Best for
Companies of all sizes, specifically in the following industries: retail, medical, restaurant, wineries, legal, construction, and accounting.
Specializes in
Gift cards, checks, online processing, card processing, and high-risk companies
Pricing Summary
Setup Fee: $0
Monthly Fee: $10
Swipe Rate: Interchange-Plus or 2.65% + $0.19
Keyed-in Rate: Interchange-Plus or 3.50% + $0.19
Early Termination Fee : $295
Contract Terms:
Founded in 2005 and headquartered in Austin, TX, Leap Payments has 48 employees and partners with 15 banks. The firm is a registered MSP/ISO of Elavon and U.S. Bank. Leap offers payment services to all types of merchants but tends to focus specifically on high-risk merchants.
According to its website, Leap Payment's company mission is to lower client fees and offer further processing while striving for excellent customer service. Leap Payments is a registered ISO and MSP of U.S. Bank and Elavon and makes use of Elavon’s 24/7 support system. The company also operates a DBA by the name of Winery Payment Solutions in conjunction with its extensive client base of wineries.
Leap Payments gives merchants the option of interchange-plus pricing, regardless of their sales volume or transaction type. Leap also offers tiered pricing for customers that process many card-present transactions, which gives them a fixed rate for each card type.
While Leap Payments has stated that there are no startup fees, statement fees, or compliance fees, they do have an early termination fee of $295, a PCI compliance fee of $59, and a monthly fee of $10. The company does not disclose much information about its standard contracts or their payment gateway fees.
Head Quarters
Agoura Hills, CA
Year Founded
2004
CEO
Will Detterman
Employees
25
Merchant Provider Risk Tolerance
Zero setup fee.
Works with high risk companies.
Offers next day funding for a small fee.
Has a gift card and loyalty program.
No compliance fee.
Monthly fee assessed.
Early termination fee.
Three year contract term.
Public pricing is not available.
Does not disclose all terms.
Card Processing
Leap Payments provides card processing for all major credit and debit cards, including Mastercard, Visa, American Express, and Discover. The company also offers speedy next-day funding for merchant accounts. However, opting in for next-day funding comes with an additional $9.95/month service charge.
Gift Cards & Checks
Leap Payments has a gift card solution for merchants that sell gift cards to their store. Under this solution, new merchants can receive 50 free standard gift cards when they sign up for an account. Leap Payments works to ensure that merchants receive their payments quickly. It also offers merchants the ability to process checks electronically with guarantees that Leap Payment's processes will eliminate any uncertainty of bounced checks.
Online Processing
Leap Payments works with all major credit cards and offers merchants the ability to establish recurring payments, such as monthly subscriptions. Leap Payments’ virtual terminal integrates easily with any e-commerce site’s shopping cart, and merchants have the option of using a USB credit card swiper to get a lower processing rate.
Discloses All Important Terms
No
Public Pricing Available
No
Leap Payments has no startup fees, statement fees, or compliance fees. They boast two different pricing options and offer interchange-plus pricing for merchants no matter how much volume they get or the type of transactions they process. Leap Payments offers tiered pricing to give merchants who get a lot of card-present transactions a fixed rate for each card type.
Pricing Model
Interchange PlusTiered Pricing
Swiped Rate
Interchange-Plus or 2.65% + $0.19
Keyed-in Rate
Interchange-Plus or 3.50% + $0.19
Mobile Payment Rate
Virtual Terminal Rate
1.00% - 4.99%
Monthly Fee
$10
Payment Gateway Fee
Undisclosed
Batch Fee
Undisclosed
Early Termination Fee
$295
PCI Compliance Fee
Up To $59 Per Month
Equipment Lease Terms
N/A
Address Verification Service (AVS)
Application Fee
Undisclosed
Account Setup Fee
$0
Gateway Setup Fee
Undisclosed
Annual Fee
Monthly Minimum
Undisclosed
Statement Fee
None
Leap Payment's company website isn't very transparent about their standard contracts. They do advertise interchange-plus pricing, but do not specifically state how much each transaction is marked up.
Because Leap Payment's has PCI compliance fees, monthly minimum fees, and early terminations fees, it can be assumed that the cost for each merchant varies. Leap Payments also sells their processing equipment instead of renting it out, saving the merchant money in the long run.
According to a third-party site, Leap Payments offers a 3-month trial period for merchants and also seasonal downtime for some. Leap Payments will pay early termination fees to acquire their business for merchants who process more than $10,000 per month but are in an existing contract with another company. As for ending a contract with Leap Payments early, the rumored amount is $295.
Contract Length
3 Years
Early Termination Fee
$295
Leap Payments has several good reviews but a handful of complaints as well. Of the negative feedback, a majority is due to claims that the company 1) charges higher rates than promised, 2) has a challenging setup and installation processes, and 3) holds funds for longer than expected. There have been no lawsuits or FTC complaints.
Leap Payments has been an accredited business with the BBB since 2008 and has an "A" rating. The company has a section for customer reviews on their website with testimonials, but there are no Yelp! or Ripoff Report reviews.
BBB
A+(1 complaint)
4.6 Stars / 33 Reviews
4.4 Stars / Based on the opinion of 7 people
Yelp
4 Stars / 5 Reviews
Total Online Reviews
50+
Total Online Complaints
Lawsuits
None
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