Best for
High-risk e-commerce businesses like subscription-based businesses and companies in the adult content industry.
Specializes in
providing payment processing services for high-risk, offshore clients who would otherwise be unable to obtain those services.
Pricing Summary
Setup Fee: $0
Monthly Fee: $0
Swipe Rate: 15.5%
Keyed-in Rate: 15.5%
Early Termination Fee : $0
Contract Terms:
Verotel has not disclosed the firm's acquiring bank on its website. The company, founded in 1998, is currently led by CEO, Joost Zuurbie and headquartered in Amsterdam, Netherlands, after relocating from San Francisco 3 years ago.
The company has an easy-to-understand pricing structure, albeit an expensive one. Verotel charges relatively higher rates than other merchant account providers, which is understandable considering that it deals primarily with offshore and high-risk merchant clients.
Verotel was originally founded in 1998 and is currently headquartered in Amsterdam, Netherlands. The company primarily serves high-risk businesses that are subscription-based or in the adult content industry.
The firm has a relatively low number of complaints with most of those complaints being about the company's policy to maintain a cash reserve of 10% of a six-month rolling transaction average.
Since the company's relocation to Amsterdam, Verotel does not have a credit profile or rating with the Better Business Bureau (BBB).
Verotel has built considerable expertise in cross-border payments processing for a niche market that very few merchant processors wish to serve. The company offers a multitude of services to the merchants, such as subscription management tools, multi-lingual order pages for e-commerce and digital goods businesses, and a token-based prepayment system for customers.
Head Quarters
Amsterdam, NH
Year Founded
1998
CEO
Joost Zuurbier
Employees
25
Merchant Provider Risk Tolerance
No setup fee.
No monthly fee.
No early termination fee.
Public pricing is available.
Domestic phone support during regular business hours.
Works with off shore and high risk businesses.
Pricing structure rates are high.
Service is marketed through channel partnerships.
Not all important terms are disclosed.
Merchant processors must set up a reserve fund to have money for future chargebacks.
Payment Processing
Verotel is mainly a payment processor for cross-border high-risk industries, such as the adult content industry. Through its sister site called GayCharge, Verotel offers merchants a credit card processor that allows their customers to protect their sexual identity.
Tertiary Services
Supported Payment Types
Discloses All Important Terms
No
Public Pricing Available
Yes
Verotel offers two pricing plans for customers; Basic and Premium. Merchant processors usually charge PCI compliance fees; however, Verotel includes that fee in its annual rates. Also, e-commerce and online businesses are likely to incur Gateway and Terminal charges, but we couldn't find any disclosures about those fees on the company's website or online discussions.
Given Verotel's clients' high-risk nature, it is an industry-standard that merchant processors set up a reserve fund to address future chargebacks. Both of Verotel's plans stipulate a 10% six-month rolling reserve to mitigate those risks.
Verotel Basic
Verotel Premium
Pricing Model
Flat Rate
Swiped Rate
15.5%
Keyed-in Rate
15.5%
Mobile Payment Rate
Virtual Terminal Rate
N/A
Monthly Fee
$0
Payment Gateway Fee
N/A
Batch Fee
$0
Early Termination Fee
$0
PCI Compliance Fee
$0
Equipment Lease Terms
$0
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Annual Fee
€500
Monthly Minimum
$0
Statement Fee
The company's processing rates are relatively high but this can be expected as Verotel serves predominantly high-risk businesses that few acquiring banks would be willing to serve. The company's terms are simple and straightforward as there is no stipulated contract length and no early termination fee.
Contract Length
No Contract RequiredMonth-to-month
Early Termination Fee
$0
Verotel is not accredited with the Better Business Bureau (BBB), nor does it have a rating or a profile on the bureau's website since the company is no longer a US-based entity.
There are currently no outstanding lawsuits or federal complaints against Verotel.
BBB
None
N/A
No Reviews Yet
Yelp
N/A
Total Online Reviews
20+
Total Online Complaints
10+
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