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(877) 868-3800Company Overview
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.
Payment Processing
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.
Mobile Payments
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.
Equipment Financing
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.
Lease Financing
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.
Video Summary
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
Complaint Summary
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Total Online Complaints
150+
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Live Customer Support
Yes
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Most Common Complaint
Sales Tactics
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Recent Lawsuits
Yes
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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.
TimePayment Lawsuits
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
BBB Summary
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Total Complaints
161
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Resolved Complaints
53
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Unresolved Complaints
108
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Response Rate
Unlisted
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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
Cost Summary
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Processing Rates
1.00% - 4.99%+
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Cancellation Penalties
Yes
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Monthly & Annual Fees
Yes
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Equipment Leasing
Yes
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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.
Non-Cancellable Conditions
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’s main point-of-sale customers are salons, spas, and restaurants
TimePayment Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Key Points
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Uses Independent Resellers
Yes
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Telemarketing
No
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Misleading Marketing
No
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Discloses All Important Terms
No
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Third-Party Resellers
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.
Reselling of equipment is a major part of TimePayment’s business
TimePayment Review Summary
Our Final Thoughts and Opinions
TimePayment rates as an average credit card processing provider according to our rating criteria. The company has a relatively low complaint rate compared to its competitors, but it appears to offer more or less identical contract terms. TimePayment’s grade may be subject to change as we receive more client feedback about the company. In the event that a business is stuck in a lease agreement with TimePayment, it may still save money by switching to a merchant account from a highly-rated payment processor.
If you found this article helpful, please share it!
Rachel Hampton
This company is a scam. You fulfill your loan with the company, then 4-5 months later they pulled out another 700.00. Small print, if you do not send back the equipment, they get to decide what it’s worth and pull the money out of my account.
Not to mention they went through two different companies to withdraw out of my account.
Do not use this company.
Bruce
Several months after the lease was paid off, Timepayments contacts me to say a final buy out payment was still due? I settled the amount and after the account was settled, they agreed to report the account as paid.
Instead they added multiple past due entries to my credit report causing a plunge in my credit score.
This is second time they misrepresented the actions or agreement. They did the same thing with Covid Payment Agreement after saying payments would be deferred for 6 months, after I resumed payments, they added several negative entries to my credit report.
Joelle Sissons
This is a lousy company. They keep harassing me to pay my deceased mom’s payment. She had trouble with her house alarm. The ALder company was supposed to come fix it but never did. This happened in Feb.2022. This company has taken out $250 from my mom’s account. I cancelled her auto deduction. They are trying to get another $250 from me. WHAT A SCAM.
Rickey Johnson
Time payment along with currency capital is a sham and both of these companies need to be put out of business.
Aaron Verrett
I am surprised this company is still open and ripping people off. I have a vendor come in my dental office to allow us to TRY out his company’s water machine. We tried it out and was unhappy with the product, told company to come pick it up. It took them a week but they eventually picked it up. A month later, we received a bill from this bogus company stating we owe 36 payments of $200. I called them to let them know that we no long have the product. They didn’t seem to care, all they saw was our signature on a form that was signed prior to the trial period starting. When I called the vendor, they magically went out of business. Even though we had no product and the company went out of business, they still wanted to send us a water machine that we didn’t like, from another company. Crazy right. To make a long story short, these people don’t speak anything but legalese. Eventually had to spend money on an attorney to make them go away. As soon as there’s a purge…I know many people will be sitting right outside their headquarters.
Kathleen lynch
I’m dealing with this company now. Was told at the end of the contract I would own the equipment. It’s grooming equipment. I get a letter today in mail saying I have to renew or send back equipment. It was a grooming tub retailed 1300. I have paid 5400 already. Is there a class action suit against this company? This is sickening. I was dealing with groomers choice who advertised financing available. I was not aware it was a leasing program. The sales person told me it would be mine end of term. I have made every single payment on time. What can be done. This is robbery.
Nuno
I am dealing with the same exact thing ! I’ve literally have 18 payments left and they are telling me I have over 20 and at the end of the lease there is some balloon payment that’s over 6k! This company is so hard to get a answer from and I don’t know what else to do since I’ve stopped the payment coming out of my bank because they were charging 2 payments a month!
Shawn
I have to agree with you. This is predatory lending at its core.
Remmy
Timepayment cooperation is a ripoff, they finance an equipment which I pay them $380 every month for 2years and coming to the last month to pay off, they are now telling me that I have to pay additional $900 in order to keep the equipment or return it in good condition.
This is crazy, please be wise and look very before you sign anything.
They claimed that the $380 I paid for 2years is for their company, and the $900 is the flee market value to purchase the equipment.
What a shame on them!
Lesson learnt!
Sonia
This is a very tough lesson for me, but i will warn the public to be extremely careful about dealing with this company because once they have your credit info, you are forced to keep paying, no one will explain or be nice to you on the phone, my account manager just said ” there is nothing you can do but pay the bill”, then he hung up on me. I have tried to talk to them many times but they dont care.
Ashley Bonds
TimePayment is a shady company who do not care about is customers. Every few months this company is adding random fees to my account out of no where. Today i recieved a fee for processing my credit card. I have had the same debit card on file since last September and I recieve a charge today for have a credit card on file. Then on top of that I call to get the issue resolve and the rep tells me to screen shot my bank statement to provide that I was actually drafted the processing fee, even though you can clearly see the additional amount on my billing history. THIS COMPANY IS UNPROFESSIONAL, RUDE, SHADY, AND DUMB. I WOULD NOW RECOMMEND UTILZING THEM FOR ANYTHING. They will try and find a way to screw you over and then justify it with some BS policy in your contract. They are a ruthless company and then need to be put out of business.
Genevie M.
I AGREE, THEIR COMPANY SUCKS ! I’VE BEEN OUT OF BUSINESS SINCE MARCH 2020. I’VE TRIED TO MAKE PAYMENT ARRANGEMENTS WITH THEM BUT THE DEFERRED ME ONLY 1 MONTH. HOW THE HELL DOES THESE PEOPLE NOT UNDERSTAND THAT WE WERE IN A PANDEMIC ? ALSO I EVEN TOLD THEM THAT I HAVE OTHER PAYMENTS I NEEDED TO TAKE CARE OF BUT YET THEY WANNA COLLECT $1500+
AT FIRST I WAS TOLD THE EQUIPMENT I WAS FINANCING WAS AROUND $6,000+. THEY TOLD ME HOW MUCH I WILL BE PAYING EVERY MONTH WHICH I WAS OKAY WITH. IN THE END I DIDN’T KNOW THIS WHOLE TIME I WAS PAYING FOR WAS DOUBLE THE COST I WAS SUPPOSE TO BE PAYING FOR. I WAS RECOMMENDING OTHER PHOTO BOOTH SERVICES WHERE I GOT MY EQUIPMENT BUT SINCE I’M PAYING MORE THAN WHAT I THOUGHT I WAS TOLD IN THE BEGINNING I TOLD ALL THOSE VENDORS THAT THEY ARE A SCAM. IF THEY TOLD ME HOW MUCH THE TOTAL WAS IN THE BEGINNING OF THE CONTRACT BEFORE I EVEN AGREED I WOULDN’T GET MY EQUIPMENT FROM THEM. DOING RESEARCH ON THEM A LOT OF PEOPLE HAD WORSE EXPERIENCE.
I EVEN TRIED GIVING THEM BACK THE EQUIPMENT BUT THERE IS A CHARGE TO CANCEL THE ACCOUNT WHICH IS THE PRICE YOU STILL NEED TO OWE THEM $8,000 SOMETHING. THAT WAS EVEN MORE RIDICULOUS AND RIP OFF !
jorge ordonez
They used a third party company that sold me with lies their credit card terminal, bad for me, they told me that the contract could be cancelled at any time, and the montly service fee would be always the same, first mont new additional debits started to come, then they said that will be waived by next month but next month new bills started to come, then the person that sold me the service told me that everything was part of a fraud and got fired after that. From that point my credit score started to drop and do not know what I should do next.
R. Burnett
Same here. I used quickspark Brandon was real sweet while he assured me this was the best way to go for my restaurant. You sign the papers before you get the equipment. Then if some of the equipment is faulty they say you have to payment for it anyway… Time Payment is a rip off. Don’t use them. You will be sorry.
LEONIDAS T.
THEY SUCK, AND THEY JUST HAD THEIR LAWYERS GARNISH $9K DOLLARS OUT OF MY ACCOUNT, NO LESS ON CHRISTMAS EVE, FOR A F***** TERMINAL THAT COSTS ABOUT $500 BUCKS, MIND YOU, THAT I RETURNED AND THEY WOULDN’T TAKE BACK BECAUSE OF THEIR RIDICULOUS LEASE TERMS. THEY SHOULD BE ASHAMED OF THEMSELVES AS WELL AS THE LAWYERS THAT REPRESENTED THEM….IF ANYONE OUT THERE HAS EVER COUNTER SUIT THESE HIGHWAY ROBBERS AND GOTTEN RESULTS, PLEASE LET ME KNOW ASAP.. THANK YOU FOR LISTENING/READING…..
garza
Terrible! I purchased a machine using TimePayment and I wanted to pay it off within 12months. They set a 12month payment plan, at the end of the contract they said I was short one hundred and something, and I ended up paying over one thousand dollars of interest fees. They said I should have called in for the balance. Don’t use them, they add all these fees and if you don’t call to get balances you will get screwed. The contract does not state you have to call in for balances, plus their website does not give you the balance amount. Terrible! I will never use them again. I am very disappointed, because I wanted to purchase another item with them but not anymore…..
Tara Shiffert
SCAM
Stay away from this company.
You get charged for the price of the unit regardless of cancel. There is not cancel. You must pay the full price. No early payoff
Stay away the Company is not fair.
CPO
Tara,
This article may help: How to cancel a merchant account without paying a fee.
-Phillip
Kiimberly Muhammad
This company is awful. Our non profit wanted to get a photo booth to use as a fundraiser. It hasnt worked since we got it. It came with damages and the program is in chinese. Which i cant read or understand. We filed a complaint to get out of our contract and they declined. Whats sad is they want to hurt a small non profit rather than help resolve this issue. The legal team has declined my claim and they dont care.
J. WINELAND
Scandalous. They talk fast, the phone representative does not answer questions politely. Initially the QuickSpark representative was very sweet but became increasingly impolite with each correspondence. Eventually the replies became only a few words, generally directing me over to TimePayment when I had never actually spoken to anyone there, only to Nicol at QuickSpark, the company used by Webstaraunt to handle financing of their equipment before passing it along to TimePayment (and where my process began). I had a concern at the very beginning because once my paperwork was finally sent to me for signing there was an additional month added onto the schedule. It was agreed to be a 12 month schedule of payments yet in the paperwork, they had it as 13 months in one spot and 14 months in another (totaling more than $1200 in additional payments). Not to mention, it should have been only 10 months on the agreement as I had to advance pay 2 months + tax & processing fees. I was told by Nicol that TimePayment would not edit the documents again and that it was definitely only a 12 months lease (even though the paperwork I was sent said otherwise). I was in a pinch and like an idiot signed the papers, believing her and knowing I had email correspondence to back up any necessary future claims. So far, my monthly payments have been $53.48 more than what I signed up. I understand that there is verbiage written into these documents to protect TimePayment in the event they want to overcharge, upcharge or change a fee I am being auto-drafted, but it is scandalous to do so with no reasoning! When I submitted my insurance documents showing TimePayment as the loss payee (one way to avoid an added monthly charge of $25) they responded that they do not always approve these insurance documents; and I am still waiting on them to do so. I added them to my insurance binder as they requested, with the same amount, name, & address they advised. Still no response. I do not expect one here, nor do I care about any response which may be submitted here. My paperwork indicates I own the equipment at the end of my lease and if this is not the case I will be handing these papers over to my lawyer. I really wish I had read reviews & the BBB website before agreeing to work with either QuickSpark OR TimePayment. I will never recommend them to anyone, and am hoping to save others in the future. Do yourself a favor and find any other means to pay for your equipment than through either of these organizations!! I am very disappointed in Webstaraunt that they choose to use such a poor financing company for their leasing and financing needs.