verotel reviews 2022

Verotel Review 2022: Fees, Comparisons, Complaints & Lawsuits

Verotel Overview:

Verotel is a merchant account provider company that was founded in 1998. They have been in the industry for almost 23 years, most of the services revolve around high-risk e-commerce transactions. Clients prefer them for high-risk transactions because of their emphasis on selling digital items.

Apart from that, the company also provides services as a business named GayCharge. Through GayCharge, merchants can easily use their credit cards without any risk of leaking their identity or any other personal information.

Issues Related to Fund Holds:

Compared to regular low-risk businesses, high-risk merchants face many hardships with transactions. Most of the merchants affiliated with Verotel have faced issues related to funding holds as Verotel froze their funds sometimes. If you are also a medium or high-risk merchant, you might face these issues.

Payment Processing of Verotel:

On their official website, Verotel advertises the processing of credit and debit cards for both standard or normal and high-risk businesses. They provide a multilingual customer support system to facilitate their clients from any background.

Not only this, but they also advertise Bitsafe payment tools, business IBANs, and the processing of multiple currencies. Most of the time, they focus on pairing accounts, payout reporting, and automated payments to facilitate their customers.

Location and Ownership of Verotel:

Currently, Joost Zuurbier is leading the company and promoting his duties as the company’s CEO. The company was previously based in San Francisco, but currently, it is located in Amsterdam. Its main headquarters are Danzigerkade 23D, 1013 AP, Amsterdam, Netherlands.

Verotel Fees, Contract Terms and Pricing:

Basic Plan Flat Rate:  15.5%

Basic Plan Annual Fee: €500

Premium Plan Flat Rate: 13%-14%

Premium Plan Annual Fee: €0

Premium Plan Processing Minimum: €100 Per Week

Premium Plan Monthly Minimum Fee: €25

Expensive Rates:

Verotel usually deals with high-risk e-commerce merchant accounts, so those who deal with such businesses need to invest in security and other equipment to handle these accounts. So we cannot expect that rates should be low as the standard merchant account providers.

There are two merchant account pricing plans Verotel offers its customers:

Basic Plan

The basic plan is available at an annual fee of €500 and per time transaction fee of 15.5% under subscription payment.

Premium Plan

While the premium plan upgrades the accounts to premium, these premium accounts enable the account holders to carry out recurring billing and unique transactions (via Verotel FlexPay).

How much does a premium account cost?

Verotel premium plan doesn’t deal in annual charging. It requires a monthly minimum of €1000 of the transaction, and a monthly fee of around €25 is applied. Not only this, but the premium plan also requires the customers to have a rolling reserve of 10%, but it depends explicitly on the merchant’s weekly transacted payment volume.

No Multiple-Year Contracts Required:

According to Verotel officials, there is no early termination fee or any PCI compliance fee included in the annual charges of any merchant account. It facilitates its customers by removing these charges and not bounding them to long-term contracts.

Reasonable Cost for High-Risk Merchant Accounts:

As mentioned earlier, Verotel charges a high amount from its customers. Their pricing is high compared to their competitors, providing the same services. Still, Verotel is one of the few companies that provide security in the case of adult content, the weapons industry, and nutraceuticals. But if we focus on the services and security, it provides its customers, we find the cost quite justified.

Their services are primarily in sensitive areas, so they hire professionals to handle these delicate tasks. To maintain its quality and exceptional services for its customers, Verotel enforces higher processing fees.

Besides that, Verotel applies a high chargeback ratio to protect the payments and establish cash reserves. Although many of their customers are against some of their policies, it is clear from their terms that Verotel doesn’t force anyone through any abusive manner to accept all the policies.

All the merchants are encouraged to read all the policies and contract terms in detail to understand the company policies before signing any contract fully.

Is Verotel Trustworthy?

Verotel Lawsuits and Complaints:

After checking the profile and official website of Verotel, we found no lawsuit or FTC against the company. However, merchants who are not satisfied with their policies and contract terms should consider reporting to the relevant supervisory organizations of the company to resolve their issues on time.

The Customer Support Service of Verotel:

Verotel claims to provide a fully functional customer support service available 24/7 for their customers. The company provides an official email address and a phone number to contact when needed or in case of mismanagement.

The primary phone numbers company provides are based in the US, Netherlands, and EU.

Low to Moderate Complaint Ratio:

Overall, the company profile on various public support pages and its official website shows a low to moderate complaint ratio. The website’s recent complaints are mostly related to poor customer service options, which is alarming for the company as it is responsible for its “B” rating overall.

Does BBB Accurately Ranks Verotel:

On the official website of BBB, there is no dedicated profile of Verotel. Previously, there was a profile, but now it has been dissolved due to its relocation to Amsterdam. So we can’t specifically say what rating BBB had allocated to Verotel.

Is Verotel a Good Choice For Your Business?

Verotel is an expensive yet appropriate merchant account service provider as it offers its services for high-risk e-commerce accounts. After complete research, we can conclude that Verotel is a decent offshore service provider in the industry with a high capacity for security checks.

Apart from that, the official website shows some complaints regarding their poor customer support service and many issues related to billing and transactions. That’s why before associating your business with Verotel, make sure you have read all the conditions and policies of the company and you have understood them to avoid any confusion in the future.