Digital payments have become increasingly popular, and Simpay has emerged as one of the merchant service providers with various services. Considering the demands of different industries, Simpay has tried to simplify payment processing for merchants. But, the company is not free from problems, and merchants have reported having difficulties using the services offered by Simpay.
In this Simpay Credit Card Processing review, we’ll have a bird eye view of different services and examine what merchants are concerned about and how they can avoid potential problems.
Simpay Credit Card Processing Review- Benefits Being Offered
The following services come under the umbrella of Simpay Credit Card Processing.
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Financial Management
For merchants considering Simpay, payment processing is the primary feature they should consider. However, Simpay’s payment processing could be better. Merchants have reported that it can take excessively long for payments to process, making it difficult to manage cash flow and pay bills timely.
Additionally, slow processing times of payments have made the situation worse. The main concern is the decrease in sales due to the unavailability of customer support while processing payments.
Point of Sale(POS) & Mobile Payment Systems
Accepting payments and performing transactions have been made easier by these services. However, one major downside to Simpay’s POS systems is its confusing pricing structure. Moreover, there have been related to the slow response network of the system that is usually prone to clashes. Additionally, some customers have needed help attempting to pay with this system.
Deposits and Withdrawals (Payroll Services)
Handling deposits and withdrawals for employees has been made easier by these services. But, as per reviews received by the merchants, the service has yet to meet their expectations due to the difficulty they face in setting up and managing this system. Thus, merchants may find themselves spending extra time on payroll management tasks. Moreover, delays in payout have also caused dissatisfaction among merchants towards Simpay.
Rates
Merchants have often complained about the high rates and fees associated with Simpay Credit Card Processing. It might be troublesome for those merchants who are looking for budget-friendly options. While the company is known for its industry-leading rates and fees, merchants should know the tiered pricing structure. Here is a rundown of the fees associated with this merchant service provider:
Processing Rates
With the standard processing rate, merchants may have to pay an additional 1.00%-4.99% on top of each transaction. This rate might be calculated based on the card type, whether a credit or debit card. For merchants processing high volumes of transactions, these fees can add up quickly.
High Cancellation Penalty
When reviewed, another issue that merchants face when using Simpay Credit Card Processing is the high cancellation penalty. It charges a $250 fee for early termination of their services. Hence, it is important to understand the early termination policy before signing up with Simpay.
Monthly and Annual Charges
Merchants have negatively reviewed the company for its monthly and annual charges. For example, the minimum monthly fee is $35, which can be quite costly for businesses with low transaction volumes. In addition, an annual charge may also be required depending on the merchant’s sales volume. It could further make it a less budget-friendly merchant service provider.
Lawsuits and Fines
Regarding merchant complaints and issues, one thing sets Simpay Credit Card Processing apart from the competition—they have never been fined or faced a lawsuit. However, this doesn’t make the merchants trust the organization blindly.
Most complaints have been found about t customer service and company fees. These issues may seem trivial to have risen to the level of legal action. But it can be a hurdle for businesses to achieve their desired goals. Therefore, they should be noticed, and merchants are suggested to remain vigilant.
Grievances
Following complaints by the merchants have resulted in negative reviews for the company.
Hidden Fees
Hidden charges can create an imbalance in the financial statements of the merchants. These may come as an unpleasant surprise, causing them to pay more than they had initially expected. When merchants know the fees they may be charged, this can help them manage their budget and plan for their businesses. On the contrary, when additional charges are found later, it may result in negative company reviews.
Deceptive Tactics of Independent Sales Agents
Another issue that Simpay merchants must contend with is the deceptive tactics of independent sales agents. While some agents may be reputable, others attempt to mislead merchants into signing up for services they don’t need or can’t use. It can cause frustration among merchants when customers are misled by costly fees and contracts that offer little value to the merchant.
Therefore, merchants must research any sales agents they are considering working with and ensure that all services are appropriate for their business needs.
Undisclosed Contract Terms
When merchants are in a hurry, they might overlook the terms mentioned in the contract. But with Simpay, the scenario is different. Unfortunately, merchants who use Simpay may run into issues with undisclosed contract terms.
With the complexity of some contracts, it is easy for terms to be overlooked or misinterpreted. It can lead to unexpected fees and long-term commitments that the merchant must know when signing. To protect their businesses from any unexpected loss, merchants should fully understand all terms before signing up.
Unreachable Customer Support
Merchants often give ad reviews about customer support that needs to be faster to respond or unreachable. When merchants need assistance regarding their account or the services offered by Simpay Credit Card Processing, they may need help accessing help on time.
With sub-standard customer support, merchants need help completing small tasks like card activation or account setup. When crucial functions to the business remain pending, they might not help to maximize gains for 00merchants in the long run.
Poor Telemarketing
Although Simpay is a one-stop shop for credit card processing, some merchants have expressed concern with the telemarketing process. Prospective clients may encounter pushy sales reps who pressure them into signing contracts not in their best interest. These tactics can frustrate the customers, and they might start looking for other competitors in the industry.
Furthermore, telemarketers may only sometimes provide accurate information about services or fees, which can lead to confusion. To avoid this problem, merchants should inquire with Simpay directly regarding their services and fees before signing up for any credit card processing plans.
Technical Errors
Online payments are often replete with technical glitches. These act as a source of anxiety for merchants as they may lead to a loss of sales and delays in processing transactions. Mostly the problem arises from compatibility issues. It can either be with certain payment gateways or because of server errors. Merchants may also experience software outages due to hardware or third-party applications. Hence, a payment processor should evaluate the reviews of the technical support.
Below Standard Security Measures
Merchants worry that their funds and data may be vulnerable to attack; the company’s website acknowledges this possibility and recommends additional measures – such as multi-factor authentication – to mitigate risk.
Inventory Management
Another area that Simpay Credit Card Processing merchants may need is better inventory management. Businesses cannot thrive with long wait times for customers regarding delivery or refunds. Poor inventory management also increases the risk of fraud and financial loss for the merchant. Hence, merchants are suggested to select a service that offers efficient inventory management tools. It will help their business runs smoothly and efficiently.
Problematic Sales Tracking
For merchants who use Simpay, sales tracking can be problematic and unreliable. It is especially concerning for businesses that rely on accurate records to track orders and measure their success.
Without the ability to accurately track sales, merchants cannot accurately determine which products or services yield the most profits or how they should adapt their business model accordingly.
Troublesome Payroll Service
Merchants have lodged complaints while using the payroll services Simpay offers. It can be an issue for businesses that need to pay their employees quickly. The ineffective mechanism of this service could lead to payment delays, incorrect disbursement amounts, or costly mistakes due to inaccurate data entry. Hence, merchants must select a credit card processor with robust payroll services that can be relied upon.
Final Verdict
Simpay Credit Card Processing has many potential pitfalls that merchants should know before signing up. With thorough research of monthly and annual charges, merchants can save themselves from financial loss.
Moreover, asking the company to mention the contract terms before signing up will reduce the chances of getting into trouble. Furthermore, with the growing needs of businesses, merchants are suggested to look for processors who offer reliable customer service and technical support.
This Simpay Credit Card Processing review gives an overall view of the company. It suggests that merchants must carefully examine all the factors. From customer service to fees, considering all possibilities will help merchants make an informed decision.
