SilverEdge Review

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.

SilverEdge Lawsuits

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.

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.

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.

An Average Option for Most Businesses

SilverEdge rates as an average merchant services provider according to all available information. The company has a low-to-moderate complaint total for an organization that has been operating since 2007, but the available complaints suggest that SilverEdge’s sales tactics and pricing are about standard for the industry. SilverEdge’s overall grade has remained constant since our last review due to a steady increase in complaints, but it will continue to fall if this trend worsens. For now, merchants will likely find better value from a top-rated merchant account provider.