Preferred Payments Reviews & Complaints

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5
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How did they treat you? ▼

Overview

In this article, we provide a thorough review of Preferred Payments, a credit card processing company. We will discuss the various services offered by the company, including merchant accounts, payment gateways, and point-of-sale solutions. The review will cover the pricing structures and contract terms, along with an analysis of customer feedback and support options. Additionally, we will compare Preferred Payments to other providers in the industry to help you decide if their services align with your business needs. This comprehensive overview aims to equip you with the necessary information to make an informed decision.

Preferred Payments 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.

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.

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

Preferred Payments Customer Reviews

Here's What Their Clients Say

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

No Merchant Complaints Found

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 Number

  • (800) 935-9309 – Toll-Free Support

Other Support Options

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

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

Transparent Contract Terms

Preferred Payments openly discloses contract pricing information on its website and provides a comparison tool between its own and other processors’ services and fees. Notably, there are no setup fees, monthly minimum fees, PCI compliance fees, or early termination fees. The company offers either tiered or interchange-plus pricing models, but exact pricing details are not provided.

Virtual Terminal and Payment Gateway Pricing

Alongside its in-store payment processing services, Preferred Payments advertises its virtual terminal and payment gateway services on its website. However, specific pricing for these services is not disclosed. The company optimizes its virtual terminal with interchange-plus pricing and does not charge batch fees. Additional rates and fees, such as gateway fees, technical support fees, and additional transaction rates, may apply to these e-commerce services.

Interchange-Plus Pricing

Preferred Payments offers exclusively interchange-plus pricing and does not bind clients to long-term agreements. Businesses have the option to purchase equipment through Preferred Payments, which is advantageous for business owners. These terms offer greater flexibility compared to the standard Elavon contract, which often includes a tiered pricing plan with a $10 monthly fee and requires a multi-year equipment lease through Ladco Leasing. However, readers are advised to compare Preferred Payments’ costs with those of the most affordable merchant account providers.

Preferred Payments payment gateway Preferred Payments offers access to the Prizm payment gateway

Preferred Payments Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
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 is regarded as a reliable credit card processing provider based on all currently available data. The absence of complaints across various websites reflects positively on the company, although specific information regarding its sales practices and contract terms remains scarce. As such, business owners should meticulously review all relevant documentation before enrolling in the company’s services and compare its fees to those provided by top-rated credit card processors. It is also important for readers to distinguish between Preferred Payments and Preferred Card Services, an unrelated provider. Making this distinction will help ensure that businesses are making informed decisions tailored to their specific payment processing needs.

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.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

How Did Preferred Payments Treat You?

1 User Reviews

  • Brody Holly

    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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