VersaPay Overview

VersaPay May Have Overcharged You

If you accepted credit cards through VersaPay or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.

A BluePay Subsidiary

Founded in 2005, VersaPay is a Canadian merchant account provider specializing in electronic invoicing services. The company’s primary service is a proprietary accounts receivable management system, but it also offers payment processing for U.S. and Canadian merchants. In February 2017, BluePay acquired VersaPay’s entire merchant services portfolio, meaning that VersaPay merchants will use BluePay’s products and services to accept credit card payments.

VersaPay Location and Ownership

VersaPay is headquartered at 18 King St E, Toronto, Ontario M5H 1A1, Canada, and Craig O’Neill is listed as the CEO and director of VersaPay.

VersaPay Review Table of Contents

  • Costs & Contract: VersaPay appears to offer variable contract terms through BluePay.
  • Complaints & Service: VersaPay has received fewer than 10 public complaints.
  • BBB Rating: VersaPay has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
  • Sales & Marketing: VersaPay does not appear to hire independently contracted sales agents and has received very few complaints about its sales team.
  • Rates & Fees: How Merchants Got The Best Rates With VersaPay
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Products & Services Offered

  • Debit and credit card processing
  • Virtual terminal
  • Online invoicing
  • Recurring billing
  • Accounting software integration
  • POS equipment

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • MOTO
  • B2B

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VersaPay Rates, Fees, and Costs

Key Points

Swiped Rate 2.39% + $0.25
Keyed-in Rate 2.99% + $0.20
Mobile Payment Rate 2.59% + $0.15
Early Termination Fee None
PCI Compliance Fee $99
Equipment Lease Terms Undisclosed

Month-to-Month Contract

The standard VersaPay terms and conditions detail a payment processing agreement that can be canceled at any time without an early termination fee. It is likely that the merchant account referred to therein is a BluePay contract. Merchant reviews of Bluepay reflect a fee structure of 2.39% plus $0.25 and 2.99% plus $0.20 for keyed-in transactions. BluePay also charges an annual PCI compliance fee of $99.

The page for VersaPay’s mobile payment solution advertises a per-transaction fee of 2.59% plus $0.15 per transaction but does not elaborate on any other costs or contract terms. It is also probable that rates and fees may be subject to variation depending on a merchant’s size, business type, and time in business.

Not Just Online Invoicing

In addition to its online software and mobile products, VersaPay does offer POS equipment, so merchants should be aware that any equipment leases that accompany their merchant services may have unique contract terms. At this time, there are no online complaints about VersaPay’s costs, indicating that the company’s pricing may be competitive with even the cheapest merchant accounts. If you have any specific knowledge of the standard VersaPay contract, please share that information in the comment section of this review.

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Response from VersaPay

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VersaPay Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

We are currently able to locate four VersaPay negative reviews, none of which accuse the company of being a ripoff or a scam. One complaint was posted in 2010 and mentioned difficulty with setup and undesirable pricing. The remaining three complaints have been posted by current or former employees and cite a disorganized, unsupportive work environment. Given the general lack of merchant complaints about the company, these internal issues do not appear to affect the service offered by VersaPay, and they are not being counted against the company.

Versapay Services Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Versapay. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

VersaPay Support Options

The VersaPay website offers email support and an FAQ section as well as phone numbers for different locations, and these channels seem to be successful at resolving merchant complaints in-house. VersaPay’s support team operates at a level that is comparable even to top-rated merchant account providers for great customer service.

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Response from VersaPay

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VersaPay BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Clean Complaint Record

VersaPay is not accredited with the Better Business Bureau and is currently showing a grade of “A+” based on 0 complaints in the last 36 months. VersaPay has not received any negative informal reviews either.

An “A” Performance

Given the company’s complaint total, we agree with the BBB‘s rating at this time. Merchants should note, however, that there are reasons to be skeptical of BBB ratings.

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Response from VersaPay

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

Outside Sales Team

VersaPay appears to rely on strategic partnerships and a team of outside sales agents to market its services. We have found only one negative VersaPay review that mentions unethical tactics by the company’s sales team, and in this case the merchant experienced unexpected difficulties with setup and an undisclosed termination fee in 2010.

No Deceptive Quotes

As a point in its favor, the company does not appear to engage in deceptive advertising strategies in its official materials. Given VersaPay’s low number of complaints, we are awarding VersaPay an “A” in this category for the time being. If you are concerned that VersaPay is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.

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Response from VersaPay

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VersaPay Marketing Example

Versapay Logo

Our Opinion of VersaPay

A Good Option for Accounts Receivable

VersaPay rates as a reliable merchant services provider according to our standards. The company is showing a very low complaint volume and does not appear to engage in deceptive advertising, although little specific information is currently available about its contract terms. VersaPay’s overall rating may be subject to change once more information is known about its pricing. VersaPay may be an appealing option for merchants who are comparing QuickBooks-integrated merchant accounts.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,156,834 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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