Platinum Choice Bancard 2023: Reviews & Complaints
Platinum Choice Bancard is a merchant account provider primarily serving small to mid-sized businesses throughout the United States. There is evidence that the company is an ISO of First Data (now Fiserv). Platinum Choice is also able to provide some high-risk merchant accounts.
Platinum Choice Bancard Payment Processing
PCBancard processes all major debit and credit cards for most business types, including some high-risk. Their services include POS solutions from Clover, EMV card readers and swipers, e-commerce solutions including virtual terminals and payment gateways, mobile solutions, cash advances and loans, check and ACH payments, B2B Level 2 and 3 processing, invoicing, and gift cards.
Merchant Processing Solutions
Platinum Choice Bancard (PCB) offers a range of merchant processing solutions for various industries. The company provides customized payment processing services, including credit, debit, and gift card processing, to suit the unique needs of each business.
Mobile Payment Processing
PCB also offers mobile payment processing services for businesses that require on-the-go transactions. The company’s mobile processing app allows merchants to accept credit card payments using smartphones or tablets, providing a convenient payment option for customers.
For businesses operating online, PCB offers e-commerce payment processing solutions. The company provides secure and reliable online payment gateways, ensuring smooth and safe transactions for both merchants and customers.
Platinum Choice Bancard provides point-of-sale (POS) systems for businesses looking to streamline their payment processes. Their POS systems come with a variety of features, including inventory management and employee tracking, to help businesses manage their daily operations more efficiently.
Data Security and Fraud Protection
PCB takes data security seriously, offering end-to-end encryption and tokenization to protect sensitive payment information. The company also provides fraud protection tools to help merchants identify and prevent fraudulent transactions.
Location & Ownership
The company was founded in 2009 and has a corporate address located at 420 Boulevard, Suite 206, Mountain Lakes, New Jersey 07046. Platinum Choice Bancard is a registered ISO of Synovus Bank, Columbus, GA; Fifth Third Bank, Cincinnati, OH; and Wells Fargo Bank, Concord, CA. Gary Wishnia is listed as the CEO of Platinum Choice Bancard.
Table of Contents
- Costs & Contract: Appears to offer contract terms similar to First Data (Fiserv) with…
- Complaints & Service: Complaints number more than 10 on…
- BBB Rating: Has an “A+” rating and has received 1 complaint in the past 3 years. The company has been…
- Sales & Marketing: Appears to hire independent sales representatives and has received…
Platinum Choice Bancard Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||10+|
|Live Customer Support||Yes|
|Most Common Complaint||Poor Service|
Low Complaint Total
We have found more than 10 negative Platinum Choice Bancard reviews, some of which accuse the company of being a ripoff or a scam. The available Platinum Choice Bancard complaints mention higher-than-expected rates, hidden monthly fees, expensive cancellation fees, and difficulty reaching customer support. As noted above, the complaints have been consistently posted over the past two years, and this consistency has lowered the company’s score since our last review. If you have your own Platinum Choice Bancard review to make, please do so in the comments below.
Platinum Choice Bancard Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Platinum Choice Bancard. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Platinum Choice Bancard Customer Support Options
Platinum Choice offers a phone number and email address for customer support on its website. It is possible that First Data (Fiserv) handles the company’s after-hours support, but the site does not disclose this.
Platinum Choice Bancard Customer Service Numbers
- (888) 537-7332 – Toll-Free General Customer Service
- (973) 324-22513 – Work Inquiries
Other Support Options
- Dedicated email support address at [email protected]
Phone and email support is the bare minimum we expect of companies if they are to compete with the top-rated merchant accounts for customer support.
Platinum Choice Bancard Online Ratings
Here's How They Rate Online
Online Ratings Summary
Platinum Choice Bancard has been accredited by the Better Business Bureau since 2011 and currently maintains an “A+” score. The company has received 1 complaint in the past 36 months.
An “A” Performance
In light of the company’s complaint total and resolution ratio, we agree with the rating assigned by the BBB.
Platinum Choice Bancard Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
It is difficult to locate any verifiable information about the standard Platinum Choice Bancard contract at this time. As a reseller of First Data (Fiserv) products, it is likely that the company’s rates are similar to theirs. Under a typical First Data (Fiserv) contract, clients who process up to $50,000 each month will receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Clients whose monthly charges exceed $50,000 will receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19. Another facet of these contracts is non-cancellable, long-term equipment leases through First Data Global Leasing. As a general rule, we advise against long-term equipment rental, as many EMV-enabled terminals can be purchased outright for under $400.
Platinum Choice Bancard does have the freedom to alter these terms depending on a merchant’s size, business type, and processing history as a reseller of First Data (Fiserv). However, with a lack of readily available information on the Platinum Choice Bancard rates and fees structure, business owners considering its services should refer to First Data (Fiserv) contracts as a point of reference.
Altering those terms and conditions does not automatically mean they will be less expensive. This is reflected by one complaint which suggests that the company charges an early termination fee of $595, which is slightly higher than the typical First Data (Fiserv) fee. We recommend business owners read our list of best merchant accounts and compare them to PCBancard’s rates.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Platinum Choice Bancard also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional rates and Platinum Choice Bancard fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Level 2 and Level 3 Processing Services
In addition to its traditional merchant services, Platinum Choice Bancard also advertises that it provides Level 2 and Level 3 processing for B2B and B2G transactions. Level 2 and Level 3 processing rely upon different interchange rates than traditional consumer credit transactions. Accommodating those rates requires different payment processing technology from a merchant account provider to transmit the amount of data required to facilitate the transactions. These services are reserved for B2B and B2G purchases that utilize corporate credit cards. Compare PCBancard’s B2B processing to our list of best credit card processors.
Platinum Choice Bancard Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
Outside Sales Team
Platinum Choice Bancard appears to market its services through independent sales agents and partnerships with resellers. This practice can sometimes result in elevated complaint rates among merchants, as independent sales entities are difficult to train and regulate. In this case, we have located a handful of Platinum Choice Bancard reviews that mention hidden fees, unwanted sales calls, and misleading rate quotes.
Low Fee Advertisement
Platinum Choice Bancard advertises that it will eliminate 95% of a business’ fees. Despite this advertisement, several Platinum Choice Bancard reviews detail exorbitant early termination fees. Platinum Choice Bancard complaints mention a fee as high as $595. This compares poorly to the best credit card processors.
Recent Sales Complaints
One commenter in the comment section below this review suggested that a telephone representative described the company as “the interchange,” which is essentially meaningless, so it’s hard to know if the agent was being intentionally misleading. Other commenters say that the company will “offer this amazing deal with no cancellation” which “was not true at all,” and that “fees are more than we discussed and the lease amount is more than is written on the contract.” These Platinum Choice Bancard complaints have mostly surfaced within the past two years, which has lowered the company’s rating in this section to a “B.” If you suspect that Platinum Choice is charging you hidden fees, we recommend seeking a third-party statement audit.
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