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Vision Bankcard Review: Fees, Comparisons, Complaints & Fees
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Note: As of August 2021, the Vision Bankcard website does not appear to be functioning. It appears the company is out of business, and as such we will no longer be updating this profile. If you have any information that the company is still in business, please let us know in the comments below.
Headquartered in Orem, Utah
Vision Bankcard is a merchant account provider based in Orem, Utah. Founded in 1995, it is the parent organization of Dynamic Payment Solutions. The website for Dynamic Payment Solutions lists the company’s backend processor as Global Payments.
Connection to Paymall
In the time since the initial publication of this review, we have noticed a large number of complaints filed against Paymall (paymall.com), an apparently defunct online marketplace that may have been owned by Vision Bankcard. According to multiple complaints, Vision Bankcard is Paymall’s backend payment processor, and these complaints also indicate that Vision Bankcard often withholds large sums from merchants if the company detects fraudulent transaction activity by merchants. Paymall was based in the UK and did not disclose any affiliation with Vision Bankcard on its website, but the consistency of merchant complaints to this effect makes it very likely that there was some connection. The fact that at one point Vision Bankcard’s URL was “vendor.paymall.com” seems to prove some affiliation between the two companies.
Vision Bankcard Location & Ownership
Vision Bankcard is a registered ISO/MSP of Deutsche Bank AG, New York, and its headquarters can be found at 3214 N University Ave Ste 133 Provo, UT 84604. Jeff Knowles is listed as the CEO at Vision Bankcard.
Vision Bankcard Review Table of Contents
- Costs & Contract: Vision Bankcard appears to offer variable contract terms through Global Payments.
- Complaints & Service: Vision Bankcard has received more than 10 public complaints.
- BBB Rating: Vision Bankcard has an “A+” rating with the Better Business Bureau and has received 0 complaints and 0 reviews in the past 3 years.
- Sales & Marketing: Vision Bankcard does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
Vision Bankcard Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||10+|
|Live Customer Support||Yes|
|Most Common Complaint||Fund Holds|
Low Complaint Total
We are currently able to locate approximately fifteen negative Vision Bankcard reviews, nearly all of which are related to transactions through Paymall. These complaints consistently report withheld funds, difficulty reaching customer support, and delayed payouts. The amounts in dispute vary but can be very large, up to tens of thousands of dollars.
Vision Bankcard Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Vision Bankcard. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Vision Bankcard Customer Service Options
The company offers phone and email contact information on its website, but it’s unclear how well these channels function in comparison to top payment processors for customer service. Paymall users seemed to have the most negative things to say about the company, but if Vision Bankcard has done away with its online marketplace entirely, then its merchant feedback is likely to improve over time. As of now, Vision Bankcard is not showing any complaints related to its general merchant services.
Vision Bankcard Online Ratings
Here's How They Rate Online
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
One BBB Complaint
Vision Bankcard currently maintains an “A+” rating with the Better Business Bureau and has not received BBB accreditation. The company is showing 0 complaints in the past 36 months.
What Merchants Say
Vision Bankcard’s BBB profile has received 0 reviews in the last 36 months. Prior to that period, the company had received 1 informal review. The lone review was negative in tone, making an accusation of theft:
JEFF K****** STOLE OVER $250,000 FROM US. He is a criminal and liar.
It should be noted that informal reviews, unlike complaints, are not verified for authenticity by the BBB. Given our review of merchant reviews of Vision Bankcard, there is reason to be skeptical of this accusation. However, any instance of fraudulent activity on a merchant account should be reported to the relevant supervisory organizations.
An “A” Performance Overall
The fact that Vision Bankcard has one unanswered complaint inclines us to agree with the BBB’s rating at this time. However, merchants should not solely rely on the BBB for validation of a company’s trustworthiness, as there are valid reasons to be skeptical of BBB grades.
Vision Bankcard Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Virtual Terminal Rate||2.90% + $0.30|
|Payment Gateway Fee||$25 Per Month|
|Early Termination Fee||$500 or Liquidated Damages|
|Annual Maintenance Fee||$299|
|Equipment Lease Terms||48 Month (locked)|
Vision Bankcard Contract Terms
There is very little specific information available about the standard Vision Bankcard contract. The company’s backend processor appears to be Global Payments, so it is possible that the standard Vision Bankcard agreement resembles the standard Global Payments agreement. A Typical Global Payments contract includes an early termination fee of $500 per location or Liquidated Damages, whichever is greater, which is as expensive as termination fees get. However, it appears that the service length agreement and early termination fee can be avoided by entering into a month-to-month agreement for the company’s services. Additionally, merchant reviews have claimed being charged an undisclosed $299 annual maintenance fee, account holds, and difficulty closing their accounts.
Vision Bankcard likely has some freedom to alter the conditions of this contract as it deems necessary. There are no complaints filed against Vision Bankcard that cite early termination fees, PCI compliance fees, monthly minimums, or other undisclosed fees.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Vision Bankcard also dedicates a portion of its website to advertising its virtual terminal and payment gateway, offered by its subsidiary Dynamic Payment Solutions. Dynamic Payment Solutions offers through Authorize.Net. A standard Authorize.Net agreement includes a rate of 2.90% plus $0.30, a monthly gateway fee of $25, and a batch fee of $0.10. However, Dynamic Payment Solutions reserves the right to alter these terms and conditions as a reseller. As such, merchants are able to negotiate lower fees than those offered directly by Authorize.Net
There are, however, a large number of public complaints that mention fund-holds by Vision Bankcard, specifically in relation to transactions conducted through Paymall. A cursory examination of Paymall’s business directory at the time it was active revealed that Paymall appeared to host a large number of typically high-risk business types, which may have contributed to the likelihood of withheld funds. Even so, the consistency and severity of these complaints suggest that Vision Bankcard could do a much better job of communicating its fund-hold policies to merchants.
Share Your Contract Information
Based on the company’s low complaint total in general, we will assume that the majority of the company’s non-Paymall merchants are satisfied with their pricing and terms. However, merchants are encouraged to ensure that their business will not be subject to large fund-holds before enrolling in the Paymall marketplace. Merchants should also compare the company’s pricing to low-cost merchant accounts. If you have any specific knowledge of the standard Vision Bankcard merchant agreement, please share that information in the comment section below this review.
We also encourage merchants to check out our list of the providers of the best merchant accounts.
Vision Bankcard Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Inside and Outside Sales Agents
Vision Bankcard appears to primarily market its services through affiliate partnerships, an inside sales support team, and outside sales agents. It is unclear at this time whether the company’s outside sales agents are employed as independent contractors or on a W-2 basis, but the company does not have the high complaint volume that typically accompanies the use of independent agents.
This compares favorably to our list of best credit card processors.
No Deceptive Advertising
There are no Vision Bankcard complaints that mention unethical behavior by the company’s sales staff, and the company does not list misleading rate quotes in its official materials. As a result, we have awarded Vision Bankcard an “A” in this category for the time being. If you suspect that Vision Bankcard is charging you undisclosed fees, however, we recommend seeking a third-party statement audit to find and eliminate hidden costs.
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