VeriPayment Credit Card Processing 2023: Reviews & Complaints
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.
Table of Contents
VeriPayment Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Total
There are only a handful of negative VeriPayment reviews online, a few of which accuse the company of scamming or ripping off customers. Most of these complaints are from 2006 or earlier, but at least three were filed after 2010. The most common issue cited is sudden account cancellation coupled with large amounts held in reserve. These reserves are typically not released for 180 days despite clients’ attempts to reach customer service reps. Although it is standard practice for funds to be held after accounts are canceled due to high chargeback ratios, it does seem as though VeriPayment could make itself more available to frustrated or confused merchants. If you have your own VeriPayment review to make, please do so in the comments below.
VeriPayment Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against VeriPayment. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
VeriPayment Customer Support Options
In general, the company has a low complaint total but seems to offer less-than-optimal customer support to its users. Its website only displays email and Skype support options.
Support Email Addresses
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
|Monthly & Annual Fees||Yes|
Higher Pricing for Higher Risk
According to the VeriPayment website, the company’s pricing schedule discloses a per-transaction rate beginning at 4.95% plus $0.65, a monthly maintenance fee of $40, a rolling reserve of 10%, and a chargeback fee of $45 per incident.
There is also some evidence on the company’s website and in third-party reviews that the VeriPayment charges a $299 setup fee. In general, these rates and fees are much higher than industry averages for standard business types, but they’re more or less standard for most high-risk business types. Depending on a high-risk business’ processing history and time in business, you might be able to land a more competitive rate elsewhere.
VeriPayment’s fraud prevention policies appear to be a major source of contention for some of the company’s clients. Some VeriPayment complaints describe sudden account shutdowns accompanied by large fund-holds. These issues are complicated further by an inability to reach customer service representatives in a timely fashion. One complainant even suggests that the company’s offshore location makes it harder for businesses to recover their withheld funds.
Some Cause for Concern
There is not a large amount of evidence at this time to support these allegations, but the company’s alleged aggressive hold policies should be noted by all prospective clients. If you have any specific knowledge of the standard VeriPayment contract (including any early termination fees or PCI compliance fees), please share that information in the comment section below this review. We also encourage business owners to check out our list of the providers of the best merchant accounts.
VeriPayment Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||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.
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