has earned an “A” in this section on the basis of its clean complaint record, but it is not considered a top provider for customer service at this time.

Payment Approved Online Ratings

Here's How They Rate Online

No Profile

The Better Business Bureau does not maintain a profile for Payment Approved at this time. Accordingly, we will not factor a BBB rating into this review.

Payment Approved Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Item Result
Cancellation Penalties None known
Monthly/Annual Fees Yes
Processing rates 2.70% - 3.65% + $0.25

Payment Approved Pricing

Since a previous update, Payment Approved has removed its terms and conditions from its website. The language on its terms and conditions page originally described a month-to-month agreement with no early termination fees, a monthly access fee of $149, a flat fee of 2.70% plus $0.25 for all Visa/MasterCard/Discover transactions, and a flat fee of 3.65% plus $0.25 for all American Express transactions. The new, stripped-down version of the company’s website may hint at a new pricing structure, but we are unable to confirm whether this is the case at this time.

Fairly Average Terms

The company’s per-transaction fees are fairly consistent with industry averages, but its monthly access fee of $149 is only justifiable if a merchant has a strong need for Payment Approved’s specific software package. Merchants can also secure a more transparent pricing model by seeking a low-cost merchant account provider with interchange-plus pricing. In spite of these minor drawbacks, we cannot find any merchant complaints about the company’s contract terms at this time. We will therefore assign it an “A” for now.

Payment Approved Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Item Result
Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

Multifaceted Sales Approach

Payment Approved appears to primarily market its services via a combination of inside sales, traditional advertising, and strategic partnerships. There is no evidence at this time that the company employs a large team of independently contracted sales agents, and we have not found any Payment Approved reviews that accuse the company’s reps of nondisclosure or misrepresentation.

No Sales Complaints

Given the total absence of complaints related to the company’s sales practices, we have assigned Payment Approved an “A” in this category.  If you suspect that Payment Approved is charging you undisclosed fees, we recommend seeking a free third-party statement audit.

Our Payment Approved Review Summary

Our Final Thoughts

A Solid Option for Most Merchants

Payment Approved rates as a reliable merchant services provider according to our rating criteria. The company has not received any negative feedback on the usual customer protection websites, and its contract terms, if unchanged, are fairly standard for the industry. Merchants are advised to make sure that they have a need for Payment Approved’s full suite of services before paying $149 per month. If not, business owners should consider a cheaper top-rated provider to get the best all-around deal.

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