VeriPayment Credit Card Processing is a specialized provider of strong payment solutions designed to meet the requirements of high-risk businesses. VeriPayment is recognized for its wide range of services that help merchants effectively manage transactions through different platforms such as point-of-sale systems, mobile payments, and e-commerce gateways.
VeriPayment places emphasis on providing secure and dependable payment processing choices. The company’s services are especially advantageous for high-risk businesses, offering them the essential infrastructure to smoothly process transactions. VeriPayment’s POS systems are created to be easy for users and seamlessly blend with current business practices, guaranteeing minimal interruption and optimal productivity.
Mobile payment solutions offered by VeriPayment allow businesses to accept payments on the go, enhancing flexibility and convenience. For online transactions, their e-commerce gateways ensure secure and fast processing, vital for maintaining customer trust and satisfaction.
Furthermore, VeriPayment provides offshore merchant accounts, catering to businesses that operate internationally. This characteristic is especially beneficial for businesses seeking to broaden their market coverage while upholding secure and efficient payment processing abilities.
Services and Features
VeriPayment Credit Card Processing provides a wide variety of services aimed at making payment transactions smooth and secure for businesses, especially those in high-risk industries. These services are customized to improve operational efficiency and customer satisfaction using advanced technology and strong features.
Point-of-Sale (POS) Systems
VeriPayment’s POS systems are designed with user-friendliness and efficiency in mind. These systems offer features such as real-time transaction tracking, inventory management, and detailed sales reporting. These capabilities enable businesses to manage their transactions more effectively, reducing errors and improving overall customer satisfaction. Additionally, VeriPayment’s POS systems integrate smoothly with various business operations, including accounting and CRM software, ensuring a cohesive and streamlined workflow.
Mobile Payment Solutions
VeriPayment’s mobile payment solutions provide flexibility and convenience for businesses that need to accept payments on the go. This is particularly beneficial for businesses operating in multiple locations or those providing services at customer sites, such as food trucks, trade shows, and service providers. The mobile payment solutions are compatible with a wide range of devices and platforms, including iOS and Android, allowing businesses to implement these solutions easily without the need for additional hardware investments.
E-Commerce Capabilities
VeriPayment offers secure online transaction processing to support businesses with an online presence. Their e-commerce solutions are designed to handle high transaction volumes efficiently, ensuring smooth operations for online businesses. These solutions integrate with popular e-commerce platforms like Shopify, WooCommerce, and Magento, allowing businesses to manage their online stores more effectively with streamlined payment processing and enhanced security features.
Offshore Merchant Accounts
For businesses operating internationally, VeriPayment provides offshore merchant accounts, which offer significant benefits such as smoother cross-border transactions and simplified currency conversion. These accounts are especially beneficial for sectors such as e-commerce, tourism, and global commerce, where handling various currencies and adhering to international financial laws is crucial. Offshore accounts help businesses in growing their worldwide presence by ensuring safe and effective payment processing services.
In summary, VeriPayment Credit Card Processing offers a robust suite of services, including advanced POS systems, flexible mobile payments, secure e-commerce solutions, and beneficial offshore merchant accounts. These features collectively ensure that businesses can handle their payment processing needs efficiently, enhancing both operational efficiency and customer satisfaction.
Pricing and Fees
VeriPayment Credit Card Processing provides a thorough pricing layout that caters to the individual requirements of high-risk businesses. It is essential for businesses to comprehend these fees in order to evaluate the total expense of using VeriPayment’s services.
Transaction Rates
VeriPayment’s transaction rates start at 4.95% plus $0.65 per transaction. Depending on the merchant’s volume and risk profile, these rates can rise as high as 9.25% plus $0.85 per transaction. Compared to industry standards, which typically range from 1.5% to 3.5% for standard-risk businesses, VeriPayment’s rates are significantly higher. This premium reflects the additional risk management and security measures required for high-risk transactions. The higher rates are justified by the specialized services and increased risk management that VeriPayment offers to its clients.
Monthly Fees
VeriPayment also imposes a $40 monthly maintenance charge, along with transaction fees. This charge includes the expenses for account management, customer support, and additional administrative services. When assessing the total cost of utilizing VeriPayment’s services, companies need to take into account this ongoing expense.
Setup Fees
VeriPayment imposes an initial setup fee of $299. This one-time cost covers the onboarding process, including account setup, integration of payment systems, and any necessary training for business staff. The setup fee is considered typical for high-risk processors, but some businesses may view it as an extra initial expense.
Chargeback Fees
Chargeback fees are a significant consideration for businesses using VeriPayment. The company charges $45 per chargeback incident.This fee exceeds the average industry costs, usually falling between $20 and $30. Due to the high-risk nature of certain businesses, chargebacks are frequent, leading to a higher fee that compensates for the extra resources needed to handle these conflicts.
Rolling Reserve
VeriPayment employs a rolling reserve policy, typically holding 10% of a merchant’s processed funds for a set period. This reserve serves as a security measure to cover potential chargebacks and fraud. While this can impact cash flow, it provides a safeguard for both the processor and the business, ensuring that funds are available to cover unexpected losses. Businesses should account for this reserve when planning their finances, as it can temporarily reduce available working capital.
To sum up, VeriPayment has pricing and fees designed for high-risk businesses, with increased transaction rates and different fees that account for the extra risk management and services offered. Businesses need to assess these expenses compared to the advantages of specialized high-risk processing to decide if VeriPayment is suitable for their requirements.
Customer Support
VeriPayment Credit Card Processing offers customer support primarily through email and Skype, reflecting a digital-focused approach to service. While these channels provide a direct line for assistance, some users have reported challenges with response times and availability. Email support allows for detailed inquiries, but the lack of immediate responses can be a drawback for urgent issues. Similarly, Skype support offers real-time interaction, but its effectiveness is limited by the availability of support agents.
User Feedback
Common complaints among users include slow response times and difficulties in resolving issues related to fund-holds and account closures. Some customers have expressed frustration with the limited support options, indicating a need for a more robust and responsive support system. These issues highlight areas for improvement, particularly in expanding support channels and enhancing the efficiency of customer service.
Contact Information
To reach VeriPayment’s support and sales teams, customers can use the provided email addresses and Skype contacts. For customer support, inquiries can be directed to the support email, while sales inquiries can be addressed to the sales team’s email. Making sure contact information is easy to find can reduce user difficulties and enhance satisfaction with VeriPayment’s services.
User Experience and Feedback
VeriPayment Credit Card Processing has received mixed reviews regarding user experience and feedback. The interface is generally considered user-friendly, making it easy for both businesses and customers to navigate and complete transactions. The design and functionality of VeriPayment’s systems ensure that transactions are processed quickly and efficiently, which is a significant advantage for businesses seeking seamless operations.
Integration Capabilities
VeriPayment’s integration capabilities are robust, allowing compatibility with various systems and software, including accounting tools and customer relationship management (CRM) platforms. This ensures that businesses can integrate their payment processing seamlessly into their existing workflows, reducing the need for manual data entry and minimizing errors.
Security Measures
VeriPayment prioritizes security, implementing advanced measures for fraud prevention and data protection. The company utilizes various security measures to keep transaction data safe and prevent fraudulent activities. This involves using encryption technologies and conducting routine security audits to confirm adherence to industry regulations.
Fund-Hold and Account Closures
One of the significant issues faced by users involves fund-holds and account closures. Some users have reported sudden account closures and prolonged holds on their funds, which can severely impact cash flow. These issues are often linked to the company’s stringent fraud prevention policies. While these measures are intended to protect against fraud, they can sometimes lead to inconvenience for legitimate businesses. VeriPayment’s handling of these issues has been a point of contention, with some users finding the resolution process slow and challenging.
Contract Terms
VeriPayment Credit Card Processing contracts come with specific terms that businesses should carefully review to avoid any unexpected costs. Understanding these terms is essential for making an informed decision.
Agreement Length
VeriPayment typically offers contracts with a standard duration, often ranging from one to three years. These contracts usually include automatic renewal clauses, meaning they will renew for additional terms unless the merchant provides notice of cancellation within a specified period before the end of the term.
Early Termination Fees
One of the critical aspects to consider is the early termination fee. If a business decides to terminate the contract before the end of the agreed term, they may incur significant costs. These fees can vary but are typically a few hundred dollars. It is crucial for businesses to review the contract details to understand the specific conditions and costs associated with early termination.
PCI Compliance Fees
VeriPayment requires merchants to maintain PCI compliance, which involves adhering to security standards set by the Payment Card Industry. The associated costs for PCI compliance can include a monthly fee or an annual fee, which covers the cost of maintaining compliance and conducting necessary security assessments. Non-compliance can result in additional penalties, making it essential for businesses to stay compliant.
Other Hidden Fees
In addition to the standard fees, VeriPayment’s contracts may include other hidden fees. These can encompass fees for account maintenance, statement fees, and various service charges that are not always clearly disclosed upfront. Businesses should carefully review all contract details to identify any additional charges that might apply and factor these into their overall cost assessment.
In summary, while VeriPayment offers comprehensive credit card processing services, their contract terms, including agreement length, early termination fees, PCI compliance fees, and other hidden charges, require careful consideration to ensure they align with the business’s financial expectations and operational needs.
Comparisons with Competitors
VeriPayment Credit Card Processing positions itself as a specialized service for high-risk businesses, but how does it compare with both standard-risk and other high-risk processors?
Competitor Analysis
Comparison with Standard-Risk Processors: When compared to standard-risk processors like Square and PayPal, VeriPayment’s transaction rates and fees are notably higher. Standard-risk processors typically offer transaction rates ranging from 1.5% to 3.5%, whereas VeriPayment starts at 4.95% plus $0.65 per transaction, which can go as high as 9.25% plus $0.85. Additionally, Square and PayPal are known for their user-friendly interfaces, straightforward pricing, and robust customer support, making them preferable for businesses with lower risk profiles.
Comparison with Other High-Risk Processors: In the realm of high-risk processors, VeriPayment’s fees are competitive but still on the higher end. Competitors such as PaymentCloud and Durango Merchant Services also cater to high-risk businesses and offer similar services. However, the specific rates and fees can vary widely based on the business type and risk assessment. VeriPayment stands out for its comprehensive service offerings but may fall short in terms of customer support compared to some high-risk processors that provide more dedicated support channels.
Pricing Comparison
VeriPayment’s fee structure includes higher transaction rates, a monthly maintenance fee of $40, a $299 setup fee, and a $45 chargeback fee. These fees are generally higher than those offered by standard-risk processors but are comparable to other high-risk processors that justify the costs with enhanced security and risk management features.
Service Comparison
In terms of services, VeriPayment offers robust POS systems, mobile payment solutions, secure e-commerce capabilities, and offshore merchant accounts. These services are tailored to meet the needs of high-risk businesses, providing comprehensive solutions for managing transactions. Standard-risk processors like Square and PayPal also offer a wide range of services but are typically less equipped to handle the complexities associated with high-risk transactions.
In summary, while VeriPayment’s pricing is higher compared to standard-risk processors, it offers specialized services and support designed for high-risk businesses. When compared to other high-risk processors, VeriPayment provides a competitive suite of services, though improvements in customer support could enhance its overall offering.
Pros and Cons
VeriPayment Credit Card Processing provides various specialized services specifically tailored for high-risk businesses, positioning itself as a top player in this particular market. Nevertheless, potential users should take into account certain trade-offs that come with these services.
PROS
- Specialized Services for High-Risk Businesses: VeriPayment excels in providing payment processing solutions tailored specifically for high-risk industries. This includes sectors like adult entertainment, travel, and online gambling, where traditional processors often refuse service.
- Comprehensive POS and E-Commerce Solutions: VeriPayment provides strong point-of-sale (POS) systems and secure e-commerce features. These solutions enable businesses to effectively handle transactions in both physical and online settings, thus improving operational efficiency as a whole.
- Availability of Offshore Accounts: For businesses operating internationally, VeriPayment provides offshore merchant accounts. These accounts facilitate smoother cross-border transactions and currency conversions, which are critical for global business operations.
CONS
- Higher Fees and Transaction Costs: VeriPayment’s services come with higher transaction rates and fees compared to standard-risk processors. Starting rates at 4.95% plus $0.65 per transaction are significantly above the industry average, making it more costly for businesses.
- Limited Customer Support Options: VeriPayment’s main customer support channels are email and Skype. Having limited access can result in delays in responding and problems in resolving pressing issues, a major disadvantage for numerous users.
- Issues with Fund-Holds and Account Closures: Some users have reported problems with sudden account closures and prolonged fund-holds. These issues are often related to VeriPayment’s stringent fraud prevention measures, but they can severely impact a business’s cash flow and operational stability.
In conclusion, while VeriPayment offers specialized and comprehensive services for high-risk businesses, the higher costs, limited customer support, and potential issues with fund-holds and account closures are significant considerations that potential users should weigh carefully.
Conclusion
VeriPayment Credit Card Processing offers tailored services suitable for high-risk industries, including advanced POS systems and offshore accounts, but at a higher cost and minimal customer assistance. Lower-cost options may be more appropriate for businesses classified as standard-risk. Businesses should consider both the advantages and disadvantages before deciding on VeriPayment.
