Preferred Payments 2023: Card Processing Reviews & Complaints

Name: Preferred Payments
Item: Preferred Payments
Rating: 5
Author: Phillip Parker

By Phillip Parker

Last Updated: September 22, 2023

1 User Comments

Preferred Payments Rating

5/5

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(800) 935-9309 View Pricing

Company Overview

Founded in 2009, Preferred Payments is a merchant account provider that offers credit card processing solutions for several industries, including restaurant, retail, healthcare, fuel, and non-profit organizations. The company was previously known as “Exclusive Payment Services,” before being rebranded.

Article Summary

Before we dive in, here’s a short summary of what we’ll cover:

Preferred Payments’ various payment processing services.
The company has received few complaints.
The company’s contract appears competitive.

Preferred Payments Payment Processing

Preferred Payments processes all major credit and debit cards for all business types. Their services include EMV terminals, ACH and e-check processing, POS solutions, mobile solutions, access to virtual terminals and the Prizm payment gateway, MOTO, e-commerce solutions including shopping carts, PCI compliance, fraud protection, recurring billing, gift and loyalty programs, recurring payments, a customer vault, and data reporting and analytics.

Location & Ownership

Preferred Payments is a registered ISO/MSP of Elavon, Inc. Georgia; Wells Fargo Bank, N.A., Concord, California; Westamerica Bank, Santa Rosa, CA; and Fifth Third Bank, Cincinnati, Ohio. The company is headquartered at 4580 Thousand Oaks Blvd Suite 200, Westlake Village, CA 91362. David Anderson is the CEO of Preferred Payments.

Costs & Contract: Appears to offer tiered or interchange plus pricing under…
Complaints & Service: Has received fewer than…
BBB Rating: Has an “A+” rating with the Better Business Bureau and has received…
Sales & Marketing: Does not appear to hire independent sales agents and has not…

Preferred Payments payment processing — **Preferred Payments offers most standard payment processing solutions**

Preferred Payments Customer Reviews

Here's What Their Clients Say

Key Points
Total Online Complaints	<10
Live Customer Support	Yes
Most Common Complaint	N/A
Recent Lawsuits	No

No Merchant Complaints

We are unable to locate any negative Preferred Payments reviews in the usual consumer protection forums. This absence of complaints indicates that the company is not a ripoff or a scam, and it seems that the company does an excellent job of resolving complaints in-house. It is possible that some complaints intended for Preferred Payments have instead been posted to Elavon’s online profiles, but we have found no evidence that this is occurring. If you have your own Preferred Payments review to make, please do so in the comments below.

Preferred Payments Lawsuits

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

Preferred Payments Customer Support Options

Preferred Payments features a live chat support feature, a phone number, and a “Frequently Asked Questions” page. Given the overall lack of merchant complaints filed against the company, we will award Preferred Payments an “A” rating at this time, but its customer support options do not qualify it as a top-rated customer service payment processor.

Preferred Payments Customer Service Numbers

(800) 935-9309 – Toll-Free Support

Other Support Options

Live chat
Customer service email address at [email protected]

Preferred Payments Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports	0

No BBB Complaints

The BBB currently awards Preferred Payments accreditation and an “A+” rating. The BBB has received 0 complaints in the last 36 months. The company has not received any informal negative reviews filed against the company either.

An “A” Performance Overall

Although the BBB has only maintained a profile for Preferred Payments since December 2013, it lists the company’s founding date as April 15, 2009. In light of the company’s apparent time in business and complaint rate, we agree with the BBB’s rating at this time, but readers should note that there is reason to be skeptical of the BBB’s reviews.

Preferred Payments Fees, Rates & Costs

A Closer Look at The Contract

Key Points
Cancellation Penalties	No
Monthly & Annual Fees	Unclear
Processing Rates	Interchange-Plus
Equipment Leasing	None

Preferred Payments Contract Terms

Preferred Payments clearly discloses contract pricing information on its website and offers a comparison tool between its own and other processors’ services and fees. The pricing page mentions a free set-up, zero monthly minimum fees, no PCI compliance fee, and no early termination fee. The company offers tiered or interchange-plus pricing. However, exact pricing is not disclosed.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Preferred Payments also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. The company’s website does state that it optimizes its virtual terminal with interchange-plus pricing. The website also conveys that the company does not charge batch fees. Additional rates and fees, including gateway fees, technical support fees, and additional transaction rates may apply to these e-commerce services.

Interchange-Plus Pricing

Preferred Payments exclusively offers interchange-plus pricing to clients and does not lock clients into long-term agreements. Businesses can purchase but not lease equipment through Preferred Payments, which is a favorable policy for business owners. These terms are much more competitive than those found in the standard Elavon contract, which typically include a tiered pricing plan with a $10 monthly fee and a multi-year equipment lease through Ladco Leasing. Still, readers are encouraged to compare Preferred Payments’ costs to those of the cheapest merchant account providers.

Preferred Payments offers access to the Prizm payment gateway

Preferred Payments Employee Reviews & Sales Tacitcs

Should You Work For Them?

Key Points
Uses Independent Resellers	No
Telemarketing	No
Misleading Marketing	No
Discloses All Important Terms	No

Inside Sales Team

Preferred Payments appears to market its services through online advertising and an internal sales force. We are unable to find any evidence at this time that the company utilizes independent contractors, telemarketing, or hiring mill tactics to sell its products. There are also no Preferred Payments reviews online that mention unethical conduct or nondisclosure by the company’s sales team.

Transparent Pricing

As an additional point in the company’s favor, we can find no evidence of teaser rate quotes or misleading advertising on the Preferred Payments website. The company prominently mentions interchange-plus pricing, which is the most transparent pricing model available. In light of these factors, we award the company an “A” in this category for the time being. If you suspect that Preferred Payments is charging you undisclosed fees, however, we recommend seeking an independent statement audit to spot and eliminate hidden charges.

Our Preferred Payments Review Summary

Our Final Thoughts

Preferred Payments rates as a reliable credit card processing provider according to all available information. The company is showing zero complaints across all websites, but we do not have many specific details regarding its sales practices or contract terms. Therefore, business owners are advised to read all documentation before signing up for services through the company and to compare costs to those offered by top-rated credit card processors. Readers should not confuse Preferred Payments with Preferred Card Services, an unrelated provider.

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About The Author

Phillip Parker

Phillip Parker is an independent card payment expert specializing U.S. and Canadian point-of-sale, e-commerce, and mobile payment acceptance. He has nearly two decades of experience in credit card processing as a journalist and consultant. Phillip is the creator of this website and has written over 1,500 articles covering numerous payment acceptance topics. He has also published critical reviews about most merchant services providers currently in operation.

Expert Guidance

Phillip has consulted businesses of all sizes from mom-and-pop shops processing $10K per month to enterprise level organizations processing in excess of $300MM annually. His specialties include:

– Merchant Account Statement Auditing
– Rate & Fee Negotiation
– Processor & POS Selection
– Software Integrations
– Risk Assessment
– Fraud Prevention
– General Processing Advice

Schedule a Consultation Here

Phillip’s Top Picks

Phillip has researched and reviewed over 1,000 merchant services providers over the last 15 years. He also owns multiple businesses that accept credit card payments. If you are looking for an ethical credit card processor that doesn’t hide fees or lock you into expensive contracts, see Phillip’s merchant account picks here.

In The Media

In addition his contributions on CPO, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. If you would like to interview Phillip for your story or podcast, please reach out here.

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Your Comments & Reviews

How Did Preferred Payments Treat You?

1 Responses

Brody Holly

July 27, 2023

Preferred Payments has been a game-changer for our business! Their seamless payment processing solutions have significantly streamlined our transactions and improved overall efficiency. With a user-friendly interface and top-notch security measures, we feel confident in every payment we make or receive.

Since partnering with Preferred Payments, we’ve experienced a noticeable boost in customer satisfaction. The fast and reliable payment processing has impressed our clients, and the reduced wait times have led to increased sales and repeat business. Their customer support team is exceptional, always prompt and attentive to our needs.

Choosing Preferred Payments was one of the best decisions we made for our company. Their innovative approach to payment solutions has positively impacted our bottom line, and we couldn’t be happier with the results. We highly recommend Preferred Payments to any business seeking a trustworthy and efficient payment processing partner.

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