Payment Approved Review

Rates and Fees
95/100
Truth in Advertising
95/100
Consumer Reviews
95/100
Customer Support
95/100
5

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:

Unknown
Visit Payment Approved

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 Overview

 

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.

Quick Facts

Head Quarters

600 Congress Ave, Austin, Texas 78701, US

Year Founded

2012

CEO

Jason Montoya

Employees

5

Merchant Provider Risk Tolerance

Low Risk Businesses

What We Like

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.

What We Don't Like

Lacks its own POS system.

Ongoing lawsuit.

Pricing is not plainly displayed.

No Better Business Bureau rating.

Potentially a merchant account reseller.

Industries Served

  • Online Sellers

Business Types Served

  • Mobile
  • Online

Payment Approved Products & Services

 

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.

Payment Approved Payment Processing

  • Cash Transactions
  • Mobile Payments App
  • Online Payments

Payment Approved Billing & Invoicing

  • Mobile Payments
  • Online Invoicing
  • Online Payments
  • Payment Processing

Payment Approved Advertising & Sales

 
Rather than employ independent sales agents or contractors, Payment Approved appears to only work with their own inside sales team. The company also utilizes traditional advertising and strategic partnerships to market its products and services.

There is no information online about Payment Approved misrepresenting payment processing fees or contract terms. However, much of this information is not readily available on their website, but that may be because of the wide variety of merchants they offer their services to.

Truth in Marketing

Discloses All Important Terms

No

Public Pricing Available

Unknown

Payment Approved Pricing, Rates & Fees

 

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 at a Glance

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

Payment Approved Contract & Terms

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

Payment Approved Setup & Support

 

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.

Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

  • Domestic Phone Support (Business Hours)
  • Email Support

Payment Approved Complaints, Ratings & Reviews

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.

Ratings

BBB

N/A

Google

N/A

Facebook

No Reviews

Yelp

N/A

Reviews

Total Online Reviews

Unknown

Total Online Complaints

Lawsuits

Unknown

Payment Approved Alternatives

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