VeriPayment, a prominent player in the online credit card processing industry, is headquartered at 14 Crooms Hill, Greenwich, London SE10 8ER, United Kingdom. While the company does not publicly disclose information about its executive leadership on its website, there have been merchant complaints suggesting that Derbala High is the owner of VeriPayment.
Despite the lack of transparency regarding ownership, VeriPayment has built a solid reputation through its commitment to delivering secure and efficient payment solutions. With a focus on customer satisfaction and cutting-edge technology, VeriPayment has successfully positioned itself as a trusted partner for businesses seeking reliable credit and debit card services.
Operating since 2002, VeriPayment has garnered a strong presence in the industry, serving a wide range of industries and catering to global clients. With its headquarters in London and strategic bank relationships in Europe and South America, VeriPayment is well-positioned to support businesses in expanding their operations while providing cost-effective solutions and comprehensive support.
By leveraging their expertise in fraud detection, identity verification, and payment processing, VeriPayment enables web merchants to accept real-time payments securely. Additionally, VeriPayment offers a range of services such as a powerful back-office management system, advanced fraud screening, and personalized customer support.
In summary, VeriPayment’s location in London and its dedication to offering reliable online payment processing services contribute to its strong reputation in the industry. With a focus on innovation and customer satisfaction, VeriPayment continues to empower businesses and facilitate secure transactions in the ever-growing world of online credit card processing. This article delves into VeriPayment’s complaint history, legal cases, pricing structure, and rate details, providing an in-depth exploration of these aspects.
Overview of VeriPayment’s services:
VeriPayment provides a range of payment processing solutions to facilitate secure and efficient transactions for businesses. Here are some key features and services offered by VeriPayment:
- Online Payment Gateway: VeriPayment presents an advanced online payment gateway solution that seamlessly merges with diverse e-commerce platforms, empowering businesses to effortlessly receive and manage payments made via their websites.
- Mobile Payment Processing: VeriPayment stands out in the domain of mobile payment processing, providing businesses with a seamless method to accept card payments through the use of mobile devices. This capability proves particularly valuable for businesses that operate beyond traditional brick-and-mortar establishments or engage in on-the-go transactions.
- Point of Sale (POS) Systems: VeriPayment goes beyond online and mobile processing by offering comprehensive POS systems designed for in-person transactions. These systems encompass a combination of hardware and software components, delivering efficient transaction management solutions for businesses operating in physical locations.
- Multiple Currency Support: VeriPayment’s services include processing payments in multiple currencies, and accommodating the needs of international merchants and their diverse customer base.
- Fraud Prevention: VeriPayment integrates advanced fraud prevention measures to reduce chargebacks and protect against identity theft. Their systems help detect and prevent fraudulent transactions, safeguarding both businesses and customers.
- Real-time Reporting: VeriPayment offers real-time reporting capabilities, providing businesses with detailed insights and analytics about their transaction activities. This data helps merchants make informed decisions and optimize their payment processing operations.
- SSL Encryption: VeriPayment ensures the security of transactions by implementing SSL encryption, safeguarding sensitive customer data during online payment processing.
The credit card processing industry plays a crucial role in facilitating electronic payments between businesses and customers. When a customer makes a purchase using a credit card, the transaction undergoes a series of steps to complete the payment process.
First, the customer provides their credit card information, including the card number, expiration date, and security code. This information is securely transmitted to the payment processor, such as VeriPayment, for verification and authorization.
The payment processor communicates with the credit card network, such as Visa or Mastercard, to validate the card details and ensure the availability of funds. Once the transaction is authorized, the payment processor transfers the funds from the customer’s credit card account to the merchant’s account.
Credit card processing involves various parties, including the merchant, the customer, the payment processor, the acquiring bank, and the credit card network. Each entity has specific roles and responsibilities to ensure the smooth and secure processing of credit card transactions.
In the case of VeriPayment, they act as a payment service provider, handling the entire payment processing cycle for internet merchants. They manage banking relationships, risk management, affiliate management, and customer service on behalf of businesses selling products and services online.
VeriPayment’s credit card processing services offer businesses a reliable and efficient solution to accept credit card payments, mitigate fraud risks, and provide a seamless payment experience to their customers.
- Account cancellation and funds held in reserve: Certain merchants have expressed dissatisfaction with VeriPayment due to the unexpected termination of their accounts and the withholding of substantial funds in reserve for extended periods, typically spanning 180 days. This issue commonly arises when merchants experience a significant number of chargebacks, leading to concerns regarding account cancellations and fund holds.
- Difficulty reaching customer service: Several merchants have reported difficulties in contacting VeriPayment’s customer service representatives to discuss account-related issues or to address concerns about funds held in reserve.
- Limited information on contract terms: There have been complaints about a lack of transparency regarding VeriPayment’s contract terms and merchant agreements. Merchants have expressed a desire for clearer and more detailed information about the terms and conditions of their partnership with VeriPayment.
The complaints regarding VeriPayment primarily revolve around account cancellations, funds held in reserve, and challenges in reaching customer service. In the payment processing industry, it is customary to hold funds following account cancellations resulting from high chargeback ratios. Feedback received from merchants emphasizes the potential for VeriPayment to improve its communication and responsiveness in addressing the concerns of both frustrated and perplexed merchants. The limited information available on contract terms also adds to the frustrations expressed by some merchants.
VeriPayment’s reputation has been somewhat affected by these complaints. While the total number of online complaints is relatively low, they still exist and highlight certain issues that merchants have faced. Negative reviews and complaints, even if they are from earlier years, can create an impression of dissatisfaction among potential clients. The lack of a Better Business Bureau (BBB) profile for VeriPayment may also contribute to uncertainty and questions about the company’s credibility.
Overall, it is important for VeriPayment to address the common complaints raised by merchants and customers to improve their reputation and instill confidence in their services. Clear communication, responsive customer support, and greater transparency in contract terms could help alleviate some of the concerns expressed by merchants and foster a more positive perception of VeriPayment in the industry.
As of the available information, there have been no outstanding class-action lawsuits or FTC complaints filed against VeriPayment. This indicates that there are no major legal disputes or regulatory actions involving the company at this time.
VeriPayment implements a comprehensive fee structure encompassing multiple components. As per the available information, they levy a per-transaction rate commencing at 4.95%, accompanied by an additional $0.65 charge. A monthly maintenance fee of $40 is also applicable, along with a rolling reserve of 10%. Moreover, a chargeback fee of $45 per incident is imposed. Notably, the company’s website references a setup fee of $299.
Compared to industry standards for standard business types, VeriPayment’s rates and fees are generally higher. It is important to acknowledge that these rates align more closely with the industry norms for high-risk business categories. For high-risk businesses, it is advisable to consider alternative options to potentially secure more competitive rates tailored to their processing history and duration of operation.
VeriPayment’s fund-hold policy has sparked concerns among some clients, who have expressed grievances over unexpected account closures and substantial fund holds. Clients have reported difficulties in reaching VeriPayment’s customer service representatives to address these issues, and some have suggested that the company’s international location makes it more challenging to recover withheld funds.
VeriPayment offers customer support through email channels. Users can reach out to the support team at [email protected] for assistance with any issues or inquiries. Similarly, for sales-related questions, the email address [email protected] can be used.
When it comes to setting up VeriPayment’s payment processing services, the website mentions that the process is quick and can be completed within a few minutes. Approval of merchant accounts typically takes around 72 hours, allowing businesses to start processing payments for their customers within a week.
While the website does not specify a dedicated phone support number, there are email support options available. However, it’s important to note that relying solely on email communication may result in potentially slower response times, especially for urgent matters requiring immediate assistance.
VeriPayment is a payment processing service specializing in international and high-risk merchants. It offers quick setup times and supports online transactions through virtual gateways. However, the fee structure, including per-transaction rates, monthly maintenance fees, rolling reserves, and chargeback fees, tends to be higher than industry averages for standard businesses. Fund-hold policies have been a concern for some users, with abrupt account shutdowns and large fund holds. Customer support primarily relies on email communication, though the absence of a dedicated phone support number may impact response times.
Prospective clients should conduct thorough research and evaluate VeriPayment’s offerings based on their specific needs. Staying informed and seeking direct communication with VeriPayment will help make an informed decision regarding payment processing requirements.
Disclaimer: The information provided is for general purposes only. We do not guarantee its accuracy or completeness. Use the information at your own risk. We are not liable for any loss or damage resulting from reliance on the information.