First Merchant Payment Systems is best for small to mid-sized businesses catering to almost all types of customers.
First Merchant Payment Systems (FMPS) provides merchant accounts services to almost all types of businesses but highlights industries such as restaurants, retail, hospitality, eCommerce, healthcare offices, veterinarians, beauty salons, and auto repair shops. The company offers interchange-plus pricing and resells POS equipment of Clover and PtechPOS. The FMPS solution can easily integrate with third-party apps such as QuickBooks. The company processes payments for Visa, Mastercard, American Express, and Discover.
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: Interchange-Plus
Keyed-in Rate: Interchange-Plus
Early Termination Fee : Undisclosed
FMPS is an ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA.
With its founding in 2001, the company has nearly two decades of experience with merchant accounts processing. FMPS is headquartered in Fort Myers, FL, and is currently led by Kevin Winter, the President, and cofounder.
FMPS offers payment processing solutions that can easily integrate with third-party apps. Based on a thorough review of the company's website, we learned that FMPS has a finger on the pulse of the various industries' needs. The company also has a keen sense of empowering its clients by educating them about the specifics of payment processing and how it sets itself apart from the competition. Merchants can quickly learn the vagaries of Level 3 processing and its benefits, and that it is offered through FMPS.
The company was co-founded by its President, Kevin Winter, in 2001 and is currently headquartered in Fort Myers, FL. FMPS offers an Interchange Plus pricing option, which is more transparent. Depending on transaction volume, it can be less costly than the tiered pricing programs offered by many of its competitors.
FMPS has a Better Business Bureau profile and has been accredited since February 2019. There have been zero complaints about the company in the last three years.
Fort Myers, FL
Merchant Provider Risk Tolerance
Payment Processing: NMS is a reseller of Redwood Merchant Services for merchant processing services.
Point of Sale: The company resells EMV-compliant mobile and traditional POS equipment of Clover, PtechPOS, and PAX.
Tertiary Services: FMPS offers mobile payment processing and Internet Gateways solutions through Authorize.net. Additional services include merchant lending by providing small loans and same-day cash advances. FMPS also offers Payroll and benefits solutions, workers' comp and is fully-integrated into Quickbooks.
Discloses All Important Terms
Public Pricing Available
FMPS has an Interchange Plus pricing model, but there have been no disclosures of its pricing structure. In explaining Level 3 processing and its benefits, the company mentions that based on Visa's interchange schedule, "Commercial standard interchange is 2.95% plus 10 cents." It then continues that for Level 3 processing, "the rate is 1.90% plus 10 cents if the transaction is less than approximately $7,500."
This is no guarantee that this is the rate merchants will receive from FMPS, but it is a guideline. The company has simultaneously educated merchants and was transparent by disclosing the interchange Plus pricing schedules of Visa, Mastercard, Discover, and American Express.
The company resells POS for Clover and PtechPOS, but there is no disclosure of those terms. Nor does FMPS make any disclosures about charges for its payment gateway and virtual terminal offering through Authorize.net.
Mobile Payment Rate
Virtual Terminal Rate
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
FMPS has made no disclosures of its payment processing contract terms, such as the contract period's length, if there are any early termination fees, whether it includes an auto-renewal clause or the renewal period's duration. Merchants also need to be vigilant in checking whether there is any non-cancelable long-term equipment lease agreement language in its contract with FMPS, typical for POS equipment provider Clover.
These are common points of contention among merchants and payment processors. Just because there were no recorded complaints against the company should NOT dispel merchant concerns about these matters. Due to the lack of disclosures and available reviews, businesses should be even more sharp-eyed about these points when reviewing the terms and conditions offered.
Early Termination Fee
We were not able to find any complaints against FMPS on various online platforms. There are also no FTC complaints against the FMPS or any lawsuits filed against the company.
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If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks