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Flagship Merchant Services is one of the largest credit card industry ISOs (independent sales organizations, which act as a 3rd party between a merchant and an acquiring bank that receives the credit card transactions). Under their corporate name of CardServ Inc., they are headquartered in Charleston, MA, and were established in 2001. They focus on payment processing solutions for small- to medium-sized businesses. |
| OPTIONS |
Statement Fee |
$7.95 |
Clear the Account |
2 Days |
Monthly Minimum |
$15.00 |
Approval Rate |
98% |
Setup Time |
1 Day |
Free Terminal |
NO |
Average Rate |
1.598% |
Transaction Fee |
$0.21 |
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| RATINGS |
100% |
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Chase Paymentech is a world leader in online and point-of-sale payment processing services with offices in the United States, Canada, and Europe. They are based in Dallas, Texas, and are a subsidiary of JPMorgan Chase. Founded in 1985, they have been known by their current name when they were acquired by the banking giant in 2005.
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| FEATURES |
Approval Rate |
98% |
Setup Time |
2 Days |
Free Terminal |
NO |
Average Rate |
1.79% |
Transaction Fee |
$0.24 |
Statement Fee |
$7.50 |
Clear the Account |
1-2 Days |
Monthly Minimum |
$25.00 |
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| RATINGS |
98% |
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Read Review
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First Data is the worldwide leader among credit card processors and electronic payments processors. The company provides services to 6 million merchant locations of all sizes in 80 countries, serves over 7,000 financial institutions and in the most recent reporting year, processed 60 billion transactions. The company processes all payment types, including checks, which are processed through their subsidiary, TeleCheck—their original name and service dating to 1964. First Data is headquartered in Atlanta, Georgia. The New York investment firm, KKR, bought the company in 2007.
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| FEATURES |
Statement Fee |
$7.95 |
Clear the Account |
2 Days |
Monthly Minimum |
$20.00 |
Approval Rate |
99% |
Setup Time |
2 Days |
Free Terminal |
NO |
Average Rate |
1.59% |
Transaction Fee |
$0.40 |
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| RATINGS |
95% |
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Read Review
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Leaders Merchant Services is headquartered in Camarillo, California, and has been operating since 2000. They are an ISO/MSP (Independent Sales Organization/Member Service Provider) of Wells Fargo Bank and offer a full range of credit card processing and transaction services and equipment for home-based, retail, mail & telephone order, and Internet e-commerce.
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| FEATURES |
Statement Fee |
$5.00 |
Clear the Account |
1 Day |
Monthly Minimum |
$15.00 |
Approval Rate |
99% |
Setup Time |
Same Day |
Free Terminal |
YES |
Average Rate |
1.55% |
Transaction Fee |
$0.19 |
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| RATINGS |
95% |
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Read Review
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Merchant Accounts Express provides merchant credit card processing services, software, and equipment and was established in 1998. They are based in Nashua, New Hampshire. The company is also identified with the names Merchant Express and ME Acquisitions, LLC.
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| FEATURES |
Statement Fee |
$5.00 |
Clear the Account |
2 Days |
Monthly Minimum |
$25.00 |
Approval Rate |
98% |
Setup Time |
3 Days |
Free Terminal |
NO |
Average Rate |
1.69% |
Transaction Fee |
$0.19 |
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| RATINGS |
94% |
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Read Review
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Merchant One is a registered ISO/MSP (Independent Sales Organization/Member Service Provider) of Wells Fargo Bank, NA Walnut Creek, California, and of First National Bank of Omaha, Omaha, Nebraska. Merchant One was established in 2002 and is based in Miami Beach, Florida.
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| FEATURES |
Statement Fee |
$7.95 |
Clear the Account |
1 Day |
Monthly Minimum |
$20.00 |
Approval Rate |
98% |
Setup Time |
Same Day |
Free Terminal |
NO |
Average Rate |
1.59% |
Transaction Fee |
$0.20 |
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| RATINGS |
92% |
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Read Review
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Since 2003, The Transaction Group (TTG) has been dedicated to low-cost payment processing solutions. They act primarily as an independent agent of Global Payment Solutions, a Portland, Maine, based registered ISO/MSP (Independent Sales Organization/Member Service Provider) of: HSBC Bank USA National Association, Buffalo, NY, and BancorpSouth, Tupelo, MS. Certain other affiliates are used for Canadian businesses and those classified as high-risk. MLR Marketing Group Inc. operates as The Transaction Group and is headquartered in Jacksonville Beach, Florida.
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| FEATURES |
Statement Fee |
$10.00 |
Clear the Account |
2 Days |
Monthly Minimum |
$0 |
Approval Rate |
95% |
Setup Time |
2 Days |
Free Terminal |
NO |
Average Rate |
1.75% |
Transaction Fee |
$0.20 |
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| RATINGS |
91% |
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Read Review
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Privately-owned and Boston, Massachusetts-based Merchant Warehouse was established in 1998. They are an ISO/MSP (Independent Sales Organization/Member Service Provider) and have a commitment to excellence in pricing, service, and customer satisfaction. Some 30,000 new merchants are added to their roster yearly. In their last reporting period, they processed some $7 billion a year in sales, and over 9 million transactions a month.
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| FEATURES |
Statement Fee |
$7.95 |
Clear the Account |
1.5 Days |
Monthly Minimum |
$25.00 |
Approval Rate |
99% |
Setup Time |
2 Days |
Free Terminal |
NO |
Average Rate |
1.69% |
Transaction Fee |
$0.21 |
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| RATINGS |
89% |
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Read Review
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The origins of Gotmerchant.com date to 1998. Formerly in a referral partnership, they themselves became a direct seller of credit card processing services in 2003 in order to maintain a commitment to a high standard of customer care and service in which they excel. They are headquartered in Denton, Texas, and are an ISO/MSP (Independent Sales Organization/Member Service Provider) through HSBC Bank.
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| FEATURES |
Statement Fee |
$10.00 |
Clear the Account |
1-3 Days |
Monthly Minimum |
$25.00 |
Approval Rate |
99% |
Setup Time |
2 Days |
Free Terminal |
NO |
Average Rate |
1.69% |
Transaction Fee |
$0.25 |
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| RATINGS |
87% |
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Read Review
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Established in 1989, Electronic Transfer, Inc. (ETI) is an independently-owned Spokane, Washington, based ISO/MSP (Independent Sales Organization/Member Service Provider) of Westamerica Bank, Santa Rosa, CA, that uses Fast Charge Payment Gateway.
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| FEATURES |
Statement Fee |
$10.00 |
Clear the Account |
2 Days |
Monthly Minimum |
$20.00 |
Approval Rate |
98% |
Setup Time |
1 Day |
Free Terminal |
NO |
Average Rate |
1.69% |
Transaction Fee |
$0.25 |
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| RATINGS |
85% |
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Read Review
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This website, Creditcardprocessors.net, is a report and a survey of a sampling of companies that offer merchant credit card account services. We have attempted to compile useful information in a convenient table form for ease of understanding and for making comparisons on fees and related data.
We have also included unbiased reviews of these companies consisting of the following four basic elements:
1) A thumbnail profile of each company,
2) A “Pros” feature that recounts some of the positives the company offers in terms of fees, range of services, interchange-plus pricing, and a number of other elements
3) A “Cons” feature that impartially recounts negative aspects of a company. Many of these statements are distilled from visits to the company’s Better Business Bureau profile and a number of the complaint websites, such as Ripoff Report, Complaints Board, and others. And finally,
4) We offer “Our Final Conclusion” and recommendation about the company.
One thing to keep in mind about these or any credit card processor, advertised rates and fees are just one element that should go into your decision for selecting a merchant credit card payment processor. The difference in some rates or fees overall in a month might only be a matter of a few dollars, depending on your sales and transaction volume.
The Discount Rate (the percentage of a sale the processor retains as part of their compensation) is figured in a number of ways; most often the operational model is “3-Tier Pricing.” In this frequently used model a merchant’s transactions will be broken down into 3 categories (“qualified,” “mid-qualified” and “non-qualified”). Many of your transactions might not qualify or they may be judged ineligible for the lowest stated (“qualified”) rate.
Matters such as technical support, customer service, and services and products that are uniquely important to your particular business or mode of processing transactions are at least of equal or greater importance as rates and fees.
Although we have tried for accuracy in these reviews, the information is subject to correction and change. If you notice something or want to be in touch or offer a general comment or your personal experience with the credit card processors, please do so.
Some statements we have made about a number of the companies presented here have been based upon some of the complaint websites. These websites provide a number of insights and reports on an actual merchant’s experience with a processor. Bottom line is to not rely on a salesman’s verbal promises, but to get things in writing, read and understand the fine print of contracts and know exactly what you’re getting yourself into.
Any fee or rate can be stated. Whether that fee is adhered to is something to also consider in one’s evaluation of a company as a potential supplier of this very vital part of your business or planned business. Cancellation or early termination fees must be paid attention to. Contract duration—what is it? Whether equipment can be purchased or leased are other matters, and what are those terms and conditions?
Are monthly statements easy to understand? Do they match up with your bank statement? Are there double charges or unwarranted charges? Are fees being withdrawn for no reason? Are there annual fees? What is this PCI (Payment Card Industry) compliance fee? Is that standard and usual?
Credit card processors differ, but they’re all competing for your business.
And a merchant account credit card processor really does belong in your business. Businesses who offer credit card transactions are providing customers with one more very important way of connecting with their business, and purchasing good and services. Today, it’s practically a basic and offers convenience to your customers and an enhanced shopping experience.
Companies that add credit card processor services invariably find their sales volumes go up. And that’s all the more reason for making an informed decision on a credit card processor. You don’t want to erode or leak hard-earned profits, for all credit card processors are not alike.
You can see, we have rated Chase Paymentech our top choice, but there are also other excellent companies we have reviewed on this site.
So please review the companies we have profiled here at Creditcardprocessors.net. Let this serve as a guide, a point of departure for you to do your own due diligence in making a selection of a company for providing this vital service for you and your customers.
Thank you for visiting Creditcardprocessors.net. Whether you are a startup, a new merchant, a merchant in business for awhile, or someone contemplating opening a business, we want to wish you the best of luck—and also to say luck can happen from hard work and doing your due diligence, including a review of best vendors. And that would include a credit card processor.
--The Editors
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