iPayment is a sizable figure in the Credit Card Processing industry. Their website claims to support over 145,000 small business with over 329 members of personnel spread throughout their corporate office as well as their subsidiaries.
It looks as though a large number of their sales are in fact handled by these subsidiaries as well as independent sales representatives. The dangers of having the bulk of your sales handled by outside representatives is you lose the quality control aspect of the sales process. Without phone monitoring systems and proper training on the ins and outs of merchant contracts, iPayment and other companies with a distributed sales force typically deal with a myriad of complaints regarding the sales tactics employed.
The difficulty in reviewing iPayment comes with the fact that depending on which sales rep/subsidiary you are working with, the sales experience can vary greatly. Additionally the statement fees and other rates you receive can vary greatly. However all iPayment sales reps are held to the same floor, and most all are set up with contracts that include up to a 3 year contract with $350 cancellation fee.
The four most common complaints detailed in the Better Business Bureau review include:
- Fees promised during the sales presentation differ from the fees incurred after signing up for the service;
- Inability to cancel contracts or merchants were misinformed on the ability to cancel contracts without cancellation fees;
- Unauthorized charges on statements and money is taken out of the merchants bank account without authorization;
- Lack of customer service regarding no return calls, or customer service representatives were not able to explain why unauthorized charges are present, and/or unfulfilled promises to correct the issues.
While these may not all apply to iPayment directly we believe there are enough other merchant account providers available with a better track record of properly training and educating their sales reps such that these issues become a minor concern for the average merchant. If you are deciding on iPayment or one of their subsidiaries we recommend, as always, that you do your best to read and understand the contract you are signing, along with ask for a full schedule of rates and fees.
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