Agree with our rating?
Leave a comment below
Agree with our rating?
7/2/2019 Update: According to the company’s BBB profile, SilverEdge is no longer in business. All current information reflects information available as of July, 2019. Moving forward, CardPaymentOptions.com will no longer update this review.
Payment Processing for the Retail and Service Industries
SilverEdge (gosilveredge.com) is a Loveland, Colorado-based merchant account provider that specializes in point-of-sale solutions for small to medium-sized businesses. The company has been active since 2007 and is a reseller of First Data products and services, specifically Clover POS. SilverEdge specifically markets retail merchant accounts, restaurant merchant accounts, and e-commerce merchant accounts as its primary areas of expertise.
A Madwire Company
In 2018, SilverEdge was acquired by Madwire, a digital marketing company. SilverEdge now functions as a product offered in conjunction with Madwire’s Marketing360 online marketing platform. SilverEdge is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, California, and is headquartered at 4065 St. Cloud Drive Loveland, Colorado 80538. Ken Salazar is the president and CEO of SilverEdge.
SilverEdge Review Table of Contents
- Costs & Contract: SilverEdge appears to offer a multi-year contract and equipment lease through First Data with an early termination fee of $495.
- Complaints & Service: SilverEdge has received more than 20 public complaints.
- BBB Rating: SilverEdge does not currently have a rating with the Better Business Bureau but has received 8 complaints and 15 reviews in the past three years.
- Sales & Marketing: SilverEdge appears to hire independently contracted agents and has received some complaints about its sales team.
- Rates & Fees: How Merchants Got The Best Rates With SilverEdge
SilverEdge Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||20+|
|Live Customer Support||Yes|
|Most Common Complaint||Equipment Lease Terms|
Rising Complaint Total
We have found more than 20 negative SilverEdge reviews, and some of these complaints accuse the company of being a ripoff or a scam. The primary issues cited by complainants include excessive or persistent sales calls, undisclosed termination fees, undisclosed lease terms, poor technical support, and unreachable customer service. The overall number of complaints has risen steadily over time, which suggests that SilverEdge has not adapted its policies to address the most commonly cited issues.
We have not found any outstanding class-action lawsuits or FTC complaints filed against SilverEdge. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
SilverEdge Customer Support Options
It is unclear whether SilverEdge’s rising complaint total stems primarily from independent sales agents or from SilverEdge’s in-house sales and support team. Nevertheless, it is our policy to hold a company accountable for the conduct of all of its representatives. SilverEdge does offer 24/7 phone support in addition to email support, which is a level of availability that we expect from the best customer service merchant accounts.
SilverEdge Online Ratings
Here's How They Rate Online
|Product & Service Complaints||6|
|Billing & Collection Complaints||1|
|Advertising & Sales Complaints||1|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
No Rating Assigned
SilverEdge no longer has a rating nor accreditation with the Better Business Bureau. The BBB reports the company as being out of business, but it may be that SilverEdge’s acquisition by Madwire has affected the BBB’s reporting of the company. In any case, SilverEdge has received 8 complaints to its BBB profile in the past three years, with 6 due to product or service problems, 1 related to a billing dispute, and 1 having to do with advertising or sales. 4 complaints were successfully resolved, while the remaining 4 either were resolved to the dissatisfaction of the complainant or did not receive a final response from the complainant.
What Merchants Say
SilverEdge has also received 15 informal reviews on its BBB profile. 13 reviews were positive while only 2 were negative. It should be noted that these reviews are not subject to authentication by the BBB. The most recent negative review mentions frustration with an expensive equipment lease:
They tied me into a $847.00 per month lease for a p.o.s system that doesn’t work. I’ve been paying for over a year. They lied about the functions of the system, doesn’t do what they promised. I was closed for 3/4 of a day for the install. They hired a sub contractor to install. He installed it and ran into glitches right way. Installer contacted them to resolve, They didn’t respond for over 6 hours. We were forced to remove their system and reinstall my old one so I could reopen my business. We have been in business for 51 years, Silver edge is by far the worst company we have ever dealt with in over 50 years doing business. I’m out thousand’s of dollars for a p.o.s system that sits on the shelf. Stay Away!!!!!!!!!!
This merchant would likely benefit from taking steps to cancel their merchant account without paying a cancellation fee.
A “B” Performance Overall
Given the company’s complaint total and resolution ratio, we have adjusted the BBB’s lack of a rating to a “B” grade according to our rating criteria.
SilverEdge Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Early Termination Fee||$495 - $8,000+|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Costs||$80 Per Month|
|Equipment Lease Terms||48-month (locked)|
Multiple Years, $495 Termination Fee
There is very little publicly available information about the standard SilverEdge contract at this time. According to merchant complaints, the company’s basic agreement is a multi-year contract through First Data with an early termination fee of up to $495. SilverEdge advertises that it offers interchange-plus pricing but does not disclose its specific per-transaction markup.
Long-Term Equipment Leases
Complainants also state that some of the company’s sales agents sell 48-month, non-cancellable equipment leases as part of their merchant account contracts, likely through First Data Global Leasing. Two complaints cite a monthly lease cost of $80, which will far exceed the purchase price of the equipment if paid over four years. Others claim that it would cost them more than $8,000 or $10,000 to cancel their lease agreements. A few merchants also complain about higher-than-expected rates, with more than one merchant claiming to pay a 4% or higher effective rate.
Average Pricing for the Industry
There are no specific complaints about SilverEdge’s PCI compliance fees, monthly minimum fees, statement fees, or other fees, but it is likely that the company charges some or all of these fees. In general, SilverEdge has received a low-to-moderate number of complaints about its contract terms. However, the complaints that we have found suggest that the company’s standard contract is about average for the industry, far below the standard set by the cheapest merchant account providers.
SilverEdge Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Telemarketing and Independent Agents
SilverEdge appears to utilize telemarketing, independent sales agents, and referral partnerships to market its products. The combination of telemarketing and independent sales agents typically generates complaints within the credit card processing industry, and SilverEdge appears to be no exception. We are currently able to locate more than a dozen SiverEdge complaints that describe excessive and persistent sales calls and nondisclosure or misrepresentation by sales agents. Merchants specifically claim to be unaware of the company’s early termination fee and equipment lease terms before signing up for service.
Grill Your Agent
It appears that the company’s rates, fees, and contract terms could receive varying levels of disclosure depending on which sales agent is involved. Merchants should therefore be sure to work with someone they trust and inquire about all potential costs. SilverEdge’s overall sales complaint total has remained low-to-moderate for a company of its size, but the content of these complaints has lowered the company’s score to a “B” in this section. If you suspect that SilverEdge is charging you undisclosed fees, we recommend seeking an independent statement audit to find and eliminate fees from your contract.
Copyright © 2023 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
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.