What You Should Know Before Choosing VeriPayment

We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.

All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.

VeriPayment

Rating
B
4.3/5
full starfull starfull starfull starempty star

Pros and Cons of VeriPayment

Pros

Advanced fraud protection
Easy integration
International payment processing
E-commerce integration
Virtual terminal access

Cons

High processing fees
Potential fund holds
Lengthy contract terms
Independent sales agents
Non-refundable setup fee

Overview

In this VeriPayment review, we’ll examine their credit card processing services, highlighting offerings such as point-of-sale (POS) systems, mobile payment options, and e-commerce features. We’ll point out which businesses, particularly high-risk or international merchants, are most likely to benefit. Alongside that, we’ll dig into customer reviews to uncover common praise, complaints, and trends. We’ll also break down pricing, contract terms, and distinctive features. By the end of this review, you’ll have a clear sense of whether VeriPayment is a good fit for your payment processing needs.

About VeriPayment

Screen Capture of VeriPayment Homepage
VeriPayment Homepage

Founded in 2002, VeriPayment is a merchant account provider that specializes in providing e-commerce solutions for high-risk and international business types. The company is incorporated in the United Kingdom but also maintains offices in Latvia and Panama. VeriPayment maintains processing relationships with multiple acquiring banks across the globe.

Products & Merchant Services

Payment Processing

VeriPayment processes major debit and credit cards, with a focus on high-risk businesses, offshore accounts, replica accounts, and pharmacy accounts. Their services include multi-currency online payments, fraud prevention, real-time reporting, 7-day payouts, SSL encryption, a virtual terminal, backend integration, and web-based buy buttons. They primarily serve international merchants.

Online Payment Gateway

VeriPayment offers an online payment gateway that allows businesses to accept and process payments through their websites. This service integrates with various e-commerce platforms to facilitate online transactions.

Mobile Payment Processing

VeriPayment provides mobile payment processing solutions, enabling businesses to accept card payments using mobile devices.

Point of Sale (POS) Systems

VeriPayment also offers POS systems for in-person transactions. These systems include both hardware and software components designed to manage transactions effectively in a physical location.

Customer Reviews & Sentiment

Understanding VeriPayment Customer Feedback

Online, VeriPayment reviews are sparse, with a few suggesting dissatisfaction. Common concerns include allegations of scam-like behavior, predominantly focusing on sudden account cancellations and lengthy holds on funds. While holding funds is a standard practice in cases of high chargeback ratios, the frequency of such complaints implies a need for VeriPayment to enhance its communication with clients. Those with experiences regarding VeriPayment’s services are encouraged to contribute their own reviews in the comments section.

Legal Concerns Involving VeriPayment

Our search did not reveal any current class-action lawsuits or FTC complaints against VeriPayment. Clients with unresolved disputes who prefer a non-confrontational approach may consider reporting their issues to relevant supervisory organizations as an alternative to legal action.

Industry Scores & User Ratings

Online Ratings Summary
PaymentPop5
BBBN/A

PaymentPop Rating for VeriPayment

Negative Feedback

There are no negative reviews published about VeriPayment on the PaymentPop website.

Positive Feedback

VeriPayment has been a great addition to our business operations. The payment system is secure, easy to integrate, and works seamlessly with our invoicing software. Their team has been incredibly helpful and responsive anytime we’ve needed assistance. It’s clear they care about getting things right for their customers.

No Profile Available

The Better Business Bureau does not maintain a profile for VeriPayment at this time. Accordingly, we will not factor a BBB rating into this review.

Processing Rates & Fees

Higher Pricing for Higher Risk

VeriPayment’s disclosed pricing includes a transaction rate starting at 4.95% plus $0.65, along with a monthly maintenance fee of $40, a rolling reserve of 10%, and a chargeback fee of $45 per incident. Additionally, there’s information indicating a $299 setup fee on VeriPayment’s platform and from external reviews. While these rates are above the norm for standard business categories, they align with expectations for high-risk sectors. High-risk businesses may find more favorable rates by comparing their options based on their processing history and business tenure.

Fund-Hold Complaints

The fraud prevention policies of VeriPayment have led to grievances among some clients, particularly regarding sudden account closures and significant fund-holds. Challenges in promptly communicating with customer service exacerbate these issues, with reports suggesting the company’s offshore location complicates efforts to reclaim held funds. Such complaints underline the importance of understanding VeriPayment’s policies fully before engagement.

Some Cause for Concern

While there’s limited concrete evidence to substantiate claims about VeriPayment’s hold policies, the reported issues merit attention from potential clients. Those with firsthand experiences or detailed knowledge of VeriPayment’s standard contract terms, including any early termination or PCI compliance fees, are encouraged to share insights below. Businesses in search of merchant services are also advised to review our list of the top merchant account providers for potentially better alternatives.

Employee Reviews & Sales Practices

Outside Sales Team

VeriPayment appears to use an ISO program as well as traditional advertising to market its services. The use of ISOs is commonly linked to complaints within the credit card processing industry, but there are no VeriPayment reviews at this time that cite nondisclosure or misrepresentation by sales representatives. To the contrary, it seems that the company transparently quotes its prices, despite the fact that they are much higher than industry averages. This is likely due to the fact that VeriPayment primarily targets high-risk business types, who are accustomed to paying higher fees. In general, this compares favorably to our list of best credit card processors.

VeriPayment Rate Quotes

The VeriPayment “Rates” page quotes rates “as low as 4.95%” and per-transaction fees “as low as $0.65.” According to at least one user review of the company, these costs can climb as high as 9.25% plus $0.85 per transaction depending on a merchant’s volume. We consider this type of rate quote to be slightly misleading because it could give clients an unrealistic expectation of the rates they will pay. However, 4.95% plus $0.65 hardly qualifies as a “teaser” quote because it is much higher than industry averages. If you suspect that VeriPayment is overcharging you, you can double-check your monthly bill with a third-party statement audit.

VeriPayment Competitors

Compare VeriPayment to competitors that earned top marks.

Bottom Line

VeriPayment rates as a better-than-average high-risk credit card processing provider according to our rating system. The company has maintained a relatively low complaint total over more than a decade in business, demonstrating a commendable track record in the high-risk merchant sector. However, potential clients should be aware of concerns related to its fund-holding policies and customer support, which have surfaced among some users. These issues warrant careful consideration, especially for businesses where cash flow consistency is critical.

It is essential for high-risk merchants to thoroughly review and negotiate these terms to avoid unexpected challenges. Additionally, businesses that believe they may qualify for standard-risk merchant accounts should explore options with top-rated standard-risk payment processors, as they typically offer better pricing and superior service. While VeriPayment stands out in the high-risk category, merchants must weigh their options carefully to ensure they receive the best possible terms for their specific needs.

Read Actual User Reviews

All user reviews have been moved to our partner, PaymentPop.com

Contact VeriPayment

Contact & Customer Support
OwnerDerbala Hish
Headquarters14 Crooms Hill, Greenwich, London SE10 8ER, United Kingdom
Websiteveripayment.com