Preferred Payments helps businesses of all sizes conquer traditional payment issues and grow in the industry. They provide merchant accounts and can solve problems relating to credit card processing, POS transactions, gift card processing, loyalty programs, and many other things.
According to the official website, Preferred Payments comes with an ACH and eChecks, which allows the merchants to set up the customized dates and longevity of contracts, amounts of transactions, and other subscriptions and recurring bills.
Before rebranding, Preferred Payments was known as “Exclusive Payment Services.” Established in 2009, the company has over 10 years of experience in this industry.
By replacing sensitive data with encoded words or symbols, the P2P encryption platform provides complete security for users’ information. In addition, all customer information is saved in a digital vault with a security check.
Preferred Payments Services:
The solutions and services offered for merchants include PCI compliance, mobile payments, inventory management, fraud security, and eSignatures.
Besides that, Preferred Payments view and control the merchants’ data, account details, and transactions to notify the users of any issue on time.
Preferred Payments offers specific reporting and analytical tools that help businesses grow with the surety of month-end statements. Also included in the sign-up are QuickBooks, API, and shopping card integrations.
Location & Ownership of Preferred Payments:
Preferred Payments is a licensed ISO/MSP of Elavon, Wells Fargo Bank, Georgia. The main headquarter of the company is located at 5655 Lindero Canyon, Westlake Village, CA 91362. In addition, David Anderson is the head and current CEO of the company.
Preferred Payments Rates, Contract Terms, and Pricing:
Preferred Payments Rates:
Swiped Rate: Interchange-Plus
Keyed-in Rate: Interchange-Plus
Virtual Terminal Rate: Interchange-Plus
Payment Gateway Fee: Undisclosed
Early Termination Fee: None
PCI Compliance Fee: None
Equipment Lease Terms: None
Preferred Payments Contract Terms:
On their official website, Preferred Payments outlines information about contract pricing, terms, and longevity. Comparing their pricing with that of other merchant account providers will help you make an informed decision.
According to the pricing page, Preferred Payments offers:
- No PCI compliance fee
- No account set-up fee
- Minimum monthly charges are applied
- No early termination fee is applied
- Offers interchange-plus pricing, while the exact pricing or rates are not disclosed
Preferred Payments offers only interchange-plus pricing to the merchants. Consequently, they do not require them to adopt long-term contracts or purchase lease equipment through the company. It’s a rather advantageous policy for the business owners.
Interchange-plus pricing is much more competitive than the standard Elavon contract, which is $10 a month. We could gather this much information from our sources. But we encourage the merchants to look for the rates of other merchant account providers to make a better decision.
Payment Gateway Pricing and Virtual Terminal Services:
To assist account holders with transactions, Payment Gateway offers merchant account services as well as virtual terminal services and payment gateway services. Their pricing is not disclosed on its website, but it states that these services are also linked with interchange-plus pricing.
The company discloses all terms and pricing during account set-up, so the customers are aware of any additional fees associated with the extra services.
Should Merchants Trust Preferred Payments?
No Filed Complaints:
Preferred Payments was not the subject of any negative ratings, complaints, comments, or FTC complaints that we checked for. The lack of protests against Preferred Payments is evidence of its legitimacy. In addition, there are hardly any chances of scam since no complaints have been filed with the FTC regarding fraud or ripoff against the company.
Merchants can visit the main headquarters or office to solve any issue they may encounter, as all services and customer support are available in-house. The company thoroughly checks their clients’ data and helps them solve their issues as early and effectively as possible.
Instead of negative reviews from their customers, we have seen positive comments as, according to them, this is the best merchant account provider on the market.
Lawsuits Against Preferred Payments:
Not only negative reviews but there are also no registered complaints about FTC against them. Suppose the merchants feel insecure about their data and face the issue of overcharging or overpricing on the transaction. In that case, he can carry out a non-litigious action against Preferred Payments by filing a lawsuit in supervisory organizations.
Customer Support Services:
Preferred Payments also enables their clients to solve their queries or account-related issues within minutes, along with the complaint submission option. A customer service phone number is provided, and they listen and respond to their customers’ needs around the clock.
We rate Preferred Payments an A+ in the merchant accounts category based on our gathered data, minimum complaints, and good customer support. There is no reason we assign them an A or B rating as their clients always post or comment something good about the company, and we could not find any sensitive complaint regarding their services.
Does the BBB Provide Relevant Rating Regarding Preferred Payments?
No registered BBB Complaints:
During the last 36 months, there have been no BBB complaints registered against Preferred Payments. Preferred Payments has no negative reviews on Google, nor have its customers posted any negative comments. For this reason, the BBB has given it an A+ rating.
Deserves A+ Performance:
Preferred Payments has maintained a favorable and steady profile in the industry since 2013. The company’s policies and contract terms have been widely praised. The company offers its users a variety of discount packages from time-to-time.
Preferred Payments also earns an A+ rating from us, which is the same as the BBB’s rating. We highly recommend merchants consider these merchant account providers, but they should also review each comment and review individually to understand the company’s insights.
Is Preferred Payments a Good Option for Your Business?
We rate Preferred Payments as a reliable merchant account provider based on our research. Their policies and practices are not subject to any complaints. Customers appear to be pleased with their prices and contract terms.
Before signing up for any service, merchants should read the documentation carefully. Comparing their services and pricing with that of other companies and their policies will help you make the right choice.