If you are a merchant looking for a well-known company that offers e-commerce credit card processing then PayLeap is the right option. Here is a complete PayLeap review for you that can help you decide.
What is PayLeap?
PayLeap originally started as Affinity Payments in 2008 in Warsaw, Indiana is a merchant account provider, registered ISO of Wells Fargo Bank, and a business subsidiary of First Data. In 2012, PayLeap was acquired by Acculynk, which First Data bought in 2017. Here is a complete PayLeap review that is based on authentic facts and information available in the public domain.
Even though the company is renowned for e-commerce credit card processing and providing quality virtual terminals, it also provides physical POS systems and traditional credit card terminals to its merchants. Compatible with most credit and debit card brands, the provider offers its services to small and medium-sized businesses and mainly caters to internet-based companies. With PayLeap, consumers can process their PIN debit payments online.
The provider offers services in the health and beauty, thrift stores, online sellers, retail, SAAS, gas stations, convenience stores, food and beverage, hunting equipment, electronics, contractors, and moving company industries. PayLeap accepts all major debit and credit cards, including Visa, MasterCard, Discover, and American Express. The PayLeap review below will go through all the products and services offered by the MSP.
PayLeap Review Based on Features and Services
The company provides B2B services and offers payment processing to online, retail, and small enterprises. It aims to make payment solutions simpler and stress-free for merchants. It also extends services to software developers, hardware manufacturers, and network providers that run between the process of payments made by the customers and accepted by the merchants.
Virtual Terminals
PayLeap aims to convert traditional leased terminals to virtual ones. Merchants can accept payments on their phones, laptop, and tablets with an internet connection. It saves consumers money as they no longer need to lease or purchase expensive physical terminals. The company’s payment gateway can also be integrated with the merchant’s existing POS system.
These terminals allow consumers to accept e-checks, ACH, and card payments while keeping the data secure. Users can make keyed-in or in-person transactions using a MegTek USB card reader. Businesses can keep track of their phone orders and make quick entries. PayLeap also allows customized payment methods.
Internet PIN Debit
PIN debit is the most preferred form of electronic payment. PayLeap is the only service provider allowing consumers to pay on their devices by accessing a PIN pad on the screen using only their PIN and debit card. Its processing rates are lower and eradicate chargebacks.
E-Commerce and LeapLock
The company provides e-commerce solutions compatible with all payment kinds for online payments. With PayLeap LeapLock, merchants can add payment options and shopping carts on their websites using API or SDK. LeapLock pages are automatically synched to appear on a tablet, phone, or computer.
Merchants can also make their website payment-enabled by posting a link on the PayLeap hosted page. If you are a merchant looking for ways to process e-commerce payments, all you need is a PayLeap merchant account, and you are good to go.
Other Features
In our review of PayLeap we found more interesting features offered by the company.
There are various value-added services provided by PayLeap that include:
- Gift and loyalty cards create a better relationship between merchants and their customers, attracting more customers, and promoting the business. These loyalty programs can be availed anywhere, and customers are kept updated with discounts and promotions.
- Regular clients can keep track of their recurring payments that are kept secure with the company’s recurring billing feature.
- PayLeap growth enhancing tools help merchants increase their revenue and improve marketing strategies, giving an extra boost to their payment processing.
- Data security vault and other security features like PCI compliance keep transactions safe and keep data secured and encrypted.
- EBT (Electronic Benefits Transfer) acceptance allows customers to pay using electronic benefits at authorized retail stores. It provides relief with food stamps, medical payments, or cash assistance.
- Dunning management in case there is a payment failure. The company notifies the consumer and recovers the payment.
- Contingency billing and receipt printing.
PayLeap Review Based on Contract Terms and Conditions
The company binds its merchants to a month-to-month contract with an interchange-plus pricing rate. There is no setup or early cancellation fee. However, there is minimal information on the website about its contract terms.
PayLeap Pricing Rate
The company provides basic information about its pricing plan on the website, and the rates can vary depending on the business type and size. Here is a PayLeap review of the fees charged by the provider.
- 39% plus $0.29 per debit transaction and 2.89% plus $0.29 per credit transaction on all swiped and keyed-in payment transactions
- 89% plus $0.29 for mobile payment and the same for virtual terminals
- $19.99 monthly service fee
- $10 monthly statement fee
- $14.99 per month ACH processing fee and the same for e-checks and gift cards.
Moreover, the company’s in-person pricing rates include 3.5% for card-not-present payments, 1.5% for debit, and 2.5% for credit card transactions. PayLeap has not disclosed any information on its website about whether or not it charges PCI compliance or minimum monthly fees. Merchants should ask their agents to explain all the necessary details of the provider’s fee and carefully read the terms and conditions before signing a contract.
PayLeap Customer Support
In our PayLeap review, we found that the company has given a toll-free phone number as a helpline. Merchants can also fill up a customer support form online and email their concerns to the provider. The live chat option allows users to connect with a customer service agent for quick assistance. Moreover, a recorded video initiates a demo to understand the company’s services. Users can look through an FAQ section on the website with answers to frequently asked questions, helping merchants develop solutions on the spot.
PayLeap Sales and Marketing
The company markets its services with the help of independent sales representatives, online advertisement campaigns, and thoughtful promotions and partnerships. Hiring independent resellers do not always go as planned, and various merchant service providers appear to be dealing with complaints in this area. However, PayLeap does not seem to have this problem.
In the review of PayLeap merchant services, we found that there are not any note-worthy complaints about the company’s sales agents. PayLeap’s sales representatives are transparent about its pricing and maintain the provider’s script for marketing.
Although the company does not use deceptive marketing tactics, it should be noted that it has not disclosed all the terms and pricing publicly.
Reviews and Complaints
PayLeap is a suitable option for small online businesses. It offers a reasonable range of features and services to its merchants, and its pricing is competitive with good merchant service providers. The company has maintained a low complaint rate on online review websites. Though, it cannot be distinguished whether the low complaint rate is because the company is too good or because merchants seldom voice their concerns online.
BBB Review
PayLeap has an A+ rating on its BBB profile, and there are 0 complaints about the provider on this platform. But it should be kept in mind that Better Business Bureau does not accredit the company. Moreover, it is widely understood that merchants cannot blindly trust BBB and cannot rely solely on its ratings. It is better to seek more information and reviews before signing a contract with the provider.
PayLeap Drawbacks
Even though the company has a low complaint rate and merchants seem to be satisfied with its services, the small number of complaints posted against the company has a pretty serious tone and is enough to make one think twice before choosing the company as their service provider. Below is a review of the drawbacks of having PayLeap as your payment processor.
Only Suitable for Online Businesses
PayLeap does not offer physical terminals and does not provide equipment beyond a USB card reader to its merchants. It is only suitable for small internet-based companies looking for online processing. Businesses that require a proper POS system are advised to look for a better option.
Un-verified Claims
PayLeap claims to provide an easy-to-use, quick-to-setup system with affordable pricing to its merchants with a wide range of services. There are video testimonials on the website resonating with this claim, but there are no actual reviews from merchants verifying these claims. It shows that PayLeap does not offer anything beyond ordinary for consumers to take their time to post a review in its favor.
Contract Cancellation Issues
Contract cancellation should go smoothly for a merchant regardless of the terms and conditions. Merchants have shown concern about the company’s contract cancellation policies. Complaints have indicated that PayLeap’s cancellation terms are confusing and misleading. The provider tried to justify it by claiming they were not notified on time.
Requiring Unnecessary Information
Another problem is the company demanding IT and security information from the merchants in the name of PCI compliance which sounds unnecessary. The provider has stated that it is partnered with TrustWave (a cybersecurity service provider), which requires this information for PCI compliance.
Final Verdict
PayLeap is a reasonable service provider with a low complaint rate and has adequate services to offer its merchants. However, it is only suitable for specific business types and mainly caters well to small online businesses. It does not provide any equipment and has limited resources. It is only compatible with one USB card reader for in-person swiped card transactions and does not put much on the table. Before signing the contract with PayLeap, it would be better to compare the available options to choose a more suited service provider. Nevertheless, considering all the critical factors, businesses that require more than just PIN debit solutions are advised to look elsewhere.
