Mercury Payment Systems Review
Matt Taylor founded Mercury Payment Systems in Durango, Colorado, in 2001. It had over a thousand employees before Vantiv absorbed it. Mercury Payment Systems’ acquiring bank is HSBC Bank of Buffalo, New York. Mercury Payment Systems (MPS) primarily services small businesses.
|Early Termination Fee||$295-$495+|
|Contract Terms||Month-to-month, 3 Years|
Mercury Payment Systems Overview
MPS was founded in 2001 by Matt Taylor and proceeded to begin its business and acquire clients. Its pricing model varies depending on the type of business it is servicing and the kinds of processing that the company does. Its industry focuses on small businesses, restaurants, bars, and other kinds of small retail and small stores. Its overall reputation is mixed, with a total of over 60 online complaints, which is a noticeable amount even for a company of its size. Most of the complaints seem to revolve around the fact that MPS used independent resellers (more on that in the Advertising and Sales section, below), and this is a thing that most merchants should be wary of if they see it.
Mercury Payment Systems Pros & Cons
Mercury Payment Systems Products & Services
Mercury Payment Systems is no longer active as a company, but similar businesses offer similar products and services. Those services and products are below. This is the most accurate mockup of what it provided to merchants and customers.
Point 1: Credit and Debit Processing, Cash Advances
Being a merchant using MPS means that you’d be able to process debit and credit cards, taking them as a form of payment instead of physical cash. Credit and debit cards are the lifeblood of any modern business, and not taking them is a problem. Cash advances are also usually available with companies like MPS, where it gives you an advance of money and collects it over time through small fees.
Point 2: POS Systems, Integrated Payments
Integrated payment and POS systems mean things like card readers, card terminals, all-in-one terminals, tablets, and other kinds of devices that are specifically created to be able to take cards and process payments. These devices are either bought or leased from the merchant account provider and have software and connections to make it so that they function correctly and process cards. These can be very convenient for a merchant to have.
Point 3: Online Gateways and Virtual Terminals
Online gateways and virtual terminals are ways of taking payments online. If you have a small store but ship across a state, for example, or have a small online store, you would need it to do business. These kinds of technologies allow secure ways for customers to buy products and services through your business without worrying about fraud or card details leaking. MPS likely offered these as well.
Mercury Payment Systems Advertising & Sales
When MPS was still around, it relied on independent resellers. This is often viewed negatively because the merchant account provider has very little control or say in the tactics and manner in which the salespeople engage in their job. While it may result in specific quotas, many merchants find the behavior of aggressive sales tactics annoying: not to mention when it can get into the realm of being deceptive as well, more often than not.
Misrepresentation of fees and nondisclosure of contract terms are common, and par for the course with these kinds of companies, and MPS had several of these complaints in the time before it was absorbed. MPS was somewhat honest with its fees but didn’t do much to deal with the independent resellers’ tactics.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
Mercury Payment Systems Pricing, Rates & Fees
The exact pricing and fees of MPS are not all known. An early termination fee of at least $295 and an annual PCI Compliance Fee of $150–both high for this industry–are known, but the maximum rate, type of pricing, model, and other kinds of information are not known. Merchants have made complaints of other additional fees that MPS allegedly did not disclose.
Pricing At A Glance
|Pricing Model||Interchange Plus|
|Mobile Payment Rate|
|Virtual Terminal Rate||Variable|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$295-$495+|
|PCI Compliance Fee||$150 Per Year|
|Equipment Lease Terms||Variable|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Undisclosed|
Mercury Payment Systems Contract & Terms
MPS offered a relatively standard multi-year contract, usually for 12-36 months, that had an early termination fee of $295 or higher, with some merchants reporting charges of up to $900. Besides this information, not much is known about MPS’ contracts.
Mercury Payment Systems Setup & Support
MPS was a standard merchant account provider. This means that specific amounts of information are expected of a merchant if they wished to apply for an account. 3-6 months of bank statements, your personal history, your credit history, your business’ volume of sales or revenue in a month, and the average transaction that you process–these are just examples of some of the information that MPS would have requested if you were a merchant that applied to it for an account.
According to many different complaints and negative reviews by merchants, MPS’ customer support is relatively low. Despite offering live customer service over the phone and online, presumably, many customers did not have their issues resolved.
Mercury Payment Systems Complaints, Ratings & Reviews
MPS had various complaints leveled against it, but most of them revolved around the fact that it was a merchant account provider that used independent resellers. Many merchants complain of the company being a ripoff, and you can find these in reviews of the company anywhere. On BBB, MPS has a 1 out of 5 stars based on 12 reviews. Many sites rate it negatively. Yelp has it ranked 1 out of 5 stars based on 25 reviews.
Strangely, while a class-action lawsuit has never hit Mercury Payment Systems, Heartland Payment Systems sued MPS over alleged false advertising and unfair competition. Heartland Payment Systems claims that MPS would contact known customers of Heartland and misrepresent fees to make them switch to Mercury Payment Systems. The lawsuit has no outcome as of yet.
|Yelp||1 Star / 24 Reviews|
|Total Online Reviews||120+|
|Total Online Complaints||60+|