Payroc was founded in 2003 by James Oberman in the Tinley Park area of Chicago, Illinois, where the headquarters still reside. Payroc mainly services online businesses, smaller businesses, high volume, and high-risk businesses.
|Early Termination Fee||$375|
|Contract Terms||3 Years|
Payroc is a merchant account provider that deals with a lot of different businesses. It is a reseller of First Data, TSYS, Chase Merchant Services, and Vantiv. It used to operate under the name ‘Retriever Payments Chicago.’ These days, Payroc has two main offices and acquired iTransact in 2016 and Integrated Payment Systems in 2018. Its focus is on smaller businesses and online stores, where it processes and gets most of its business. It has a high overall reputation, with few lodged complaints that it has not answered or dealt with in the past several years. Payroc advertises and offers interchange-plus pricing to its merchants and customers. Payroc services over 30,000 clients and processes nearly $10 billion annually.
Payroc Pros & Cons
Full range of products and services
Interchange-plus pricing available
Low complaint volume
No pricing disclosures on the website
Tiered pricing offered
Standard four-year initial contract term
An early termination fee
Many complaints regarding independent sales agents
Payroc Products & Services
Point 1: Online Payments and Virtual Terminals
Payroc offers online credit and debit card processing. It does this via a payment gateway and a virtual terminal. Considering Payroc has many e-commerce clients and online stores that it processes payments for, these are probably among its most-used services. Payroc additionally syncs a selling experience across different platforms: like your main website, your social media platforms, and other places, by integrating Google and Facebook.
Point 2: Same-Day/Next-Day Funding
As some of the merchants’ financial services, Payroc allows and facilitates the same day and next-day funding to merchants. This means that the payments take much less time to process before they’re in your business or personal bank account. To some companies that offer on shakier ground, this kind of quicker processing can be precious for them. Payroc also offers 0% fees on credit card processing with its CashRewards system.
Point 3: Risk Monitoring and Risk Management
Payroc has risk monitoring and risk management as part of the services that it offers to merchants. This means a more secure experience for both the merchant as well as the customer. Chargebacks are generally dangerous to a merchant, and being associated with fraud is twice as deadly. By monitoring and managing risk, Payroc can assist merchants by preventing fraud before it is about to begin occurring.
Payroc Advertising & Sales
Payroc uses a variety of avenues to sell and market its various services: namely, outside sales agents, traditional advertising, and referral partnerships. Its website is also very transparent about the services it offers and has an interchange-plus model that it makes apparent from the beginning if you explore its website. Payroc is an ISO of several banks: MB Financial Bank in Rosemont, Illinois; Fifth Third Bank from Cincinnati, Ohio; and Wells Fargo bank from Concord, California.
Payroc seems to utilize fairly honest and transparent sales practices and does not mislead or deceive merchants that it is attempting to service.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
Payroc Pricing, Rates & Fees
Payroc reveals that it uses an interchange-plus pricing model, but the exact rates are not relatively straightforward. As Payroc is the reseller of so many different companies, specific fees or aspects of its services may likely change slightly depending on what contract or agreement it is reselling to a particular merchant at a particular time. Interchange-plus is the most transparent, honest kind of pricing, but besides knowing the pricing model, not much is known about the actual rates and fees that Payroc offers to merchants.
Pricing At A Glance
|Pricing Model||Interchange Plus, Tiered Pricing|
|Mobile Payment Rate|
|Virtual Terminal Rate||Interchange-plus|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$375|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||Undisclosed|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Undisclosed|
|Annual Fee||up to $79|
Payroc Contract & Terms
Payroc offers various contracts to the merchants who attempt to use it as their account provider. As a reseller of other companies, the contract’s length and specific terms are probably up for debate and may change frequently. First Data generally uses a three-year agreement with an early termination fee of $295. However, a merchant complained of an early termination fee of around $375, so Payroc’s different contracts may have different rates for other parts of the deals. Still, there are not many complaints about Payroc’s contracts, which suggests they are not overly unfair or incredibly deceptive/predatory.
Payroc Setup & Support
Payroc, as a reseller of various companies, likely uses a traditional model of underwriting. You’ll need a slew of documents and information if you wish to apply. Payroc will request information like the following: your credit history, your personal history, 3-6 months of bank statements, the average volume of your business, the size of the average transaction, and more. It may take many weeks for the application to even be processed, and there may be some back and forth while you wait for the ability to accept and process debit and credit cards.
Payroc has a 24/7 live customer support phone line and several different email addresses as its customer support. There are a meager amount of complaints about Payroc in general, and almost none about its customer service. This suggests that its customer service is good, or at least adequate.
Payroc Complaints, Ratings & Reviews
Payroc has a low amount of complaints and high ratings from most websites or other reviewers. BBB has it listed as a 4.62 out of 5 with 21 reviews. It has been in business for 17 years but has been accredited for 4, since 2016. Payroc only has a few complaints on BBB, and most of them are closed. Google has them rated at a 4.2 out of 5 with 60 reviews. Glassdoor and various other companies also report ratings of over four stars.
There are currently no known lawsuits involving Payroc nor any recent ones in the past, class-action or otherwise. The few complaints mentioned about Payroc generally involved early termination fees or an accusation that specific terms of the contract were misrepresented. These complaints are isolated and far and few between.
|4.3 Stars / 56 Reviews|
|2 Stars / Based on the opinion of 4 people|
|Yelp||No Reviews yet|
|Total Online Reviews||90+|
|Total Online Complaints||<10|