AmeriBanc National Review
Dan Lewis founded AmeriBanc National in 2004, in Wheaton, IL. The company has around ten employees and is on the smaller end of credit card processing companies. The company mainly services smaller businesses, online stores, and mom and pop businesses.
|Early Termination Fee||Variable|
AmeriBanc National Overview
AmeriBanc National was a reasonably standard merchant account provider. Its pricing model isn’t available, and the company does not offer much information about many of its rates and fees. According to various sources, AmeriBanc National offers a month-to-month agreement that doesn’t have an early termination fee in terms of its contract. It has a noticeable amount of online complaints, so its reputation is on the mixed side.
AmeriBanc zeroes in on small businesses, online stores, mom and pop businesses, and similar kinds of companies as the primary clients that it services for an industry focus. AmeriBanc National has had a static website since November 2018, and the company has made no public statements about this. Merchants who already use this provider should consider switching their service as it may no longer service accounts soon.
AmeriBanc National Pros & Cons
AmeriBanc National Products & Services
Due to the lack of information from AmeriBanc combined with its defunct website, it is hard to list a full, feature-complete list of all of its services and products that are offered. Instead, this section will simply list some standard services and features that most merchant account providers–and probably AmeriBanc, at some point–provided.
Point 1: Credit/Debit Processing, Cash Advance
AmeriBanc National offered credit card and debit processing, and presumably cash advances as well. This would let merchants take debit and credit cards, which in modern times are the lifeblood of any company, and occasionally engage in a cash advance if the money was necessary to pay bills or use to get ahead and take advantage of an opportunity.
Point 2: POS Equipment and Equipment Leasing
AmeriBanc probably offered POS–point of sale–equipment and leased it at a nominal fee to take payments physically. These equipment leases sometimes have contract terms that can last for years and are not breakable without their cancellation fees. Sometimes the equipment leases are not cancellable at all.
Point 3: Online Gateways and Virtual Terminals
Finally, for online processing, AmeriBanc may have offered an online gateway and a virtual terminal. This would let online stores and e-commerce take payments and engage in business. Considering it serviced online stores, it’s almost a certainty that this was one of the primary services and products that it offered.
AmeriBanc National Advertising & Sales
AmeriBanc National uses telemarketing and independent sales agents as a way to market and advertise its services. This is usually a black mark on a company, as independent agents aren’t as well-trained and tend to engage in deceptive sales tactics to make extra money. Unfortunately for AmeriBanc, it seems that its sales agents also do the same thing, as many negative reviews online state several different issues with its independent sales agents: from high-pressure sales tactics to misrepresentation of rates to nondisclosure of contract terms to merchants. The complaints about AmeriBanc’s sales agents are numerous and notable online.
AmeriBanc National is an ISO of HSBC Bank USA, National Association, Buffalo, New York. Its sales agents, general marketing and advertising, and rates don’t entirely seem to be honest. Its pricing isn’t fully transparent either.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
AmeriBanc National Pricing, Rates & Fees
AmeriBanc seems to use the same contracts as Global Payments. Global Payments tend to use interchange-plus pricing and tiered-pricing, but the exact rates and specific numbers aren’t available to the public. Some fees that are known, however, are a monthly minimum of $25, a $99 annual PCI Compliance Fee, and a statement fee of $8. The disclosure of pricing does not appear to be AmeriBanc’s strong suit.
Pricing At A Glance
|Pricing Model||Interchange Plus, Tiered Pricing|
|Mobile Payment Rate|
|Virtual Terminal Rate||Variable|
|Payment Gateway Fee||Variable|
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee|
AmeriBanc National Contract & Terms
As a reseller of Global Payments, AmeriBanc uses a very similar contract, if not identical. AmeriBanc signs up merchants for varying kinds of deals, but most of them are either a fixed contract (like a year or 36 months) or a month-to-month agreement with no cancellation fee. However, Merchants complain that AmeriBanc signs them up for an automatically renewing contract that has a ton of costs and a high early termination fee of at least $195, if not more. Many merchants have complained about this.
AmeriBanc National Setup & Support
AmeriBanc is a reseller of other companies, but it is not an aggregator. As a regular merchant account provider, AmeriBanc requires a massive chunk of information from you as a merchant to provide you with service. This includes things like 3-6 months of bank statements, your credit history, your personal history, the volume of your business, the amount of your average transaction, and more.
AmeriBanc offers live customer support, but trying to find more information beyond that is difficult. It is safe to assume that it provides a phone number and an email line, but seeing as how its website hasn’t worked in over two years, it’s hard to say how you would even acquire that information.
AmeriBanc National Complaints, Ratings & Reviews
AmeriBanc National closed down and is out of business according to BBB. 7 complaints were completed in the past three years, with one review leaving it at 1 out of 5 stars. Google has it rated at a 1.9 out of 5 with 37 reviews. Glassdoor and Indeed have it at a 3.3 each, with 53 votes and 40 reviews, respectively.
There are no known lawsuits involving AmeriBanc National. Still, there are numerous online complaints from merchants stating misrepresented fees, nondisclosure of contract terms, and feeling as if they were ripped off by the company.
Based on this information, AmeriBanc National seems as if it engaged in deceptive sales tactics, and its various actions closed it down and ran it out of business. While it no doubt offered some level of legitimate services to its merchants, it is a mystery just how much it engaged with this behavior or not.
|1.9 Stars / 37 Reviews|
|Yelp||No Reviews yet|
|Total Online Reviews||80+|
|Total Online Complaints||40+|