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Wholesale Payments: Card Processing Reviews & Complaints
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Headquartered in Lubbock, Texas, Wholesale Payments is a merchant account provider that offers retail, mobile, e-commerce, restaurant, and petroleum payment processing. The company was originally founded in 2006 under the name “Lubbock Credit Wholesale” and then changed its name to Wholesale Payments in 2007. It also operates under the name “Credit Wholesale Company,” and some merchants have suggested that the company’s agents will sometimes identify themselves as working for “Whole Payments,” “Merchant Accounts,” or “Merchant Services.” Wholesale Payments should not be confused with Wholesale Banc or Wholesale Merchant Processing, which are separate and unaffiliated businesses.
Wholesale Payments Products and Services
Wholesale Payments primary business is providing credit card processing services and related point of sale hardware to small and medium sized businesses in the United States. The company provides payment-processing services enabling businesses to accept Visa, MasterCard, Discover, American Express, Diners Club, JCB, ATM, debit cards, EBT state and government cards, electronic gift, and loyalty cards. Wholesale Payments markets its services to all avenues of commerce, currently serving retail stores, restaurants, mail order & telephone order, e-commerce, Internet, home-based, petroleum, supermarket, and lodging merchants. The company also offers merchant cash advance loans.
|Payment Gateway||Payment gateway services enable businesses to accept credit and debit card payments securely and easily via their website or integrate with other e-commerce services.|
|Virtual Terminal||Virtual terminal services allow businesses to process credit and debit card payments over the phone or via email, without the need for a physical card reader. This is ideal for businesses that don’t have a storefront or need to process payments remotely.|
|POS Systems||Point-of-Sale (POS) Sytems allow business to accept card payments along with numerous options for running and maintaining business operations.|
|Mobile Payment Solutions||Hardware and software that allow businesses to take payments via tranportable hardware or devices such as smartphones and tablets|
|E-commerce Payment Processing||Software and systems that allow businesses to accept payments though online store fronts.|
|Gift and Loyalty Cards||Dedicated card programs for use only within an owner’s business to increase loyalty and drive sales.|
|ACH and Check Processing||Enables businesses to accept payments from a customers bank accounts without the use of a card.|
|Fraud Prevention||Various systems and strategies for preventing fraudulent purchases of an business’ products or services.|
Location & Ownership
Wholesale Payments is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, California, and appears to resell Priority Payment Systems contracts. The company is headquartered at 7602 University Ave, Lubbock, TX, 79423. Mark Hodges is the founder and CEO of Wholesale Payments. Greg Bernstein is the president of Wholesale Payments.
- Costs & Contract: Appears to offer a three-year contract through Priority Payment Systems with an early termination fee of up to $500 and…
- Complaints & Service: Has received more than 25 public complaints regarding…
- Online Ratings: Currently has an “A+” rating with the Better Business Bureau but has had 23 complaints and 25 reviews in regards to…
- Jobs & Marketing: Appears to hire independent sales agents and has received some serious complaints about its…
Wholesale Payments Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||30+|
|Live Customer Support||Yes|
|Most Common Complaint||Sales Tactics|
Wholesale Payments Reviews:
A Deep Dive into Customer Dissatisfaction
Wholesale Payments has been the subject of numerous online reviews, particularly concerning negative feedback from its clientele. While the company offers services across various sectors, including retail, mobile, e-commerce, and petroleum merchants, it seems that not all customers have had a seamless experience. This article delves into the specific grievances raised by clients to provide a comprehensive understanding of the issues they’ve faced.
Misleading Sales Tactics and Undisclosed Contract Terms
One of the most recurring complaints against Wholesale Payments revolves around their sales tactics. Customers have reported feeling misled by the company’s representatives. Such tactics not only erode trust but can also lead to financial implications for businesses. For instance, undisclosed contract terms can bind merchants to unfavorable conditions, leading to unexpected costs or prolonged contract durations. Such practices can be particularly detrimental for small businesses that operate on tight margins and cannot afford unforeseen expenses.
Another significant point of contention has been the fee structure. Some clients have expressed shock and disappointment upon discovering that they were being charged more than what they had initially anticipated. Such discrepancies can arise from hidden charges, unclear fee breakdowns, or rate hikes that were not communicated transparently. For businesses, especially those that process a high volume of transactions, even a slight increase in fees can translate into substantial financial losses over time.
Operational disruptions can be a nightmare for any business, and it appears that some Wholesale Payments clients have had to grapple with this issue. Reports of non-functioning equipment have surfaced, with merchants expressing frustration over the downtime and the potential loss of sales. In today’s fast-paced business environment, where every sale counts, malfunctioning equipment can not only lead to immediate revenue loss but also damage a business’s reputation if customers face consistent payment issues.
Customer Support Concerns
Effective customer support is the backbone of any service-oriented business. Unfortunately, Wholesale Payments seems to have fallen short in this department, according to some clients. Complaints range from unprofessional conduct by support representatives to difficulties in reaching the support team. Such experiences can exacerbate already existing issues, leaving clients feeling helpless and frustrated.
A review from Trustpilot dated August 31, 2023, offers a glimpse into this problem. The reviewer labeled Wholesale Payments as “the worst credit card processor in the entire world.” They further elaborated on their grievance, stating that the company hides information and is reluctant to assist when problems arise, leaving merchants “out to dry.”
Difficulty Canceling Service
Exiting a service should ideally be as straightforward as entering it. However, some Wholesale Payments clients have found it challenging to cancel their service. Such difficulties can arise from bureaucratic hurdles, unresponsive customer service, or even penalties associated with early contract termination. Being unable to exit a service smoothly can lead to prolonged financial commitments and continued dissatisfaction for the client.
Legal troubles are never a good sign for any company’s reputation. Wholesale Payments found itself embroiled in a class-action lawsuit in 2021. The lawsuit alleges that the company, along with others, was involved in signing clients up for accounts with Priority Payment Systems LLC without the clients’ knowledge or consent. Such allegations, if proven true, raise serious ethical and legal concerns.
While Wholesale Payments might offer a range of services to cater to various business needs, it’s evident that a segment of their clientele has faced significant challenges. From misleading sales tactics to issues with customer support and equipment, these grievances highlight areas where the company needs to introspect and improve.
Wholesale Payments: Positive Customer Reviews
Wholesale Payments has also garnered positive feedback from its clientele, highlighting various aspects of its services that customers appreciate.
Efficient and Affordable Processing
A Trustpilot review from August 25, 2023, praises Wholesale Payments for its card processing capabilities. The reviewer particularly values the speed of transactions, noting the advantage of receiving funds the next day. This promptness in processing can significantly benefit businesses that rely on consistent cash flows.
Commendable Customer Support
Customer service stands out as a strong point for some reviewers of Wholesale Payments. A Trustpilot review from January 3, 2023, mentions the support staff’s friendliness and helpfulness. Another review from November 24, 2022, highlights experiencing excellent of phone support, with the client expressing gratitude for the consistent assistance provided by the staff.
Positive Employee Feedback
Reviews from employees can offer a unique perspective on a company’s operations. An Indeed review portrays Wholesale Payments as a positive workplace, emphasizing the company’s safety and opportunities for rapid career advancement.
High Overall Employee Ratings
Wholesale Payments’ performance on Glassdoor is noteworthy. The company has a rating of 3.9 out of 5. A significant 85% of reviewers recommend the company to a friend. Additionally, the CEO, Mark Hodges, enjoys a high approval rating of 98%, indicating strong leadership and a positive company culture.
CPO User Comments
Wholesale Payments has garnered over 30 reviews in the comment section at the end of this article. The user reviews highlight both positive and negative experiences with the company. Please add your experience to help us maintain an accurate rating for this processor.
Wholesale Payments Online Ratings
Here's How They Rate Online
BBB Rating Analysis for Credit Wholesale Company
Credit Wholesale Company has a BBB rating of C-. The company has an average customer review rating of 3.93/5 stars based on 30 customer reviews. There are 21 complaints closed in the last 3 years, with 3 complaints closed in the last 12 months. Common themes in customer reviews and complaints include issues with product/service, billing and collection disputes, and dissatisfaction with customer service.
Sales person [redacted] contacted me and we agreed on the equipment lease for $210/month. I paid him $420 during installation as first and last months rent. He mentioned that I pay him every month directly. Next thing, the company took $345 from my bank account and also Clover charged me $54 which was not disclosed to me. When I mentioned it to the sales [redacted], he acted all surprised and said that he will give me a credit. They credited me $300 and stopped paying me the sales dollars. A month later the company charged me again $345 saying that is the actual monthly rental and not the $210 and sent me the contract that was altered without my consent. I sent them the original contract asking why it was altered without my consent there was no response from the company. They stopped paying me my sales dollars and accounted them towards the monthly charges while the whole time they said they were working on releasing the funds. They want to talk only on phone and don’t want anything documented. Due to various issues such as fraudulent activities (altering the contract without my consent), deceptive billing practices, non-disclosure of fees, unauthorized charges, I sent them an email saying that I am not willing to do any further business with them and to return my money $770.11 and take their equipment for which they never responded till date. Unfortunately, I had to put stop payment on them as they were charging me without paying me. The sales guy also stopped responding and now I am stuck with their equipment assuming that they are trying to get extra dollars from me in the name of monthly fees. Attached is the original contract I signed.
– Complaint from October 11, 2023
Wholesale Payments have taken good care of me. I think it’s more about the sales person hearing what I need. Great client services…
– Review from October 24, 2023
Trustpilot Rating Analysis of Wholesale Payments
Wholesale Payments has an average customer review rating of 4.1 stars on Trustpilot based on 228 customer reviews. The reviews indicate a high level of satisfaction, with 86% of the reviews being 5-star. However, there are some negative experiences shared by customers, primarily focusing on issues related to customer service and contract terms.
Dishonest business. So we were signed up on a contract of 45 dollars a month with the option of waiving the disconnect fee if we terminated early because we are a seasonal business and never know how much we will need the service. It went good for a couple of months and then they charged our bank 3x what they were supposed to and told us it was because our tax ID didn’t match up. When we tried to terminate the service now that we are at the end of our season, they informed us that we would have to pay the termination fee despite what we was told when we signed up. This is one of the worst services like this in our area. I will be spreading my story around. I hate to see other small businesses get taken advantage of like this. – Review from October 24, 2023
Smart A** Salesmen. I suggest when you send unsolicited salesmen to the my business door, that they not be rude or smart***es when they are told that we are not interested. At least they left a card so I know who to never deal with. – Review from October 18, 2023
Thank you, Katelyn Rosson, with your help answering questions for us at Newman Chiropractic on our new account and terminal fees. – Review from November 16, 2023
Rent City- Bill. According to a customer’s bank app, we thought we may have had a double charge on a customer’s card, but our ‘batch out’ said otherwise. Support agent Katelyn R. with customer care took the time required to make sure everything was correct. This allowed us to have a fact-based, constructive conversation with our customer on what happened and what to expect next. Being on the same page is all anyone can ask for. – Review from November 27, 2022
Wholesale Payments Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%|
Wholesale Payments: Contract Term Analysis
This analysis aims to provide a comprehensive understanding of the company’s contract terms and the general sentiment surrounding them.
Variable Contract Terms
While the official documentation of the Wholesale Payments contract remains elusive, customer reviews from numerous clients shed light on some aspects of the company’s pricing structure. The typical Wholesale Payments merchant agreement seems to span three years, with monthly fees oscillating between $30 and $72.95. An early termination could incur a fee of up to $500. Furthermore, there are indications that Wholesale Payments collaborates with First Data Global Leasing to sell third-party credit card processing equipment leases. These leases are reported to be non-cancellable and can extend up to four years.
Virtual Terminal and Payment Gateway Pricing
Wholesale Payments extends beyond brick-and-mortar services, offering virtual terminal and payment gateway services. However, the company remains tight-lipped about the pricing for these services on its website. E-commerce services like these often come with additional costs, encompassing gateway fees, technical support fees, batch fees, and other transaction rates. We highly recommend fully understanding the terms prior to agreeing to services.
A marketing video previously showcased on the Wholesale Payments homepage introduced the company’s cash discount program. This program, as claimed, allows merchants to process payments at no cost. Delving deeper, this pricing model imposes a 3.5% service fee on all non-cash transactions, effectively passing the credit card acceptance cost to the customers. While such programs can significantly reduce payment processing fees, it’s crucial to note that Wholesale Payments might still levy other monthly and incidental fees. Thus, contrary to the video’s implications, the service isn’t entirely free.
Wholesale Payments Hidden Fees
The company’s sales tactics have sparked a series of negative reviews, particularly concerning undisclosed contract terms and concealed fees. Some of the recurrent issues highlighted by businesses include:
…an inability to obtain the full contract terms before signup, undisclosed leasing agreements with third-party providers, and costs that were not included in their agent’s savings analysis.
Potentially Costly Terms
Available data on the Wholesale Payments contract suggests that the company’s pricing might be on the steeper side compared to industry standards. This is far from the savings promised by the most affordable merchant accounts. Clients have voiced their dissatisfaction with both the amount they pay and the duration of their contracts. Given the prevalent negative feedback about the company’s sales team, a cautionary stance is advised when considering their services.
Wholesale Payments Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Hires Independent Resellers||Yes|
|Pay & Salary||Undisclosed|
|Eithical Marketing Issues||Yes|
Wholesale Payments: Employee Review Summary
- Overall Rating: The company has an average rating of approximately 3.6 out of 5 based on 15 reviews.
- Work-Life Balance: Employees have rated the work-life balance at 3.6.
- Pay & Benefits: The pay and benefits at Wholesale Payments have been rated at 3.3.
- Job Security & Advancement: The job security and opportunities for advancement received a score of 3.2.
- Management: The management at the company has been rated at 3.4.
- Culture: The company culture received a score of 3.4.
- Overall Rating: Wholesale Payments has an average rating of 3.9 out of 5.
- CEO Approval: 98% of the employees approve of the CEO, Mark Hodges.
Employee Reviews of Wholesale Payments on Indeed
Positive Feedback Examples
Safe place and fun fast way to move up in the company. – Cashier, Odessa, TX
High paced, challenging and highly rewarding $$$$… I’m truly thankful I made the decision to join the ranks WPI… Mark Hodges and Greg Bernstein, two owners, have been extremely gracious, genuine… I’ve experienced 6 figure residual buyouts… Pays extremely well, flexible hours, time off whenever needed. – National Sales Director, Corporate Trainer, Lubbock, TX
Great place to work and super lucrative… I have been with the company almost 13 years… I tripled the amount of money that I was making with my past employers in the same industry… Also, on a different note, I qualified and won a 2020 Corvette this year. – Sales Director, San Antonio, TX
This company sucks… Training by the managers and supporting you are horrible… They tell you one thing so you tell your customers, then you found out it’s illegal. – Account Sales Manager, Dallas, TX
Please research carefully… I was told that there was a 5k signing on commission bonus, never saw it… I traveled many miles to make appointments and signed on new clients… Many of the leads were bogus. – Account Manager, Orlando, FL
Lacked training… The problem with many of these credit card companies is the lack of sales training… This job would be best for someone who has outside business to business sales experience. They are okay to work for… I did not appeal to the type of work and the clients they required… The constant cold calling, closing business in a short period is not my method. – Direct Processing Agent, Columbus, OH
From the reviews, it’s evident that while some employees have had positive experiences with Wholesale Payments, praising the company’s lucrative opportunities and supportive environment, others have expressed concerns about training, sales tactics, and unfulfilled promises regarding pay and benefits.
Wholesale Payments Pay and Salary
We were unable to locate any specific information regarding salaries at Wholesale Payments. However, it appears that the company likely offers commission-only sales positions with promises of large bonuses and residual payouts based on the processing of the businesses they successfully bring on as clients. As a general rule, only a small percentage of sales representation actually achieve high commissions in such positions
Telemarketing and Outside Sales
Wholesale Payments appears to primarily sell its services via a large team of appointment setting telemarketers and independently contracted sales agents. This sales approach tends to generate high complaint totals, and Wholesale Payments is no exception. We are currently able to locate more than 20 Wholesale Payments reviews that describe persistent sales calls, undisclosed contract terms, higher-than-expected fees, and unprofessional sales agents. This does not compare favorably to our list of best credit card processors.
Some of the complaints that have been posted about Wholesale Payments describe tactics that amount to “slamming,” or the practice of posing as a client’s current processor in order to deceive them into signing a second merchant agreement with your company. Here is one such complaint from a Google reviewer:
Markey Valdez lied to our company. Claimed to be OUR merchant services provider which is a lie. Told us we had to change machines. Then charged 5% or more to process our CC transactions. When we figured out it was a scam we have to pay BIG $$$ to get out of the contract
And here is another example from a Better Business Bureau reviewer:
They called pretending to be my credit card processing company and told me we needed to update the system..odd thing was that I hadn’t been able to process credit cards the day before. So they send me to a website to put the information in to set up the system “so I wont have to do that when it arrives”. Then sent me a form that I needed to sign for the equipment to be sent out. Which was apparently a “three year contract” that was also not discussed with me either. When I get the equipment is when I see their name on the box and they go by several of them, DBA, Wholesale Payments, Whole Payments, Credit Wholesale, Merchant Accounts, Merchant Services. Was on hold most of the day, only to be hung up on by ****** in the retention department because I mentioned that the they obtained my information fraudulently. When I called back and was on hold an additional 45 minutes and spoke to “the only ****** in the retention department” but of course it wasn’t her I spoke to or that hung up on me because “she’s been at lunch”. At 5 o’clock…Right! Anyway she’s sending out a form by mail that I need to sign to return the equipment. The other “******” (that doesn’t exist, I guess) was going to send it to me by email. But we will see how this turns out. The whole experience has been bad! This company is trouble, hang up when they call! Do NOT trust them! I have also filed a report with the Federal Trade Commission and would encourage others to do so as well.
We consider slamming to be one of the most unethical tactics that a salesperson can use to land a new account. These reports are a major factor in the low rating that we assign to Wholesale Payments in this section.
The sales team at Wholesale Payments has generated most of the company’s public complaints, including negative reports from current and former sales agents. The available reports do not support an initial rating higher than a “D” in this section. If you suspect that Wholesale Payments is charging you undisclosed or excessive fees, we recommend seeking an independent, third-party statement audit.
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