Platinum Choice Bancard 2023: Reviews & Complaints

Platinum Choice Bancard Rating
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Company Overview

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.

E-commerce Solutions

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.

POS Systems

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…
PCBancard payment processing

PCBancard offers standard payment processing services

Platinum Choice Bancard Customer Reviews

Here's What Their Clients Say

Key Points

Total Online Complaints 10+
Live Customer Support Yes
Most Common Complaint Poor Service
Recent Lawsuits No

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

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

BBB Reports 1

No Complaints

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

Key Points

Cancellation Penalties Yes
Monthly & Annual Fees Yes
Processing Rates Variable
Equipment Leasing Yes

Long-Term Contract

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.

PCBancard payment gateway

PCBancard offers e-commerce solutions including access to payment gateways

Platinum Choice Bancard Employee Reviews & Sales Tacitcs

Should You Work For Them?

Key Points

Uses Independent Resellers Yes
Telemarketing Likely
Misleading Marketing No
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.

Our Platinum Choice Bancard Review Summary

Our Final Thoughts

Platinum Choice Bancard rates as an above-average credit card processing provider according to our standards. Its complaint rate over the past two years has lowered its rating slightly, but there are no indications of egregious conduct by company representatives. Platinum Choice Bancard’s overall rating may be susceptible to change once more information is known about its contract terms, sales practices, and customer service. Until then, business owners should compare it to top-rated overall merchant account providers.

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Your Comments & Reviews

How Did Platinum Choice Bancard Treat You?

8 Responses

  • Don Bruce

    Platinum Bad Choice Bancard. Every month new fees and total nonsense. Annual fees charged multiple times every year. They are chasing me down for $600 they say I owe but have never given me a bill of particulars and have their creditors hounding me. I am going to send a letter to the regulatory agency in Virginia about this company. Whenever there is a problem they refer you back to your rep and the rep can’t do anything. Save yourself a lot of aggravation. Stay away from these people.

  • Trevor Morgan

    platinum choice bancard is a scam just like northern leasing. there rep in az signed me up by lying about there rates and then sprung northern leasing on me and said he was gonna pay all the other fees i didn’t agree to just so i would sign. do not use these criminals

    This post will help: Find and Eliminate Hidden Fees In Your Monthly Bill

  • Christian Thrash

    This company is a SCAM! Visit BBB to see their reviews and history of billing fees. They will not provide any information on closing your account. If you are a merchant they failed our security tests provided by DELL. Go with the big banks Like Chase , Wells Fargo etc. Chase has now put this company on their list of companies to watch for fraudulent charges.

  • Mike Velenga

    I went though a lot of credit card processing companies when I first opened my store. It took about 3 different companies over-charging me, lying to me, and treating me like nothing but a number untill I signed up with Platinum Choice Bancard. Their customer service is great, their fees are low, and they actually care about helping my business grow. Thank you for making my life easier and caring about my business, Platinum Choice Bancard!!!

    • Hi Mike,

      Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!

  • Just had a 2nd phone call from scheduler for Platinum choice. He claimed they ARE the interchange. And that, “the credit card companies give the names of companies to them that are no longer high risk. So that they can lower our rates.” They claim not to be either a bank or a 3rd party processing company, rather they ARE the interchange.

  • James Faulkner

    Doing business with Platinum Choice Bancard has been a true pleasure. I have always found them to be above grade when it comes to service and they are always available to help with any issue I may have.


    • Phillip CPO

      Hi James,

      Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!

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