Vanco Payment Solutions (vancopayments.com) is an Atlanta-based merchant account provider that was originally founded in 1998 as “Vanco Services.” The company achieved its current form in May 2014, when Veracity Payment Solutions purchased Vanco Services and rebranded itself as Vanco Payment Solutions. This review originally covered Veracity Payment Solutions, but it now focuses on the merged entity that is Vanco Payment Solutions. According to a company representative, Vanco processes payments through First Data.
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. However, a representative of Vanco Payment Solutions has contacted us to say that Vanco has more than 100 employees. Vanco’s primary areas of focus are faith-based organizations, non-profits, and professional services. Vanco Payment Solutions is a registered ISO/MSP of Wells Fargo Bank, N.A. of Walnut Creek, California. Kevin Lee is listed as the CEO of Vanco Payment Solutions.
- Sales & Marketing: Vanco Payment Solutions does not hire independently contracted agents and has received very few complaints about its sales team.
- Costs & Contract: Vanco Payment Solutions offers a month-to-month contract with two different pricing plans.
- Complaints & Service: Vanco Payment Solutions has received only a handful of public complaints.
- BBB Rating: Vanco Payment Solutions has an “A+” rating with the Better Business Bureau and has received one complaint in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With 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||Yes|
Vanco Payment Solutions markets its credit card processing services in several different ways, including partnering with faith-based organizations and software companies as well as hiring a team of sales agents. A Vanco representative has stated that this sales team consists of full-time employees. This assertion is supported by the fact that there are no Vanco Payment Solutions complaints that accuse the company of deceptive sales tactics. Additionally, Vanco does not appear to use any misleading rate quotes or unethical 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
|Swiped Rate||2.75% + $0.45|
|Keyed-in Rate||3.5% + $0.45|
|Early Termination Fee||None|
|PCI Compliance Fee||None|
|Equipment Lease Terms||Variable|
Vanco Payment Solutions offers two pricing plans for organizations: the “Start” plan and the “Sustain” plan. The Start plan is intended for organizations that receive fewer than $250,000 in annual donations and charges a per-transaction fee of 2.75% plus $0.45, a per-transaction ACH fee of 1%, and a monthly service fee of $10. The Sustain plan is intended for organizations that receive between $250,000 and $500,000 in annual donations and charges a per-transaction fee of 2.35% plus $0.35, a per-transaction ACH fee of 0.80%, and a monthly service fee of $49. Give+ Text can be added to the Start plan for $25 per month and to the Sustain plan for $10, while Give+ Kiosk can be added to both plans for $45 per month. Vanco also offers the hardware for its Give+ Kiosk service for a one-time purchase price of $1,695, its mobile processing hardware for $45, and its desktop card reader for $125.
According to the company’s sales agents, Vanco Payment Solutions offers month-to-month contracts with no cancellation fees. A copy of the company’s standard agreement from January 2015 (available below) outlines a swiped transaction fee of 2.75% plus $0.45, a keyed-in transaction fee of 3.50% plus $0.45, a registration fee of $50, and a month-to-month agreement. It appears that the terms of this contract match up with the company’s current Start plan. If you have any further information regarding Vanco’s merchant account agreement (including any PCI compliance fees or monthly minimum fees), please leave it in the comment section below. See the Vanco Merchant Agreement.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
We have located approximately five negative Vanco reviews, none of which accuse the company of being a scam. The issues cited by complainants include unhelpful or unresponsive customer service, delayed payouts, and subpar or malfunctioning software and hardware. Although this represents an increase in complaints since our last update of this review, it is still a low complaint total for a company of Vanco’s size and time in business. Therefore, Vanco retains its “A” rating in this section. Vanco lists both phone and email support information on its website.
Key Points - BBB
|Product & Service Complaints||1|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Vanco Payments Solutions currently has two Better Business Bureau profiles, with one for its Atlanta office and the other for its Minnetonka office. Both profiles are showing BBB accreditation. The profile for the Atlanta office is currently showing an “A+” rating, and the profile for the Minnetonka office 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 product or service issue and was resolved to the merchant’s satisfaction. Given this information, we agree with the BBB’s rating.
About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
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