Unified Payments Overview
Florida-Based POS Provider
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. This website, which was created by someone claiming to be a former business associate of Oleg Firer’s but is no longer operational, previously claimed 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
Unified Payments Ownership and Locations
Unified Payments is a subsidiary of Net Elements. Unified Payments is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, California; Esquire Bank N.A., Jericho, NY; and Citizens Bank, N.A., Providence, RI. Vlad Sadovskiy is the president of merchant services at Unified Payments, which is headquartered at 3363 NE 163rd Street Suite 705, North Miami Beach, Florida.
Unified Payments Review Table of Contents
- Costs & Contract: Unified Payments offers a three-year contract with an early termination fee of $750.
- Complaints & Service: Unified Payments has received fewer than 10 public complaints.
- BBB Rating: Unified Payments has an “A+” rating and has received 8 complaints and 5 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2017.
- Sales & Marketing: Unified Payments appears to hire independent sales representatives and has received a few complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Unified Payments
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