The Truth About Unified Payments: Complaints and Red Flags

A subsidiary of Net Element, Inc., Unified Payments is a merchant account provider that specializes in mobile and tablet-based point-of-sale systems. Founded in 2010, the company claims to serve “over 1,000 sales agents, referral partners, and value-added resellers nationwide.”

Oleg Firer Allegations

There appears to be some controversy over the business dealings of Oleg Firer, the CEO of Net Element. We previously found a website that was created by someone claiming to be a former business associate of Oleg Firer’s, but which is no longer operational. The site previously claimed the following: that Oleg Firer acquired Unified Payments’ custom POS solution, Aptito, but did not compensate its creator as agreed; that Oleg Firer has artificially manipulated Net Element’s stock value through unfunded acquisitions; that Oleg Firer has previously been charged with grand theft in a private real estate deal; and that a Russia-based subsidiary of Net Element called TOT Money has some sort of connection to Russian organized crime. These accusations are severe in nature, and the accuser seems to have posted them on several websites in an attempt to increase their visibility. We do not know whether these allegations are true or false, but we have independently found the following details that may be relevant to these claims:

• • There is evidence that Oleg Firer (here) and Vlad Sadovskiy (here) have faced litigation that accuses them or their companies of defaulting on agreed-upon payments

• • There is evidence that at least some investors in Net Element are dissatisfied with Oleg Firer’s leadership or feel that Oleg is a “scam artist”

• • There is evidence that Oleg Firer agreed to purchase Aptito for 125,000 shares of Net Element stock

• • There is evidence that Net Element has secured a court order prohibiting Gene Zell, the founder of Aptito, from posting any information about Oleg Firer on any website or contacting the company’s business partners and investors

Point of Sale

Unified Payments offers a large number of point-of-sale solutions, primarily focusing on their own proprietary Unified Payments mobile software. For this, they offer a mobile swiper to go along with their software, which is available for both Apple and Android. They also offer a variety of physical POS systems from Aptito, Restoactive, Clover, Aldelo, Verifone, PAX, and Poynt.

Insights into Unified Payments Reviews

Our research has identified a limited number of negative Unified Payments reviews, with only a few directly labeling the company as a scam. The complaints, including those specifically targeting former CEO Oleg Firer, primarily focus on challenges like hard-to-reach customer service, excessive fees, and issues related to Unified Payments’ association with other companies. It’s important to note that while these accusations from an individual with a prior business relationship with Firer highlight potential concerns, they may not reflect the typical merchant experience with Unified Payments.

Public Perception and Merchant Experiences with Unified Payments

Other criticisms of Unified Payments highlight nondisclosure of fees, fund-holds, billing disputes, and cancellation difficulties, suggesting some merchants might face unexpected financial transactions or payment delays. Additionally, allegations of unauthentic testimonials raise questions about the reliability of public feedback regarding Unified Payments’ services.

Evaluating Unified Payments Customer Support

Unified Payments provides customer support via phone and email, as indicated on its website. While these options are available, the overall impression of the company’s customer service capabilities has led to a “C” rating in this area, suggesting room for improvement compared to industry-leading merchant account providers.