You may get a job requiring you to process payments for other individuals or businesses regularly. If you’re the type of person who doesn’t like to make things complicated, then an Orion payment processing account could be perfect for you. Please go through the Orion Payment Systems review below to decide.
This is because it allows you to make payments from your bank account, known as ACH transactions, to other companies or individuals quickly, efficiently, and conveniently. In this article, we will take an in-depth look at Orion Payment Systems and its services so that you can make an informed decision about whether or not this is the right account for you.
What is Orion Payment Systems?
Orion Payment Systems is a nationwide financial services company based in Houston, TX. It has been providing payment processing services to businesses and individuals since 1989. Orion has been a Better Business Bureau (BBB) member and the Electronic Funds Transfer Association (EFTA) since 2002.
Orion provides payment processing solutions to many industries, including but not limited to Self-Employed, Real Estate, Online Sellers, Construction, Medical, Retail, and more. It offers a range of solutions for each of these industries, including Orion is a way to create an account with a bank that offers you payment processing services.
You’ll get a business checking account, a debit card, and a merchant account. With a business account, you can accept payments online, over the phone, and in person, as well as set up automatic payments to your customers.
Pros
● Simplicity
● Orion payment processing accounts are extremely simple to set up and manage. This is because they come with online payment and management tools that you can access from anywhere
● Convenience
● With an Orion payment processing account, you can accept payments 24/7 and process them as fast as 1-2 days
● Low Set-Up Fees
● Orion Payment Systems does not charge any set-up fees
● Broad Range of Payment Options. This means that you can accept payments from a wide range of individuals and businesses
Cons
● No Cash Advances
● Orion payment processing accounts do not provide cash advances
● No Disputed Charge Fee Waiver
● No E-Commerce Functionality
● Doesn’t have the option to pay online
● No Payment Tracking
● You can’t see where the payment came from
Orion Payment Systems Review Of Receivable Loan
An Orion receivable loan is a short-term loan that you can take out against your payment processing account. You can use an Orion receivable loan to cover unplanned expenses, such as medical bills, or to cover costs until a big project is complete and you get paid.
Orion Payment Systems Review Of ACH
The ACH is a Federal Government-regulated system for transferring money between banks. You can use this system to receive payments from your customers via an Orion payment processing account. An ACH transfer takes a few business days to complete, which means that you get paid a little slower than you would with a credit card payment.
Orion Payment Systems Review Of Payroll Service
The payroll service provided by Orion payment processing accounts is best suited for self-employed individuals. It allows you to create a bi-weekly or monthly payroll for your employees.
Complaints, Fees, Rates, Customer Feedback
Orion Payment Systems Review Based on Complaints and Customer Feedback
Unfortunately, the BBB and EFTA have given Orion Payment Systems numerous complaints. Common complaints include slow payment processing, late fees, and customer service issues. Additionally, customers have complained that they have experienced outages while trying to access their accounts online.
Orion Payment Systems Review Based on Rates and Fees
Orion payment processing accounts charge a small service fee based on the amount of money you receive. For example, if you receive $20,000 during a given month, the service fee is $25. This fee is extremely low compared to other payment processing companies.
Orion Payment Systems offers a free payment processing plan if you receive less than $12,000 monthly. This plan charges a flat $25 service fee regardless of the amount of money you receive.
In addition to offering in-store online payment solutions, Orion Payment Systems has a section of its website dedicated to advertising its virtual terminal as well as payment gateway. For these services, the organization has a processing network with eprocessing network as well as Sage Payment Solutions.
However, no cost for either of those tasks is performed. eProcessing Network, on the other hand, charges a $0.05 per activity gateway charge and a monthly cost of up to $10 monthly that might apply to merchants who use Orion Payment Systems as their payment gateway.
The company’s typical contract, however, does not confirm this. These e-commerce services generally have extra rates and fees, such as gateways fees, tech support service charges, batch fees, and processing and transaction rates.
Orion Payment Systems Review Based on Advertising and Sales
Based on its website, Orion Payment Systems largely markets its products via a network of freelance sales agents. Because these salespeople have less training and supervision, the usage of individual agents is frequently associated with higher complaint rates in the business.
On the other hand, Orion Payment Systems appears to be an outlier, as we have identified no merchant complaints mentioning fraud or confidentiality agreements by the company’s sales team.
Given the limited number of complaints and the assumption that the business does not use deceptive rate quotations on its site, we will give it an “A” rating throughout this section for the moment being. If you feel that concealed costs have been introduced to the Orion Payment Systems agreement, we propose that you seek a third-party account audit to remove hidden charges.
How to Apply for an Orion Account
First, you must fill out the application form on the Orion Payment Systems website. You’ll need to provide your name, address, social security number, and some other basic information. Once you have applied, a representative from Orion Payment Systems will review it and get back to you within a few days.
You’ll need to set up a new bank account to process payments if approved. You can do this online or over the phone. You can then transfer the money you’ve received on a given day to that account.
Conclusion
Overall, Orion Payment Systems is a great payment processing company. It offers low fees and a wide range of payment options. The downside is that it offers no cash advances, no E-commerce functionality, and no payment tracking. If these things don’t bother you, then it’s definitely worth applying for an Orion payment processing account.
