Preferred Payments 2023: Card Processing Reviews & Complaints
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.
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.
Table of Contents
- 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 Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
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
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
|Monthly & Annual Fees||Unclear|
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.
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 Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||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.
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.
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