Best for
Merchants that have customers all over the world and need payment processing services that offer global access.
Specializes in
Payment Approved specializes in global money movement by working with every payment source in the world through one unified channel. The company boasts of cost-effective services for merchants who do business on a worldwide scale.
Pricing Summary
Setup Fee: N/A
Monthly Fee: N/A
Swipe Rate: Unknown
Keyed-in Rate: Unknown
Early Termination Fee : None
Contract Terms:
Payment Approved is a merchant account provider based in Austin, Texas. The company offers their products and services to businesses of all types and sizes.
Payment Approved does not list information about a backend processor or an acquiring bank on its website, which means it could be a reseller.
The company is advertised as “the future of payments” due to its API, which can send funds across many networks and platforms at high speed.
Payment Approved is a merchant account provider that serves merchants of all types and sizes. The company is headquartered in Austin, Texas, and it is most likely a reseller for a larger company.
Payment Approved works with a proprietary API that allows the company to send money across many different platforms and networks very quickly. The company advertises a P2P app that allows financial institutions to develop a channel that their customers can use to send and receive money from their accounts.
The company offers many services, including online invoicing and bill payments, payment processing and more.
Head Quarters
600 Congress Ave, Austin, Texas 78701, US
Year Founded
2012
CEO
Jason Montoya
Employees
5
Merchant Provider Risk Tolerance
They operate on a worldwide scale.
Act as a gateway to funnel multiple payment sources through a single port.
Uses a priority API to quickly transfer funds across multiple platforms.
State of the art security measures to prevent fraud.
Email and phone technical support.
Lacks its own POS system.
Ongoing lawsuit.
Pricing is not plainly displayed.
No Better Business Bureau rating.
Potentially a merchant account reseller.
Hardware & Software
It does not appear that Payment Approved offers their own POS systems. However, the company does have an API that can be used to plug in and power any existing POS system that a merchant may have in place.
The company is focused on online business payments and invoicing through their own products, which include Compass, Agent Navigator, Giddy and Digital Lender. It utilizes Compass Intelligence and CBIX as its main platforms as well as API driven cloud-based technology.
Value Added Services
Merchants that are concerned about security and privacy will find Payment Approved to be exceptionally prepared against fraud. The company utilizes state of the art AML and KYC compliance monitoring to lessen instances of fraudulent activity.
In addition, the company can assist with business payroll, split payments and personal debit cards backed by Visa or Mastercard.
Supported Payment Types & Services
Payment Approved can support any type of payment, including all major credit cards, echecks, ACH payments, gift cards, loyalty cards and reward cards.
On their website, they compare their payment services to Google, and how the search engine has redefined the internet. The company states that their goal is to do the same for global commerce digitization.
Discloses All Important Terms
No
Public Pricing Available
Unknown
At one time, Payment Approved clearly indicated its terms and conditions on its website, but that information has since been removed. It is possible that there could be a new pricing structure in place, but the following information is available:
Cost for most credit card transactions - 2.70% +$0.25
Cost for American Express transactions - 3.65% + $0.25
Monthly access fee - $149
Early termination fee - None
PCI compliance fee - Not disclosed
Pricing Model
Unknown
Swiped Rate
Unknown
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
N/A
Monthly Fee
N/A
Payment Gateway Fee
N/A
Batch Fee
N/A
Early Termination Fee
None
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
N/A
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
N/A
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
Unknown
Statement Fee
N/A
While there is little information on the company website regarding contracts and terms, at one time, Payment Approved offered month-to-month contracts for merchant customers with no early termination fee.
Because Payment Approved offers their services to all types of merchants, including those that are classified as high-risk, it is possible that their contract terms are variable.
Contract Length
Unknown
Early Termination Fee
None
The Payment Approved website is very clear that their onboarding process can be completed fairly quickly, with fast underwriting. Because the company is utilizing payment gateway software, setup can be completed much more quickly than if merchants have to wait for POS systems or card readers to be installed.
Payment Approved offers a Help Center on its website where merchants get answers to frequently asked questions, get support for any of the apps they use from the company or get reports. The site also offers a way for merchants to ask questions that are not already covered in their FAQ section.
The company has a phone number and an email address listed on its website for merchant customers to use as well.
BBB Rating
Payment Does not have a profile on the Better Business Bureau website, but there are no complaints listed there for the company.
Other Online Reviews
There are no online complaints about Payment Approved, which means that the company is likely not using manipulative tactics in their pricing or contracts.
In 2020, a patent lawsuit was filed against Payment Approved, and this case is still ongoing.
BBB
N/A
N/A
No Reviews
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
Lawsuits
Unknown
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