A wholly-owned subsidiary of Fortress Investment Group, TimePayment (timepayment.com) is an all-purpose equipment lease financing company that offers leases for credit card terminals and point-of-sale equipment as part of a much larger equipment lineup. Like Northern Leasing Systems, TimePayment does not itself process transactions or sell merchant accounts. Instead, sales agents will typically pair a TimePayment equipment lease with a newly opened merchant account from a credit card processor. Riverside Payments and Velocity Merchant Services are two merchant account providers that reportedly resell TimePayment leases. In 2022, TimePayment acquired competitor QuickSpark as well as Wheaten Financial, Diversified Capital Credit Corporation, and Briland Capital.
Before we dive in, here’s a short summary of what we’ll cover:
- TimePayment’s various payment processing services.
- TimePayment is an equipment leasing company and not a merchant account provider, so its products must be paired with a payment processor’s services.
- This provider has received a number of complaints in recent years, especially concerning large unexpected charges.
- The company’s contract is much more expensive than simply buying equipment.
TimePayment Point of Sale
TimePayment offers equipment leases for many types of businesses. In terms of credit card processing, they specifically focus on point-of-sale systems for restaurants and salons/spas. They also offer the ability to become a reseller of this equipment.
TimePayment offers payment processing services that allow businesses to accept all major credit cards, including Visa, Mastercard, American Express, and Discover. With TimePayment, businesses can accept payments in-store, online, and on-the-go using their mobile devices. TimePayment’s payment processing solutions are flexible, fast, and secure.
Equipment Lease Financing
TimePayment provides equipment lease financing options to dealers, buyers, and brokers. They offer a range of flexible terms and custom options to meet the needs of businesses, including approval for credit profiles down to a 550 FICO score.
The company offers technology tools like InfoHub™, an online portal and dashboard for application entry and growth tracking. These tools are designed to integrate seamlessly with websites and shopping carts to boost online sales.
TimePayment can act as a back office for businesses, handling invoicing, pass-through billing, and customer service. This allows businesses to focus on their core operations while TimePayment takes care of administrative tasks.
Sales Tools and Training
The company provides training to staff on how to sell lease financing. They offer hands-on training in using personalized online portals and automatically generate paperwork to eliminate hassles at the point of sale.
TimePayment works with a wide range of industries including restaurant, auto printing, healthcare, and more. They claim to work with over 50+ industries, offering tailored financing solutions.
Location & Ownership
Jay Haverty is the president and CEO of TimePayment, which was founded in 2006 and is headquartered at 200 Summit Drive, Suite 100, Burlington, MA 01803.
Table of Contents
- Costs & Contract: Offers a multi-year contract that cannot be canceled without…
- Complaints & Service: Has received more than 150 public complaints regarding…
- BBB Rating: Currently has an “A+” rating with the…
- Sales & Marketing: Partners with independent sales agents and has…
|Convenience for Customers: Quick, seamless transactions.
|High Transaction Fees: Erodes profit margins.
|Enhanced Cash Flow: Faster funds availability.
|Chargeback Vulnerability: Risk of revenue loss.
|Global Expansion: Worldwide market access.
|Security Concerns: Ongoing cybersecurity investment.
|Reduced Fraud Risk: Advanced security features.
|Technology Costs: Implementation and maintenance.
|Improved Record Keeping: Efficient financial management.
|Dependency on Providers: Third-party reliance risks.
TimePayment Customer Reviews
Here's What Their Clients Say
|Total Online Complaints
|Live Customer Support
|Most Common Complaint
Low-to-Moderate Complaint Volume
We have found more than 150 negative TimePayment reviews, some of which claim that the company is a ripoff or scam operation. TimePayment’s complaint rate is typical among equipment lease providers, as Northern Leasing Systems, First Data Global Leasing, and Ladco Leasing all have very poor reputations among merchants. There is no substantive difference between TimePayment’s lease terms and the terms offered by its competitors, so it’s clear why TimePayment is garnering complaints. If you have experience with TimePayment, either as a client or employee, please leave your own TimePayment Review in the comment section below.
The company has been the subject of at least two isolated legal disputes related to employment practices and lease terms, but neither of these disputes is tied to its merchant services leases.
2019 saw two customers who had leased equipment file suit against TimePayment. One suit, found here, alleged that the contract for leasing was actually a consumer credit sale in disguise. The second, found here, dealt with equipment that was allegedly received in a damaged state. It appears the first suit was settled while the second was dismissed.
Dissatisfied business owners who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
TimePayment Customer Support Options
The company provides phone, fax, and email support to all of its customers.
TimePayment Customer Service Numbers
- (877) 868-3800 – Toll-Free General Customer Service
- (866) 994-7832 – New Business Inquiries (Buyers)
- (800) 872-1532 – Vendor Services & Transaction Support
- (866) 994-7260 – Broker Support & New Business
- (781) 994-4774 – Fax
Other Support Options
- [email protected] – General Customer Service
- [email protected] – New Business Inquiries (Buyers)
- [email protected] – Vendor Services & Transaction Support
- [email protected] – Broker Support & New Business
These customer service options meet our minimum expectations of the top payment processors for customer service, but the available complaints regarding the company’s contract terms and sales practices have lowered its rating in this section.
TimePayment Online Ratings
Here's How They Rate Online
BBB Rating Analysis
TimePayment Corp. has a customer review rating of 1.04/5 stars on BBB, based on 80 customer reviews. The company has also received 190 complaints closed in the last 3 years, with 78 complaints closed in the last 12 months. Common themes among the reviews and complaints include issues with billing and collections, and dissatisfaction with the overall service.
I borrowed $8,800 from Timepayment and it wasn’t supposed to go on my credit report. A few days later I got an alert that I had a new inquiry, sure enough, it was them but what really stood out was the amount borrowed of $19,000+, I didn’t borrow this much. So it either needs to be corrected on my credit report or they need to compensate the difference by check loan amount difference. Thanks and hopefully we can get this resolved soon.
– Complaint from October 6, 2023
My account was sold to this company without my knowledge. I was not contacted by either company to inform me of the change. My payment increased because I didn’t show insurance. The other company had my proof of insurance but I guess it was conveniently lost. After a year of paying I inquired about my balance and I was told it is now more than what I borrowed. This has to stop!!!! Crooks!!!!!
– Review from November 15, 2023
There are no positive reviews published about TimePayment Corp. on the BBB website.
Trustpilot Rating Analysis
TimePayment has an average customer review rating of 2.5 stars on Trustpilot, based on 5 customer reviews. The reviews indicate a predominantly negative perception, with 80% of the reviews being 1-star. Common themes among the reviews include complaints about poor customer service, misleading or unclear terms, and issues with billing and charges.
Absolute 100% scam of a company. I had a copier lease with them for 60 months and at the end of the lease I had the option to buy the equipment at market value. Well, as a busy businessman I didn’t pay attention to when the lease was over and they never emailed me or got a hold of me. After 6 months I realized that my 60 month lease was over and called them to find out why they had been charging me. The rep Joan Daniel straight lied to my face telling me that I had 1 month left and then I can return the equipment or buy it out just to squeeze me out of another $174. I emailed and called left messages but no one replied or responded and they proceeded to steal my money. They went behind my back and bought the equipment without giving me an opportunity to return it to the company that i leased it from. After that, they tell me that if I don’t want to keep the equipment I had to return it to them in Massachusetts, even though when I leased the printer in Fresno California and I have to pay for the shipping of $1600. If I knew that I had to return the equipment myself across country I would’ve never even leased it in the 1st place. Now I have to pay the buyout fee and an additional 3 months of rental simply because they are nonresponsive.. after speaking with an attorney she said that she is with so many people like me that are getting scammed by this company that she doesn’t even know how they still in business. This is a complete and total scam of a company. DO NOT DEAL WITH THEM!!!! If you are financing or planning to lease something, find out who the lease company is and if it’s these scam artists, run away!!!!! I hope thus company goes out of business soon. A COMPLETE AND TOTAL SCAM!
– Review from September 29, 2023
NEVER deal with this company. I got a loan from them to get a new ToolBox and I wish I never have. They have had “Technical Difficulties” for over a month. I can’t get a buyout quote on the site but I was able to send an email. Once I sent an email somehow instead of $5,000 I now owe a little over $11,000 and they won’t help me. Also I made $800 in payments that are not showing up on the site that nobody can confirm with me. This place is a SCAM, Avoid at all costs..
– Review from October 5, 2022
There are no positive reviews published about TimePayment on the Trustpilot website.
ComplaintsBoard.com Rating Analysis
TimePayment has a range of customer reviews on ComplaintsBoard.com. The common themes among the reviews include dissatisfaction with customer service, unexpected fees, and issues with lease agreements. Many customers express frustration over the terms of their leases and the company’s handling of financial matters.
I leased a photo booth through this company. My due date is the 15th, set it up to be drafted on the 15th, and they draft sometimes 5 days before the due date. I called them, and they were like, give us a credit card number, and we will make sure to only draft on the 15th. I am like, why can’t you honor the agreement that we have? Their response was, those are your options. They suck at customer service.
– Complaint from October 13, 2019
I have never in my life have felt so ripped off. I thought I was purchasing a hot dog stand from Willy Dog through a payment program, but when I started getting bills from Time Payment Corporation, I was confused. It turns out they hold a lease on the hot dog stand that I purchased. The worse part is I will be paying $12,000 for a $3,000 hot dog cart. The $200 dollar payments that I was supposed to have been over $300. They won’t take the cart back, and if they did take the cart back, you still owe the full amount of the lease time. They will call and harass you all the time over the payments. Willy Dog and Time Payment Corporation are vultures. Shame on you all.
– Complaint from March 21, 2019
There are no positive reviews published about TimePayment on the ComplaintsBoard.com website.
TimePayment Fees, Rates & Costs
A Closer Look at The Contract
|1.00% - 4.99%+
|Monthly & Annual Fees
Lease Contract Terms
The standard TimePayment agreement is a multi-year, non-cancellable contract that lasts for a variable length of time (typically from 36 to 60 months). It finances the leasing of equipment in exchange for a fixed repayment schedule over the course of the contract. Businesses that reach the end of the lease may have the option to purchase the equipment for an additional one-time cost according to fair market value.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, TimePayment 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. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
If a business owner attempts to cancel the agreement before the full term has expired, they will still owe the remaining monthly payments for the life of the lease. The full amount may be withdrawn from the client’s bank account in one lump sum, or it may be withdrawn each month until the lease is fulfilled. The terms of TimePayment’s lease agreement are binding, and they will remain in effect regardless of any verbal promises made by a sales agent. For this reason, businesses that sign up for a TimePayment lease should disregard all sales claims that conflict with the actual language in the contract.
Purchase Instead of Leasing Equipment
In the vast majority of cases, we do not advise businesses to sign equipment leases. Most credit card terminals can be purchased for less than $500, which is far less than the cost of a long-term equipment lease. Leasing equipment can provide a handful of benefits, but these perks are far outweighed by a lease’s exorbitant cost and ironclad legal obligations. We encourage readers to check out our list of the providers of the best merchant services.
TimePayment Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers
|Discloses All Important Terms
Business owners can apply for equipment financing directly through TimePayment, but TimePayment does not appear to market directly to business owners. Instead, the company primarily advertises to ISOs and independent sales agents who might be interested in reselling TimePayment lease agreements. This sales structure typically results in a large number of client complaints, and TimePayment is no exception. We have found a low-to-moderate number of TimePayment reviews that mention nondisclosure of lease terms by an independent sales agent. This complaint pattern is typical of providers like Northern Leasing Systems, First Data Global Leasing, and Ladco Leasing. This does not compare favorably to our list of best credit card processors.
Bundled With Other Contracts
As noted above, TimePayment has been cited as the equipment leasing partner of processors like Riverside Payments and Velocity Merchant Services. Both Riverside and Velocity are the subjects of numerous complaints related to misrepresentation of fees, aggressive sales tactics, and selective disclosure of contract terms. This is cause for concern due to TimePayment’s standard lease agreement, which is a non-cancellable, multi-year term that can cost thousands over the life of the lease.
Some Cause for Concern
TimePayment does not appear to engage in deceptive sales tactics on its own, but its marketing approach of partnering with independent resellers is an ongoing problem in the credit card processing industry. If you believe you may be overpaying on your monthly bill, we advise you to seek a fee reduction audit from an independent third party.
Copyright © 2024 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.