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.
Stay or Switch from iPayment To Another Merchant Service?
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Advice from Fellow Small Business Owners
Worst merchant services I’ve ever dealt with in the 15 years I’ve been in business.
We had to cancel with them because when our business grew, they would not up our limits. It was a waste of our time to ever deal with them.
Beware, the company makes its money by charging extremely high fees. In 2 months I paid over $160 for 2 transactions which totaled $1231.
Watch out! They mislead you. My independent sales rep left
In a candid conversation with a phone jockey who was kind enough to express her dissatisfaction with the company I realized I made a mistake and am in the process of trying to cancel. What another nighymare, You will be charged early termination fees…American Greed!
The directors and officers are that one percent destroying America through greed and self interest. They should all be prosecuted and put away.
The WORST company ever, they rip you off, is a total fraud, bad customer service. I would NEVER EVER recommend IPAYMENT if you want to be successful. They make with your money whatever they want, they withhold your money for months just because they want and if you want to reach someone who can give you an answer they’re always on vacation.
If you wanna work with a company you can trust and have peace of mind. You never work with IPAYMENT
WORST EXPERIENCE EVER
ABSOLUTE CROOKS!
I filled out the online appliacation but NEVER ACTIVATED MY ACCOUNT after reading nothing but bad reviews.
Then, over the course of two months they debited about $300 from my checking account, which has a minimal balance so I encurred overdraft fees on top of what they STOLE.
My bank blocked them but they still took another $350 for a termination fee (their advertisement stated “RISK FREE”, “NO CANCELLATION FEE”.
I am calling the police tomorrow to report this theft & hope everybody they steal from does the same. Not that it will do much good because these corporate slime bags are above the law! These type of crooks just screwed the economy of the entire world and not one of the perpetrators have been prosecuted!
They lied about rates,
They lied about service,
The customer service is nonexistant,
The cancellation fee is FRAUDULENT!
Stay away from i-Payment and Wells Fargo -They are the worst of the 1%!