First Merchant Payment Systems Review
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.
|Early Termination Fee||Undisclosed|
|Contract Terms||Unknown, 3 Years|
First Merchant Payment Systems Overview
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.
First Merchant Payment Systems Pros & Cons
First Merchant Payment Systems Products & Services
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.
First Merchant Payment Systems Advertising & Sales
There have been no complaints about FMPS sales tactics or marketing practices. FMPS does not hire outside sales teams, usually less trained and often more aggressive in their sales tactics.
Although there is no disclosure of the company’s pricing model other than that, it offers Interchange Plus. Nonetheless, there have been no complaints that merchants were misled about pricing or surprise hidden charges.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
First Merchant Payment Systems Pricing, Rates & Fees
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.
Pricing At A Glance
|Mobile Payment Rate|
|Virtual Terminal Rate||Interchange-Plus|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||Undisclosed|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||Undisclosed|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Undisclosed|
First Merchant Payment Systems Contract & Terms
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.
First Merchant Payment Systems Setup & Support
FMPS has a BBB profile and is accredited with the bureau since 2019. There have been zero complaints about the company on BBB’s website in the last three years, and we weren’t able to find any complaints of any nature on various online forums.
FMPS proudly highlights on the company’s website “locally-based support” that is available 24/7. The company lists a phone number and an online message form to access its support.
FMPS\s website is a tremendous resource for merchant education, including blogs and tutorials explaining the vagaries of payment processing terms in easy to understand, practical language.
First Merchant Payment Systems Complaints, Ratings & Reviews
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.
|Yelp||No Reviews Yet|
|Total Online Reviews||20+|
|Total Online Complaints||<10|