Platinum Payment Systems: Reviews & Complaints

Name: Platinum Payment Systems
Item: Platinum Payment Systems
Rating: 5
Author: Phillip Parker

By Phillip Parker

Last Updated: July 26, 2023

1 User Comments

Platinum Payment Systems Rating

5/5

Agree with our rating?
Leave a comment below

1 (888) 752-8644 View Pricing

Company Overview

Founded in 2002, Platinum Payment Systems is a merchant account provider headquartered in Spanish Fork, Utah. The company was previously a registered agent of PowerPay. PowerPay was acquired by EVO Merchant Services in December 2012, so it is likely that Platinum Payment Systems is now a subsidiary of EVO. Platinum Payment Systems should not be confused with Platinum Payments, another Utah-based credit card processor. The two are unrelated entities.

As of 2022, it appears Platinum Payment Systems is now going by the name Platpay.

Platpay Payment Processing

Platpay processes all major debit and credit cards for most business types. Their services are not listed on their site except to say that they process cards.

Location & Ownership

Platpay is a registered ISO/MSP of Deutsche Bank Trust Company Americas, New York, New York. Jed Morley is listed as the founder and CEO of Platinum Payment Systems, which is located at 41 East 300 North, Spanish Fork, Utah 84660, however their Better Business Bureau profile only lists a PO box at 150124 Ogden, UT 84415.

Costs & Contract: Appears to offer variable contract terms that may…
Complaints & Service: Complaints number fewer than…
BBB Rating: Has no rating with the BBB and has received…
Sales & Marketing: Does not appear to hire independent sales representatives and has not…

Platinum Payment Systems Customer Reviews

Here's What Their Clients Say

Key Points
Total Online Complaints	<10
Live Customer Support	Yes
Most Common Complaint	N/A
Recent Lawsuits	No

Low Complaint Total

We are currently unable to locate any Platinum Payment Systems reviews that accuse the company of being a ripoff or a scam. In fact, there is only one Platpay review across all consumer protection websites at this time. The sole complaint mentions fund-holds, but appears to have been an isolated incident. If you have your own Platpay review to make, please do so in the comments below.

Platinum Payment Services Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against Platinum Payment Services. 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 Payment Systems Customer Support Options

Platpay’s generally clean complaint record suggests that the company employs a responsive and available customer service team. It may also indicate that the company outsources its customer service to EVO. The company’s website does list a dedicated email address for customer support but its support channels are not sufficient to qualify it as a top-rated merchant account for great customer service. If you have any experience with Platinum Payment Systems’ customer service, please describe that communication in the comment section of this review.

Platinum Payment Systems Customer Service Number

(888) 752-8644 – Toll-Free Support

Other Support Options

Support form
Customer service email at [email protected]

Platinum Payment Systems Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports	0

Apparently New Profile

Platinum Payment Systems has no rating with the Better Business Bureau and has yet to receive any complaints or reviews on its profile. Since the profile does not provide much insight into the company’s operations at this stage, we will exclude its BBB ranking from our review at this time.

Platinum Payment Systems Fees, Rates & Costs

A Closer Look at The Contract

Key Points
Cancellation Penalties	Yes
Monthly & Annual Fees	Yes
Processing Rates	1.00% - 4.99%
Equipment Leasing	Unclear

Platinum Payment Systems Contract Terms

There is almost no publicly available information about the standard Platinum Payment Systems rates or contract at this time. The company appears to have been a sub-ISO of PowerPay, which now fully integrated into the EVO Merchant Services brand. It is therefore likely that the company’s standard contract closely resembles that of EVO. The typical EVO agreement can vary based on a business’ size, business type, and time in business, but it appears to always include an early termination fee ranging from $250 to $500, an attached equipment lease, and a PCI Compliance fee of approximately $120.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Platinum Payment Systems also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

No Pricing Complaints

A company representative has informed us that although the standard Platinum Payment Systems contract includes a multi-year agreement with an early termination fee, the agreement also states that clients can exit their contracts at any time without penalty as long as they provide 30 days written notice. This is a positive factor, but does not place Platinum Payment Systems in competition with the cheapest merchant accounts. The total absence of complaints about Platinum’s rates and fees indicates that most of the company’s clients are satisfied with their service. We are therefore inclined to award the company an “A” in this category.

We also encourage readers to check out our list of the providers of the best merchant accounts.

Platinum Payment Systems Employee Reviews & Sales Tacitcs

Should You Work For Them?

Key Points
Uses Independent Resellers	No
Telemarketing	No
Misleading Marketing	No
Discloses All Important Terms	No

Sales Strategy

Platinum Payment Systems primarily markets itself through its website and strategic partnerships. The company does not appear to partner with independent resellers at this time. We are currently unable to locate any Platinum Payment Systems reviews that accuse the company’s sales team of unethical conduct.

This compares favorably to our list of best credit card processors.

No Deceptive Advertising

As another point in its favor, the company does not appear to engage in any deceptive advertising in its official materials. We therefore award the company an “A” in this category for the time being. If you suspect that Platinum Payment Systems is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

Our Platinum Payment Systems Review Summary

Our Final Thoughts

Platinum Payment Systems rates as a reliable credit card processing provider according to all available information at this time. The company is showing zero complaints across all consumer protection websites, but there is also very little concrete information available regarding its contract terms, hiring practices, and customer support. Business owners are encouraged to carefully read the terms of their agreements and to compare the company’s pricing to top-rated merchant accounts to get the best deal.

If you found this article helpful, please share it!

About The Author

Phillip Parker

Phillip Parker is an independent card payment expert specializing U.S. and Canadian point-of-sale, e-commerce, and mobile payment acceptance. He has nearly two decades of experience in credit card processing as a journalist and consultant. Phillip is the creator of this website and has written over 1,500 articles covering numerous payment acceptance topics. He has also published critical reviews about most merchant services providers currently in operation.

Expert Guidance

Phillip has consulted businesses of all sizes from mom-and-pop shops processing $10K per month to enterprise level organizations processing in excess of $300MM annually. His specialties include:

– Merchant Account Statement Auditing
– Rate & Fee Negotiation
– Processor & POS Selection
– Software Integrations
– Risk Assessment
– Fraud Prevention
– General Processing Advice

Schedule a Consultation Here

Phillip’s Top Picks

Phillip has researched and reviewed over 1,000 merchant services providers over the last 15 years. He also owns multiple businesses that accept credit card payments. If you are looking for an ethical credit card processor that doesn’t hide fees or lock you into expensive contracts, see Phillip’s merchant account picks here.

In The Media

In addition his contributions on CPO, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. If you would like to interview Phillip for your story or podcast, please reach out here.

Follow Phillip Parker

Your Comments & Reviews

How Did Platinum Payment Systems Treat You?

1 Responses

Marjory WIldcraft

October 1, 2018

AVOID THIS COMPANY!!!!

GO ELSEWHERE IF YOu HABVE AN INTERNET BUSINESS. VERY DIFFICULT AND UNREASONABLE TO WORK WITH

I was referred to PlatPay by JJ Virgin (JJ is a best selling author with a large internet based business. JJ recommended PlaPay as a processor who understood the unique needs of internet marketers – for example we often have large fluctuations due to product launches or marketing campaigns. PlatPay gave me an initial estimate that showed I would save some money using their services. But I have paid for it in headaches…. They have no understanding about the needs of internet marketers. They froze my account in the middle of a launch over a small change in a product price and my account months later is still ‘frozen. They requested 3 months work of bank statements and I had just applied and opened the account with all that documentation.

DO YOURSELF A FAVOR AND SKIP THIS ONE IF YOU HAVE AN ONLINE BUSINESS YOU CARE ABOUT.

From The Editor
This Post Might Help: How to Make Your Payment Processor Release Your Money

Reply

Your email address will not be published. Required fields are marked *

Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.

FTC Advertising Disclosure

We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. To support this responsibility, we may in some cases, but not all, earn revenue if you choose a service provider that we have fully researched and vetted. We only recommend providers that we have determined to be safe for our readers. We do not accept payment, gifts, or any other bribes in exchange for postive reviews or ratings. We care about doing right by our readers.

Show disclosure

We are committed to ensuring the accountability of credit card processors by bringing transparency to their business practices. Our primary objective is to to expose unscrupulous processors that impose substantial rate markups, unjustifiable fees, and exploitative contracts that result in substantial losses for small business owners.

We have been in operation since 2009, diligently conducting comprehensive research, publishing extensive reviews, and monitoring more than 1,000 payment processors. Our expertise in the merchant services industry has garnered recognition from esteemed publications such as the Los Angeles Times, INC Magazine, The Atlantic, and the Miami Herald, among others.

Popular Merchant Account Research