Preferred Payments Review

About Preferred Payments

Overview

Update: Preferred Payments has rebranded as Ecrypt, but this review focuses on its operations as Preferred Payments. We provide a detailed look at the company’s credit card processing services, including merchant accounts, payment gateways, and point of sale solutions. The review also examines pricing, contract terms, and customer feedback, while assessing the quality of customer support. In addition, we compare Preferred Payments to other providers to help you evaluate whether their services align with your business needs.

Preferred Payments Overview

Founded in 2009, Preferred Payments is a merchant account provider that offers credit card processing solutions for several industries, including restaurant, retail, healthcare, fuel, and non-profit organizations. The company was previously known as “Exclusive Payment Services,” before being rebranded.

Payment Processing

Preferred Payments provides services for handling credit and debit card transactions, facilitating smooth and reliable payment processing for a wide range of industries.

EMV Terminals

Preferred Payments supplies EMV terminals that utilize chip technology to enhance transaction security and reduce fraud. These terminals can be integrated into existing point-of-sale systems and are suitable for businesses of varying sizes.

ACH and e-Check Processing

Preferred Payments offers ACH and e-check processing, enabling businesses to collect electronic payments directly from customers’ bank accounts.

POS Solutions

Preferred Payments provides Point of Sale (POS) systems that include both hardware and software for managing sales, inventory, and customer interactions. These customizable systems are designed to meet the needs of different types of businesses, from retail stores to restaurants.

Mobile Solutions

For businesses that need to accept payments on the go, Preferred Payments offers mobile solutions that work with smartphones and tablets.

Virtual Terminals and Prizm Payment Gateway

Preferred Payments offers virtual terminals and the Prizm Payment Gateway for processing payments online. Virtual terminals allow for remote payment acceptance via internet-connected devices, while the Prizm Payment Gateway integrates with e-commerce platforms.

e-Commerce Solutions

Preferred Payments delivers a range of e-commerce solutions, including shopping carts, PCI compliance, fraud protection, recurring billing, and gift and loyalty programs.

Data Reporting and Analytics

Preferred Payments provides data reporting and analytics services to assist businesses in making informed decisions. These tools offer insights into transaction trends, customer behavior, and financial performance.

No Merchant Complaints Found

We are unable to locate any negative Preferred Payments reviews in the usual consumer protection forums. This absence of complaints indicates that the company is not a ripoff or a scam, and it seems that the company does an excellent job of resolving complaints in-house. It is possible that some complaints intended for Preferred Payments have instead been posted to Elavon’s online profiles, but we have found no evidence that this is occurring. If you have your own Preferred Payments review to make, please do so in the comments below.

Preferred Payments Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Preferred Payments. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Preferred Payments Customer Support Options

Preferred Payments features a live chat support feature, a phone number, and a “Frequently Asked Questions” page. Given the overall lack of merchant complaints filed against the company, we will award Preferred Payments an “A” rating at this time, but its customer support options do not qualify it as a top-rated customer service payment processor.

PaymentPop Rating for Preferred Payments

Negative Feedback

There are no negative reviews published about Preferred Payments on the PaymentPop website.

Preferred Payments BBB Rating

The BBB currently awards Preferred Payments accreditation and an “A+” rating. The BBB has received 0 complaints in the last 36 months. The company has not received any informal negative reviews filed against the company either.

An “A” Performance Overall

Although the BBB has only maintained a profile for Preferred Payments since December 2013, it lists the company’s founding date as April 15, 2009. In light of the company’s apparent time in business and complaint rate, we agree with the BBB’s rating at this time, but readers should note that there is reason to be skeptical of the BBB’s reviews.

Transparent Contract Terms

Preferred Payments openly discloses contract pricing information on its website and provides a comparison tool between its own and other processors’ services and fees. Notably, there are no setup fees, monthly minimum fees, PCI compliance fees, or early termination fees. The company offers either tiered or interchange-plus pricing models, but exact pricing details are not provided.

Virtual Terminal and Payment Gateway Pricing

Alongside its in-store payment processing services, Preferred Payments advertises its virtual terminal and payment gateway services on its website. However, specific pricing for these services is not disclosed. The company optimizes its virtual terminal with interchange-plus pricing and does not charge batch fees. Additional rates and fees, such as gateway fees, technical support fees, and additional transaction rates, may apply to these e-commerce services.

Interchange-Plus Pricing

Preferred Payments offers exclusively interchange-plus pricing and does not bind clients to long-term agreements. Businesses have the option to purchase equipment through Preferred Payments, which is advantageous for business owners. These terms offer greater flexibility compared to the standard Elavon contract, which often includes a tiered pricing plan with a $10 monthly fee and requires a multi-year equipment lease through Ladco Leasing. However, readers are advised to compare Preferred Payments’ costs with those of the most affordable merchant account providers.

Preferred Payments offers access to the Prizm payment gateway

Inside Sales Team

Preferred Payments appears to market its services through online advertising and an internal sales force. We are unable to find any evidence at this time that the company utilizes independent contractors, telemarketing, or hiring mill tactics to sell its products. There are also no Preferred Payments reviews online that mention unethical conduct or nondisclosure by the company’s sales team.

Transparent Pricing

As an additional point in the company’s favor, we can find no evidence of teaser rate quotes or misleading advertising on the Preferred Payments website. The company prominently mentions interchange-pluspricing, which is the most transparent pricing model available. In light of these factors, we award the company an “A” in this category for the time being. If you suspect that Preferred Payments is charging you undisclosed fees, however, we recommend seeking an independent statement audit to spot and eliminate hidden charges.

Preferred Payments is regarded as a reliable credit card processing provider based on all currently available data. The absence of complaints across various websites reflects positively on the company, although specific information regarding its sales practices and contract terms remains scarce. As such, business owners should meticulously review all relevant documentation before enrolling in the company’s services and compare its fees to those provided by top-rated credit card processors. It is also important for readers to distinguish between Preferred Payments and Preferred Card Services, an unrelated provider. Making this distinction will help ensure that businesses are making informed decisions tailored to their specific payment processing needs.