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Protec Merchant Solutions Review
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Backed by Major Processors
Founded in 2012, Protec Merchant Solutions is a merchant account provider that provides a myriad of payment processing solutions. The company provides in-store and e-commerce services. According to the company’s website, it relies on Global Payments, First Data, and Chase Merchant Services for its backend processing. However, the company offers its own rate structure. In addition to merchant accounts, the company provides merchant cash advances, check guarantees, and gift/loyalty cards.
Location and Ownership
Protect Merchant Solutions is headquartered at 207 27th Ave Astoria, NY. The only point of contact disclosed by the company goes by the name James R. on the sole email address disclosed by the company. It is unclear what role he plays in the ownership of the business.
Protec Merchant Solutions Review Table of Contents
- Costs & Contract: Protec Merchant Services offers contracts with an undisclosed term length and a tiered rate structure that may include an early termination fee.
- Complaints & Service: Protec Merchant Services has received fewer than 10 public complaints.
- BBB Rating: Protec Merchant Solutions does not currently have a profile with the Better Business Bureau.
- Sales & Marketing: Protec Merchant Services does not hire independent sales agents and has not had complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Protect Merchant Services.
Protec Merchant Solutions Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||Fraud|
Low Complaint Volume
We have only been able to locate 2 negative reviews for Protec Merchant Solutions. However, both complaints accuse the company of being a scam or committing fraud. 1 complaint was left by a merchant alleging that the company hacked its email account.
Protec Merchant Solutions Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Protec Merchant Solutions. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Protec Merchant Solutions Customer Support Options
Protec Merchant Solutions provides 24/7 telephone support and an automated form for responses to support requests. The company also provides an email address on its website but it does not appear that it is dedicated to customer support inquiries. Though 24/7 phone support is a reliable option, the rest of these resources is not as comprehensive as what some of the best merchant accounts for customer service typically provide.
Some Red Flags
There is some evidence to suggest that merchants are having negative experiences with the company. The basis of its few complaints is concerning. However, the company’s low complaint volume, 24/7 phone support, and clean legal history are enough behind the company getting a “B” rating in this category.
Protec Merchant Solutions Online Ratings
Here's How They Rate Online
No BBB Profile Available at This Time
The Better Business Bureau does not currently maintain a profile for Protec Merchant Solutions. We therefore will not factor a BBB rating into this review.
Protec Merchant Solutions Fees, Rates & Costs
A Closer Look at The Contract
|Swipe Rate||1.70% - 3.49% + $0.10|
|Keyed-in Rate||1.99% - 4.49% + $0.10|
|Virtual Terminal Rate||1.99% + $0.10|
|Payment Gateway Fee||Undisclosed|
|Statement Fee||$9.95 Per Month|
|Early Termination Fee||Undisclosed|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Term||Undisclosed|
Transparent Transaction Rates
The Protec Merchant Solutions website provides a pricing table that clearly lists its transaction fees. Merchants are charged a swipe rate of up to 3.49% plus $0.10 and a keyed-in rate of up to 4.49% plus $0.10. These figures are based on the combination of their highest disclosed qualified rate of 1.99% and their highest listed non-qualified downgrade of 1.50% for swiped transactions. Those same parameters for keyed-in transactions are listed at 2.50% plus 1.99%, respectively. However, qualified swipe rates for the company start at 1.70% while qualified keyed-in rates begin at 1.99%. Downgrades for non-qualified swipe rates range between 1.00% to 1.50% and 1.50% plus 1.99% for keyed-in rates. This means that merchants who don’t meet the criteria for the company’s lowest qualified rate may end up paying less than the maximum rates charged by the company. Nevertheless, that ceiling is worth noting.
Though the company lists its rates quite specifically on its webpage, not many other additional contract terms are disclosed. Merchants are charged a monthly statement fee of $9.95, but it is unclear if they enforce a PCI compliance fee, early termination fee, or non-cancelable equipment lease. Since merchant reviews reflect that the company utilizes both First Data and Chase Merchant Services for its back-end processing, it is possible that those costs equal that of the providers it relies upon for processing.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Protec Merchant Solutions also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. The company utilizes Authorize.Net and Charge Anywhere as payment gateways. According to the company’s website, it charges merchants a rate of 1.99$ + $0.10 for e-commerce transactions. Additional fees, including gateway fees, technical support fees, batch fees, and additional transaction rates may apply to these e-commerce services.
A “B” Overall
Given the company’s low qualified rates, Protect Merchant Solutions’ pricing be a cost-efficient option. However, the lack of an available merchant agreement that discloses potential fees makes it different to assess its pricing in totality. With the absence of all available information but in consideration of the rates that are disclosed, we award the company a “B” in this category.
Protec Merchant Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Protec Merchant Solutions Sales Tactics
Protec Merchant Solutions does not appear independently contracted sales agents to market its services. The lack of a an advertisement for an affiliate program is a clear indication of it does not employ this practice. There are no other complaints about the company’s sales practices either.
No Misleading Quotes
To its credit, Protec Merchant Solutions does not list deceptive rate quotes in its official materials. The company does advertise that it has the lowest rates in the industry for merchant services. While that is difficult to substantiate, its virtual terminal rate is lower than the standard rates offered directly from its payment gateway providers. The company also provides a full range of its qualified rates and non-qualified mark-ups. However, the company does not disclose all applicable fees that it charges its merchants.
Given its transparent rate structure and lack of issues with sales practices, we award Protec Merchant Solutions an “A” in this category.
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