Formerly known as “Veracity Payment Solutions,” Vanco Payment Solutions (vancopayments.com) is an Atlanta-based merchant account provider that began operations in 2006. The company changed its name in May 2014, when Veracity Payment Solutions purchased Vanco Services and rebranded itself under the Vanco name. Vanco appears to process its payments through the TSYS processing network.
This reviewer’s initial request for additional information about Veracity Payment Solutions and its business practices went unanswered by the company, both through phone calls and emails to the marketing department. As a result, we resorted to calling sales agents to obtain more information; however, many seemed to lack intimate knowledge of the business itself. From the information that we could gather, Vanco Payment Solutions appears to be a smaller company with about 20-50 employees. Vanco Payment Solutions is a registered ISO/MSP of Wells Fargo Bank, N.A. of Walnut Creek, California, and Synovus Bank of Columbus, Georgia. Kevin Lee is listed as the CEO of Vanco Payment Solutions.
- Faith-based organizations
- Professional services
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Vanco Payment Solutions markets its credit card processing services in several different ways, including partnering with community banks and trade associations and hiring inside sales agents as well as outside independent sales agents. The utilization of independent sales agents would normally lower a provider’s rating, but Vanco appears to avoid most of the negative results of doing so. Additionally, Vanco does not appear to use any other misleading sales tactics or marketing in its official materials. We will therefore assign the company an “A” rating in this category for the time being.
Vanco Payment Solutions Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||None|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
According to the agents with which we spoke, Vanco Payment Solutions offers month-to-month contracts with no cancellation fees. Processing rates and fees appear to vary according to each merchant’s processing volume and equipment needs. We were not able to obtain a merchant account agreement as of this review, so merchants are advised to thoroughly read and understand the terms of their Vanco merchant account agreement before signing. If you have any further information regarding Vanco’s merchant account agreement or fees, please leave it in the comment section below.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Vanco Payment Solutions appears to have only two public negative reviews. In the first review, a former agent complained of a bad experience in his employment, but the content of the complaint does not appear to indicate any widespread issues. The second complaint is from a longtime customer who was disappointed that Vanco charged them for terminal replacement following an equipment failure. Although Vanco did not appear to provide exceptional service for the second complainant, neither complaint indicates that Vanco has a major problem with customer service. Therefore, we will not dock Vanco’s score in this section. Vanco lists both phone and email support information on its website.
Key Points - BBB
|Product & Service Complaints||0|
|Billing & Collection Complaints||1|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Vanco Payments Solutions currently has two Better Business Bureau profiles, with one for Veracity Payment Solutions and the other for Vanco Payment Solutions. Both profiles are showing BBB accreditation. The profile for Veracity Payment Solutions is currently showing an “A+” rating, and the profile for Vanco also has an “A+” rating. The two profiles combined have only received one complaint in the past three years. This complaint was filed in relation to a billing or collection dispute and was resolved to the merchant’s satisfaction. Given this information, we agree with the BBB’s rating of “A+.”
About Phillip Parker
Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with PhillipSchedule a Consultation with Phillip
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