On-Line Business Group (OLB), established in 1993, is a U.S.-based e-commerce merchant service provider headquartered in New York and one of the first companies to offer online payment solutions to retail stores.
Over the years, the provider expanded by acquiring multiple companies, including Omnisoft, Excel Corporation, and CrowdPay.us in 2018, DoubleBeam in 2020, and started providing payment solutions to CBD merchants in 2021. This OLB Group review will give you an insight into the company’s products, customer service, complaints, rates, and ratings.
OLB started offering fin-tech solutions in 2022 through its partnership with Cuentas and added crypto integration and NFTs to its portfolio later that year. It went well for the provider until it took a loan to finance the acquisition of Excel Corporation and its three subsidiaries (Chyp, eVance Processing, and Securus Payments.) The company took a second loan from a private investor to pay for the first loan.
To survive the upcoming years, the provider needs to raise $5,000,000 in capital and make all the loan payments, which is doubtful. Keeping this situation in mind, it is not guaranteed that the company will continue as a stable service provider. Regardless, here is an OLB Group review concerning its benefits and shortcomings to give merchants an idea about what to expect from the provider.
OLB Group Review Based on Features and Services
The provider’s primary clientele is e-commerce merchants, and its niche is to provide extensive cloud-based services to mobile and online companies. OLB offers credit card and e-check processing to most business sizes and accepts all major credit and debit card brands. Its valuable services include capital raising solutions, payment gateways, POS solutions, mobile apps, and Level 2 and Level 3 payment processing.
Merchants are provided value-added services such as website assistance, health insurance with discount benefits, and fraud protection tools. OLB offers physical and digital gift cards and loyalty programs to benefit merchant and their customers.
OLB Customization
The provider offers customized solutions compatible with a merchant’s needs and allows users to create a personalized website to sell their products. Merchants can add their company’s branding on the website and create and edit the logo, page layout, and other specifications to their liking. This feature allows flexible hosting and increases search engine optimization. Moreover, merchants can add features to sync with advanced web evolution and give a better shopping experience to their customers.
OLB Omnisoft
OLB Group reviews portray that the company provides an omnichannel platform through Omnisoft, accessible over smartphones, iPads, and computers. It allows merchants to sell their products online, in person, or through an app. In a physical retail setting, merchants can add the customer’s selected product, swipe the credit card, and give a printed receipt to the buyer or send it through email. Otherwise, customers can browse through and pay for the services on the company’s website from the comfort of their homes.
The provider enables online retailers to drive more traffic, increase sales, and improve availability. With Omnicoft, businesses can track their inventory and enhance customers’ experience by timely accepting orders anywhere.
SecurePay
According to OLB Group reviews, the company utilizes the service of SecurePay, an advanced payment gateway with rich features to facilitate online payments suitable for level 2 and level 3 processing. SecurePay accepts various payment methods and offers shopping cart integration to provide a seamless checkout experience. The provider ensures account management solutions, enabling merchants to access the data anytime.
With SecurePay, the company provides advanced security features to protect the customer’s data from fraud and unauthorized access. Users are guaranteed secure transactions resulting in a trust-driven relationship between a business and its clients.
OLB Value-Added Services
The provider offers additional services with minimal cost to its merchants to help them expand their reach and provide stability to their customers. Merchants can enjoy multiple benefits while conducting daily business.
- GHM health insurance benefits clients with doctor’s visits, medical discounts, prescription plans, and hospital bill coverage for accident injury
- Gift and home mart connect, a TV and web-based platform offering various solutions for businesses to promote their services
- Reward point systems with exciting discount coupons
- Gift card and loyalty programs
OLB Group Review Based on Cost and Contract Terms
OLB Group reviews indicate that the provider offers variable contract terms depending upon the business size and the agent setting up the merchant account. The company’s contract is similar to Excel Corporation, and its rates depend on the subsidiary issuing the contract. OLB’s pricing is a mystery and provides a vague idea about its contract details on the official website.
Merchants are likely to pay a 1.00% to 4.99% virtual terminal fee; this is the maximum insight available to the public. The rest of the company’s pricing is unknown. Since the provider is affiliated with Excel Corporation for its contract and pricing and the company in question has a below-average rating, it is evident that the provider offers subpar contract terms.
OLB Group Review Based on Customer Support
The company has a phone support number available for domestic businesses during business hours. There is a consumer support form on the website, and merchants are provided an email address to write out their queries and concerns to the provider. Overall, OLB customer support options are not competitive with the leading payment processors.
OLB Group Review Based on Sales and Advertisement
OLB’s credit card processing and marketing are handled by Excel Corporation, which trains an in-house team and hires referring bank agents, sales agents, and ISOs to promote its services. The company’s sales practices are not up to the mark, and the agents do not disclose all critical terms. Reviews show that the subsidiaries responsible for marketing OLB’s services take deceptive measures and need drastic improvement.
OLB Group Reviews and Complaints
Before acquiring Excel Corporation, the company had a positive reputation that was tarnished after the acquisition. As the provider utilizes the services of multiple subsidiaries, it is logical to consider the complaints filed against them. There are a few complaints against OLB separately.
Merchants are concerned about the company’s deceptive sales tactics, confusing contract terms, inaccessible customer service, high rates, and non-cancellable equipment leases. In 2020, eVance filed a lawsuit against OLB, accusing the company of unpaid debt. The legal proceedings are still ongoing, and the case is unresolved.
Better Business Bureau has not accredited OLB, and the provider has received zero formal or informal complaints on the platform. Apart from that, OLB is not rated online on any mentionable review websites.
Drawbacks
OLB Group reviews prove that the provider is in deep waters with numerous complaints and struggling to maintain its reputation after its affiliation with Excel Corporation. Multiple loopholes are associated with various company departments, and despite offering a range of features, OLB is facing negative reviews. Here are the drawbacks that businesses should be aware of before signing up with the provider;
Undisclosed Information
The provider is not transparent about its pricing, and merchants are denied the right to know about the company’s fees, hardware charges, and contract information. They are not provided with the equipment lease terms and offer very scarce information about some of its features. The provider has kept everything a mystery and does not prove to be reliable. The official website hints very little about what to expect from OLB as a payment processor.
Dishonest Strategies
Merchants have complained that their accounts are transferred to another subsidiary without their knowledge. This practice causes frustration because when a merchant signs up with a company, they trust it with their business and expect honesty. By making un-informed changes and handing over a merchant account to another subsidiary, the provider breaks its merchant’s trust and gives them unwanted difficulty that they did not sign up for. Many businesses get affected by the company’s rational decisions and dishonest approach.
Deceptive Sales Tactics
OLB Group sales are handled by Excel Corporation, which is notorious for using deceptive tactics to attract merchants into signing up the contract. Merchants have posted numerous complaints about the agents not disclosing the contract terms and misleading quotes. Moreover, the company’s sales representatives hide major information, use aggressive marketing strategies, and trap new businesses.
Unresponsive Customer Support
OLB has received a maximum number of complaints for its customer service; the provider offers below-average consumer support options and fails to meet merchants’ expectations. Users have complained that the company is non-responsive and its general support number is unreachable. The provider does not respond to the emails, and merchants are left on their own
Final Verdict
This OLB review deduces that the provider offers subpar services and uses unethical practices to promote its business. It does not provide transparency, lacks in meeting business requirements, and fails to consummate its claims. Hundreds of complaints against the provider prove that it does not prioritize its merchants and its services are un-competitive with the top-rated service providers. Moreover, the company’s rates are not justifiable considering the numerous drawbacks and unsatisfying services.
Merchants looking for a service provider should compare OLB with top-rated companies and find a better-suited payment processor that can handle their business honestly and provide transparent pricing and uncomplicated contract terms. They are advised to hire a third-party audit to eliminate hidden charges, negotiate the proposed rates, demand clarity, and review the contract details and documentation before signing up.
