VeriPayment Credit Card Processing Reviews & Complaints
Company Overview
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.
VeriPayment Payment Processing
VeriPayment processes most major debit and credit cards, specifically focusing on high-risk businesses, offshore accounts, replica accounts, and pharmacy accounts. They offer online payments in multiple currencies, fraud prevention, real-time reporting, 7-day payouts, SSL encryption, a virtual terminal, backend integration, and web-based buy buttons. They are specifically targeted to international merchants.
Online Payment Gateway by VeriPayment
VeriPayment offers an online payment gateway service, allowing businesses to accept and process payments made through their websites. This service integrates with various e-commerce platforms, enabling online transactions.
Mobile Payment Processing with VeriPayment
With a focus on mobile payment processing, VeriPayment provides a solution that allows businesses to accept card payments using mobile devices. This is useful for businesses that operate outside traditional storefronts or engage in field transactions.
VeriPayment's Point of Sale (POS) Systems
In addition to online and mobile processing, VeriPayment provides POS systems for in-person transactions. These systems include both hardware and software components to manage transactions in a physical location effectively.
Location & Ownership
The company is headquartered at 14 Crooms Hill, Greenwich, London SE10 8ER, United Kingdom. VeriPayment does not disclose the identities of its executive leadership on its website, but a few merchant complaints claim that Derbala Hish is the company's owner.
Pros: | Cons: |
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Convenience: Easy integration, user-friendly. | Extra Work: Additional bookkeeping required. |
Global Reach: Access international markets easily. | Fees: Various transaction charges apply. |
Security: Advanced fraud protection measures. | Chargebacks: Potential for customer disputes. |
Record Keeping: Efficient, accurate financial tracking. | Security Concerns: Constant vigilance needed. |
Customer Appeal: Preferred by many customers. | Technology Costs: Initial and ongoing expenses. |
Higher Revenue: Encourages more spending. | Third-Party Dependency: Reliance on external services. |
VeriPayment Customer Reviews
Here's What Their Clients Say
Total Online Complaints | <10 |
---|---|
Live Customer Support | Yes |
Most Common Complaint | N/A |
Recent Lawsuits | No |
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.
Customer Support Offered by VeriPayment
Despite a relatively low number of complaints, VeriPayment’s customer support seems to be a point of contention for some users. The company provides support primarily through email and Skype, suggesting a more digital-focused approach to customer service. Improvements in these areas could enhance client satisfaction.
VeriPayment Contact Information for Support
- [email protected] – Customer Support
- [email protected] – Sales Inquiries
While these contact options are in place, a more robust and responsive customer support system could potentially improve the overall user experience with VeriPayment.
VeriPayment Online Ratings
Here's How They Rate Online
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.
VeriPayment Fees, Rates & Costs
A Closer Look at The Contract
Cancellation Penalties | Unclear |
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Monthly & Annual Fees | Yes |
Processing Rates | Variable |
Equipment Leasing | Unclear |
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.
VeriPayment Employee Reviews & Sales Tacitcs
Should You Work For Them?
Uses Independent Resellers | Yes |
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Telemarketing | Likely |
Misleading Marketing | Yes |
Discloses All Important Terms | No |
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.
Our VeriPayment Review Summary
Our Final Thoughts
VeriPayment rates as a better-than-average high-risk credit card processing provider according to our rating system. The company is showing a fairly low complaint total over more than a decade in business, but there appear to be some concerns about its fund-holding policies and its customer support. Our review may be subject to change once more information becomes available about VeriPayment’s standard contract. Businesses that believe they may qualify for standard-risk merchant accounts can expect much better pricing and service from a top-rated standard-risk payment processor.
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Greyson Louise
VeriPayment has been a game-changer for my business! With their seamless and secure payment solutions, managing transactions has become a breeze. The user-friendly interface makes it easy for both my team and customers to navigate without any hiccups.
Since switching to VeriPayment, our payment processing has become more efficient, saving us valuable time and resources. The peace of mind that comes with their top-notch security measures is truly priceless.
Customer support is another area where VeriPayment shines. Their team is always ready to lend a helping hand, resolving any concerns promptly and professionally.
I can confidently say that VeriPayment has elevated our business operations to a whole new level. If you’re looking for a reliable, efficient, and user-friendly payment solution, I wholeheartedly recommend VeriPayment. It’s a decision you won’t regret!