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A wholly-owned subsidiary of Fortress Investment Group, TimePayment 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.
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.
TimePayment offers mobile payment solutions that allow businesses to accept payments using their mobile devices. The mobile payment solutions are easy to use and come with all the security features that businesses need to protect their customers’ data. TimePayment’s mobile payment solutions are ideal for businesses that are always on-the-go.
TimePayment offers equipment financing solutions that allow businesses to purchase the equipment they need to grow their business. The equipment financing solutions are flexible and come with a range of payment options to meet the needs of businesses of all sizes. TimePayment’s equipment financing solutions are easy to apply for and come with fast approval times.
TimePayment offers lease financing solutions that allow businesses to lease the equipment they need to run their business. The lease financing solutions are flexible and come with a range of payment options to meet the needs of businesses of all sizes. TimePayment’s lease financing solutions are easy to apply for and come with fast approval times.
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 paying the full cost of the lease and…
- Complaints & Service: Has received more than 150 public complaints regarding…
- BBB Rating: Currently has an “A+” rating with the Better Business Bureau and has been accredited since 2019 but has received 161 complaints and 82 reviews in regards to…
- Sales & Marketing: Partners with independent sales agents and has received multiple complaints about its…
TimePayment offers standard payment processing services
TimePayment Customer Complaints & Reviews
Here's What Users Think
Total Online Complaints
Live Customer Support
Most Common Complaint
Low-to-Moderate Complaint Volume
We have found more than 150 negative TimePayment reviews at this time, some of which claim that the company is a ripoff. TimePayment’s relatively low complaint rate is an outlier 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 unclear why TimePayment has a lower complaint rate. It’s possible that the company simply markets to a smaller client base, or that its time in business has been much briefer than its competitors.
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
- les[email protected] – New Business Inquiries (Buyers)
- [email protected] – Vendor Services & Transaction Support
- brok[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 BBB Rating and Report
Our Better Business Bureau Profile Assessment
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
High Complaint Total
TimePayment is accredited with the Better Business Bureau and currently has an “A+” rating overall. The company has received 161 complaints in the past 36 months. Only 53 of these 161 complaints were resolved by the company to the satisfaction of the merchant. The remaining 108 were resolved to the dissatisfaction of the merchant or received no final response.
What Merchants Say
TimePayment has also received 82 informal reviews to its BBB profile, only 3 of which were positive in tone. The most recent review describes poor customer support and sales:
I can’t believe this company has only received 80 complaints on this site.From the beginning when the agent who referred me to finance a piece of equipment using TPC who “suddenly” was unavailable to ************* after my concerns, to their legal department who blahblahblahers and the phone agents who repeat scripts- you can expect to lose money unexpectedly. Initially, I REPEATEDLY asked if I were to pay early would I not be charged the residual interest- clearly intending to pay off early without the additional charges from the **************. One lie after the other. TPC would not provide transcript of original phone call, all the way to the payoff. Unfortunately, there are no 0/5 ratings but this is a -2. “Suddenly” the website doesn’t allow me to see my payoff balance… etc. etc Expect to have it hurt in the rear by these padaydaheads
Merchants in this position can benefit from taking the steps to cancel their merchant account without paying a fee.
A “D” Performance
Given TimePayment’s complaint total and resolution ratio, we have adjusted the BBB’s rating according to our own standards.
TimePayment Fees and Rates
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 who 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 merchants 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 merchants to check out our list of the providers of the best merchant services.
TimePayment Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
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.