Mom & Pop moved from its prior office at 1001 SW 5th Ave #1100, Portland, Oregon 97204, to its current headquarters at 1050 SW 6th Ave Ste 1100, Portland, OR 97204. Its previous joint address with Securus Payments at 7724 SE Aspen Summit Dr #300, Portland, Oregon 97266 is only a short distance away from both of these places. CEO of Mom and Pop Merchant Solutions is Bret Martin. This Mom and Pop Merchant Solutions Review comes with all details of their fees, complaints, customer feedback, and rates.
Mom & Pop Merchant Solutions, formerly “Securus Cash & Capital,” is a Portland, Oregon-based merchant account provider. Previously, the business was a division of Excel Corporation, a business with headquarters in Irving, Texas, and the parent company of Securus Payments, eVance Processing, and Calpian Commerce. The president of the business claims that Mom & Pop Merchant Solutions left Excel Corporation in January 2016 especially to separate itself from Securus Payments and is now self-sufficient.
Merchant cash advances are Mom & Pop’s main line of business, and the company also sells products and services from First Data (now Fiserv).
The merchant cash advance service offered by Mom & Pop Merchant Solutions does not seem to be a scam or a rip-off, and we were unable to find more than five bad evaluations from business owners. Only one of these complaints specifically addresses excessively high-interest rates for merchant cash advances; it doesn’t even say whether any businesses agreed to the arrangements.
There are no open class-action lawsuits or FTC complaints against Mom & Pop Merchant Solutions that we could find. Disgruntled customers who want to take the firm to court should think about reporting the corporation to the appropriate regulatory bodies.
Mom & Pop Merchant Solutions has a phone number and email address on its website, however, it is not apparent what services may be obtained through these channels. For merchant account-related concerns, the business may either handle its customer service for merchants or refer merchants to its chosen processor.
Many merchants may experience a highly variable level of customer support as a result of the company’s reliance on individually contracted sales agents, and some representatives have reported having trouble getting in touch with their managers.
The email address for Mom & Pop Merchant Solutions is [email protected]
At this time, Mom & Pop’s complaint track record earns them an “A,” but its customer assistance alternatives seem to fall short of the standards we set for top customer service providers.
Mom & Pop Merchant Solutions is not BBB-accredited and currently has a “C+” rating with the Better Business Bureau. In the previous 36 months, it only received 1 complaint. The issue at hand is a problem with a good or service. The merchant was not satisfied with how the complaint was resolved, or there was no final response.
v Keep as far away as you can because they can’t help you. They’ll ask for your bank and credit card statements, pull your credit report, keep you waiting, and then inform you that there’s nothing they can do. My credit score is 640 and I deposit more than $16,000 each month; this company is fraudulent.
v I recently finished a week of training with Bret, and I was blown away by the depth of his expertise in the business loan alternative sector. He is a straight shooter and is committed to providing as many struggling small businesses with the money they need to survive. I appreciate the ISO chance he gave my family and me, and I’m looking forward to a fruitful future working with Bret and Mom & Pop Business Funding.
Instead of offering merchant accounts, Mom & Pop Merchant Solutions mainly offers merchant cash advances. With a merchant cash advance, a small business owner can get a one-time lump sum payment in exchange for selling a portion of their potential receivables.
The terms of a merchant cash advance are determined by the size, processing history, and type of business of each particular merchant, and they are reimbursed to the cash advance provider by a percentage of the merchant’s credit card sales over months or years. They are frequently given to business owners who cannot be approved for conventional business loans.
The business also sells merchant services from First Data (Fiserv). A typical First Data (Fiserv) merchant contract is a multi-year contract with tiered pricing, a monthly PCI compliance cost of $19.95, and an early termination fee of $495. A swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19 are offered to merchants who process up to $50,000 per month.
A swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19 will be provided to merchants whose monthly charges are over $50,000. Long-term, non-cancelable equipment leases through First Data Global Leasing are another aspect of these contracts.
As an ISO of First Data, Mom & Pop Merchant Services is free to modify these terms based on the size, type of business, and processing history of a particular merchant (Fiserv). However, since there isn’t much information easily available about the company’s rates and price structure, businesses thinking about using its services can use First Data (Fiserv) as a benchmark.
Since merchant cash advances are not governed by the same rules as small business loans, they often have effective interest rates that are far higher than those allowed by usury laws. There are some situations where a merchant cash advance might be advantageous for a business owner, even though the effective rate of interest on one can be astronomically high.
It is encouraged for merchants to seek, carefully read, and compare any cash advance they have requested to any conventional loans they may be eligible for.
Mom & Pop Merchant Solutions can help businesses open new merchant accounts, however, the president of the business has stated that this is a rare service. There are no merchant reports or publicly available information on the company’s regular merchant account that would indicate its ability to compete with the lowest merchant accounts.
Additionally, there aren’t any online complaints against Mom & Pop Merchant Solutions’s cash advance terms, earning the business an “A” grade in this category.
Mom & Pop seems to use telemarketing and independently employed 1099 sales representatives to advertise its services. Mom & Pop can open new merchant accounts for interested merchants, but its focus is on merchant cash advances rather than actual merchant accounts.
Mom & Pop doesn’t specifically name its payment processing partner, however, First Data (Fiserv) or one of its subsidiaries is probably in charge of this. The president of Mom & Pop noted in the review’s comment area that it is extremely uncommon for a merchant to request that Mom & Pop take over their credit card processing.
Mom & Pop does not encourage merchants to convert to a particular processing platform, according to a company spokesman, even though doing so would go against the way merchant cash advances are often set up. A merchant’s current processor will typically be able to give a merchant a cash advance and merely deduct a portion of the merchant’s daily deposits to recoup its costs over time.
Mom & Pop asserts that they “take a fixed daily dollar figure or fraction of the business owners sales figures, and withdraw that money out of the revenues that flow into the business owners bank account” every day. There may be costs for each of these transactions, but if there are, businesses should be conscious that they might be able to avoid them by opening a merchant account with their current processor.
How we previously assessed it in this section was heavily influenced by Mom & Pop’s connections to Securus and the Excel Corporation. Its grade has increased in light of the dissolution of that relationship and the fact that Mom & Pop doesn’t normally even seem to sell merchant accounts. However, if you believe Mom & Pop is charging you unauthorized fees, we advise getting an independent statement audit to look for undeclared fees.
Now that it has severed ties with Excel Corporation, Mom & Pop Merchant Solutions is regarded as a trustworthy provider of merchant cash advances. Mom & Pop does not look to provide predatory cash advance terms, and the internet does not display any merchant complaints. Before committing to a service, however, businesses should make sure to fully understand all conditions and compare Mom & Pop’s merchant cash advance options to those provided by reputable payment processors.