Deft Payment systems is a merchant account provider offering services to standard, low-risk, and high-risk payment processing businesses since 2017. It outstands its competitors by providing payment processing for the high-risk merchants who deal with hemp and CBD products.
This Deft Payment Systems review will thoroughly analyze the mission and progress of the company and its claims to fulfil all requirements of merchants through their services. They have collaborated with many processors and banks to provide their clients with a diverse range and robust services. Personal guidance is available for merchants who need help understanding their services.
Services of the Provider
Usually, merchant account providers operate in high-risk or low-risk businesses, but Deft Payment Systems deals with both. However, high-risk companies need more time to request review and approval. Some merchants are caught off-guard when their business is classified as high-risk and don’t know about it. Deft deals with both types of merchants, so the risk of random account restriction due to the nature of the business is eliminated.
Deft Payments accepts all major credit card organizations and standard payment methods, including eCheck and ACH. Deft also readily offers online payments, mobile payments, gift cards, and loyalty cards. Overall, it is a comprehensive processor that can handle most business transactions.
Payment Gateway and Virtual Terminals
Deft offers all essential services to its clients, from payment processing to gateway services. Virtual terminals are imperative for merchants that don’t want to buy hardware or want to process payments through their computers. Deft offers a reliable virtual terminal, but merchants must purchase hardware for card-present transactions.
Billing and Invoicing
Deft has a comprehensive billing system, including recurring billing and one-time payments. It also deals in e-invoicing, which helps reduce transaction fees and improves cardholder information security.
The service provider claims to give a one-stop solution to merchants who use the service. And value-added services stand in favour of Deft Payments’ claim. It has added many tools that solve almost all problems of the modern e-commerce business.
- Payroll: A Payroll system is provided to take care of paying employees. Experts handle all Payroll affairs while you focus on business.
- Cash Advances: Cash advances are another facility it offers on straightforward terms. However, these may come at a higher cost than regular loans.
- Lead Generation: Deft Payment system reviews purchases of potential customers and helps build their interest. This lead generation tool helps grow your business products and services.
- Proprietary kiosks: Propriety kiosks deal with marketing purposes and solve specialized payment services.
- Product Fulfillment: Another advantage of subscribing to its service is that it reviews the product fulfilment process and assists merchants.
Pricing of the Provider
Deft Payment System is one of the few merchant account providers that deal with businesses in all risk categories. While it offers payment processing for high-risk companies, it comes at a higher cost than standard-risk processing. Such accounts are constantly under review due to chargeback and fraud risks.
The company is hesitant to disclose all prices and deal in quote-based pricing structures for each merchant based on the nature of their business. Factors such as the processing history of companies and location also influence the determination of the fees. The contract length also varies, and it also offers long-term equipment leases. However, some of the publicly available pricing information is of swiped and keyed-in rates. It charges 1% – 4.99% on both swiped and keyed-in transactions. However, PCI compliance fees and early termination fees are also applicable.
Support and System Setup
Deft Payment System offers fast verification to the accounts that are low or standard-risk. However, high-risk accounts are kept under review for a long time. They provide a contact us form on their website to welcome queries. Also, a phone number is provided in case of any questions.
Setbacks of Deft Payments
High-risk merchants are tougher to handle, putting the processor at risk with them. So inherently, processors that deal with high-risk merchants have their set of safeguards against financial damage. Here are some common grievances of merchants in their reviews;
High Processing Fees
While a high-risk MSP expects it, the processing fees of Deft are way higher than the industry average. Even in cases where the businesses are standard or low-risk, the trend of higher processing fees can be seen. Expenses such as PCI compliance fees and ETF are some of the fees merchants highlight in their reviews
Use of Resellers
While resellers are prevalent in the payment industry, it is a sign that the provider may be struggling for new clients or having trouble retaining existing ones. Resellers are known for several unethical sales practices to trap or coerce merchants into buying from them. They engage in these unethical practices to gain the sales commissions that processors offer them per sale.
No Credit or Debit Card Machines
Many MSPs offer a whole equipment lineup that merchants can purchase or lease from the provider. But Deft offers no equipment to take debit or credit card payments. Merchants need to get them from third parties and can potentially pay more for the equipment.
Lengthy Approval Time for High-Risk Merchants
High-risk merchants have to wait much longer to get approved with Deft than with other processors that deal in high-risk merchants. Deft prioritizes standard and low-risk accounts, which get approved almost immediately. High-risk merchants can lose out on vital business opportunities because of this waiting period for approval.
Final Verdict for Deft Payments
Deft has attractive features, like its value-added services and support for high-risk merchants. Their offerings are competitive in the market, and they can cater to the processing needs of most modern businesses.
While the offerings are considerable, they become less attractive when contrasted with the drawbacks of Deft Payments. They have higher processing fees for essential processing services and become even more expensive if you have a high-risk business. The lack of hardware offerings makes it an undesirable processor based on this Deft Payment Systems review. Many processors have much better offerings and lower transaction fees and approval times; it is best to choose them over Deft.