Investigating Wholesale Payments: Fees, Contracts, Risks, and Legal Issues

Wholesale Payments: Employee Review Summary

Indeed Reviews

• 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.

Glassdoor Reviews

• 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

Negative Feedback

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

General Feedback

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.

“Slamming” Allegations

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.

Significant Concerns

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.