
- Sales Experience
- Rates
- Fees/Contracts
- Complaints/Ratings
- Support
iPayment, Inc. was founded in 1999 and is headquartered in Nashville, Tennessee. Their focus is on small businesses located within the United States. They offer both card present and card not present solutions including virtual gateways and e-commerce. They primarily rely on other Independent Sales Organizations and independent agents to offer their products and services. Their website advertises that they have approximately 190,000 small business merchants processing transactions with them, mostly in the automotive and retail field. iPayment is a registered Independent Sales Organization (ISO) for Wells Fargo Bank.
iPayment is not accredited with the Better Business Bureau and does not have a rating with them. Although it is not required of a business to become accredited with the Better Business Bureau, it does seem a little suspect that a multi million dollar corporation never bothered. This could mean that iPayment is purposely not accredited to avoid a low rating, something that could damage any business. There are, however, numerous complaints on other websites like www.consumeraffairs.com and complaintsboard.com that do not shine iPayment in a good light. Some of the most concerning complaints were iPayment charging their merchants $1000 for going over what their projected monthly volume would be when they originally signed the merchant application. A projected monthly volume is exactly what it sounds like, projected. For iPayment to charge a fee, $1000 at that, to merchants who went over their projected monthly volume is simply inexcusable. It’s impossible to determine exactly what a businesses’ monthly volume would be each month and any business should shy away from iPayment on this principal alone. Other complaints included funds being held for an indeterminate amount of time, and withdrawing $500 from their merchants bank accounts as a “reserve” in the event of chargebacks.
As stated earlier, iPayment almost solely relies on other Independent Sales Organizations and independent agents to offer their products and services. This is very typical of medium to large sized merchant service providers but most also have a large inside sales force which iPayment seems to lack. Any merchant service provider that has such a strong emphasis on independent agents can lead to a non-uniform sales experience for their merchants. For example, depending on which agent a business talks to, one might give a completely different price quote than the other. There is also the issue of control with independent agents, it’s difficult to keep a close eye on them since they are not under the same supervision as an inside sales representative would be which might lead to more complaints.
Like most Merchant Service Providers, the schedule of rates and fees depends on the business type and processing history. Due to their reliance on subISOs, it is nearly impossible to give accurate rates for all iPayment customers. It will be left up to all merchants to perform their own investigations to compare their quotes to ensure they are receiving the best posible deals. We can state that the base rates offered by iPayment are fairly standard, which means any merchant that receives a quote or is instructed by an iPayment representative with a deal that seems to have extremely low rates, should be very wary as it likely means that other fees are present in the contract, or that the rates being quotes apply to only a small subsection of the transactions the merchant will see. It is highly suggested that any business calls an agent to get the full schedule of rates and fees. Also it is important to note that iPayment, has a standard three year contract with a $350 cancellation fee, so be aware of this before signing any paperwork.
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