Best for
Retail merchants and any merchant that needs payment processing services for an online store.
Specializes in
OLB Group specializes in working with most business types to provide them with extensive payment processing solutions through their partnerships. This company was one of the earliest to offer merchant account services to merchants that opened stores online.
Pricing Summary
Setup Fee: Unknown
Monthly Fee: Unknown
Swipe Rate: Unknown
Keyed-in Rate: Unknown
Early Termination Fee : Unknown
Contract Terms:
OLB Group stands for On-Line Business Group, and the company was founded in 1993 for the purpose of assisting merchants with opening online stores.
The company expanded its operations in 2018 when it acquired Excel Corporation, Omnisoft and CrowdPay.us. In 2020, OLB Group also acquired DoubleBeam.
OLB Group is headquartered in New York City, but one press release states that Excel Corporation operates out of Alpharetta, Georgia.
OLB Group is a merchant account provider and payment processor that has acquired several other companies since it was founded in 1993. Those companies include Excel Corporation, CrowdPay.us, Omnisoft, DoubleBeam, eVance Processing, Chyp and Securus Payments.
The company appears to do business out of Alpharetta, Georgia, although it is headquartered in New York, NY. Ronny Yakov is the company’s CEO.
OLB Group has a wide variety of products and services to offer merchants in the retail space or those that are interested in opening online stores. They offer POS systems, online gateways and much more.
Head Quarters
200 Park Avenue, Suite 1700.New York, NY 10166
Year Founded
2004
CEO
Ronny Yakov
Employees
11-50
Merchant Provider Risk Tolerance
Customers can build a website through the company.
They offer an internet/tv channel for customers to market their goods.
Multiple technical support avenues.
Customer rewards systems are an option.
Offer health insurance to their clients.
Several subsidiaries have lengthy complaint lists.
No information on rates and terms of contract.
Little information on pricing for POS systems is offered.
Legal trouble for subsidiary eVance.
It appears that many accounts are sent to subsidiaries at the company’s discretion.
Hardware & Software
OLB Group offers the Omnisoft platform, which allows cloud-based merchants to sell their products and services online, in their stores or through a mobile app.
The company also offers Secure Pay, a secure payment gateway that is certified by Visa and Mastercard for Level II and Level III merchants.
OLB Group can provide merchants with POS systems, which can be operated by using a mobile device, as well as online gateways for internet sales.
Value Added Services
OLB Group has many additional, value added services for its merchant customers. The company can assist with a predesigned website that is set up for the sale of products from the OLB Database. This option provides a branded website with minimal costs.
Gift & Home Mart Connect is an online wholesale merchandise solution for independent specialty retailers with the highest levels of security and fraud protection. Merchants are also welcome to become a part of the Gift & Home Channel, which is an internet/TV channel that offers various resources to business owners and provides an additional way to market their products and services.
Finally, OLB Group offers GHM Benefits, which is health insurance that provides high-quality health coverage that includes doctor visits, accident injury coverage, prescription plans and many discount and savings benefits.
Supported Payment Types & Services
OLB Group can support multiple payment types, including all major credit cards, echecks and both physical and virtual gift cards.
Their POS systems and payment gateways can include a reward points system and it offers support for coupons and other discounts.
Discloses All Important Terms
No
Public Pricing Available
No
OLB Group does not offer any information on its website regarding pricing and terms. Extensive research has found that the swiped rate, keyed-in rate and virtual terminal rate typically fall between 1% and 4.99%, depending on the merchant’s risk category.
Pricing Model
Unknown
Swiped Rate
Unknown
Keyed-in Rate
Unknown
Mobile Payment Rate
1% and 4.99%
Virtual Terminal Rate
1% and 4.99%
Monthly Fee
Unknown
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
Unknown
PCI Compliance Fee
Unknown
Equipment Lease Terms
Unknown
Address Verification Service (AVS)
Unknown
Application Fee
Unknown
Account Setup Fee
Unknown
Gateway Setup Fee
Unknown
Annual Fee
Unknown
Monthly Minimum
Unknown
Statement Fee
Unknown
Contracts and terms for merchants doing business with OLB Group are likely determined by the subsidiary that is working with that particular merchant. There is no information available on their website regarding contracts, although it does appear that contracts are issued through Excel Corporation.
Contract Length
Unknown
Early Termination Fee
Unknown
OLB Group states on their website that the company is capable of quickly underwriting merchants in order to get their accounts up and operable. The company mentions that sometimes this process can be done instantly and automatically for same-day account boarding.
OLB Group offers several ways for merchants to get in touch with them regarding any issues they are experiencing. These include a contact form on their website, through email or by phone.
BBB Rating
OLB Group is not currently accredited with the Better Business Bureau, so they do not have a rating. However, the company has been in business for close to 30 years and has not had any complaints filed during that time.
Other Online Reviews
There are no negative complaints about OLB Group online, however, the same is not true for its subsidiaries. These companies have amassed hundreds of serious complaints that describe deceptive sales tactics, unclear or expensive contract terms and equipment leases that are unable to be canceled. Some complaints also mention that customer support was not available for merchants when needed.
In 2020, a lawsuit was filed against OLB Group over allegedly not paying debts that were owned by eVance. The case is still ongoing.
BBB
NR and This Business is not BBB Accredited. (0 Reviews; 0 Complaints)
3.0 Stars / 2 Reviews
N/A
Yelp
N/A
Total Online Reviews
10+
Total Online Complaints
Unknown
Lawsuits
Unknown
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