Velocity Merchant Services' products best suit small retail/restaurant businesses and eCommerce players. It offers the needed suite of products for multiple payment types (credit, debit, check, EBT, touchless, no-card present). Ecommerce businesses receive complimentary website design and setup services.
If you are concerned about COVID, VMS provides multiple equipment options to prevent the transfer of germs, such as mobile swipers. EBT services are available for grocery and convenience stores. Cash advances and online sales development services are also on offer.
Setup Fee: $
Monthly Fee: $10
Swipe Rate: 1.00% - 4.99%
Keyed-in Rate: 1.00% - 4.99%
Early Termination Fee : Up To $700
VMS is a Chicago-area-based company and has been in business since 1998. It specializes in credit card and debit card processing and eCommerce payment services. It also has strengths in gift card processing, check guarantees, and website development. VMS states that its mission is to provide value and convenience for merchants by helping them achieve business goals within their industries.
VMS bills itself as a smaller-sized supplier with several thousand merchant clients. The company is a reseller of First Data and EVO Payments International. It is a registered ISO and MSP of Deutsche Bank, AG, New York, and headquartered at 3051 Oak Grove Road, 2nd Floor, Downers Grove, Illinois 60515.
Dema Barakat, the founder and President, formerly worked under the EVO Payments umbrella before establishing VMS. She has dozens of years experience in the payment processing business. The company serves merchants nationwide. It has built an internal sales force and also uses independent sales representatives. Barakat does sometimes get involved with customers regarding complaints and pricing.
Downers Grove, Illinois
Merchant Provider Risk Tolerance
Wide equipment selection
Payment gateway service
Free website construction for eCommerce customers
Rapid merchant cash advances
Three and four year contracts
Sales department often fails to disclose all terms
Customer service response can be slow
VMS leverages relationships with equipment manufacturers to offer customers a wide variety of hardware and software options.
Hardware and Software
VMS offers hardware and software options that suit many types of businesses. Common industries that gravitate to VMS include retail, grocery and multi-lane retail, restaurants and coffee shops, entertainment stores and venues, health & wellness organizations, and salons and spas. It also offers excellent options for professional- and in-field services mobile payment options.
As a Clover reseller, the company offers a choice of processing systems. The Clover 2.0 provides a 14" HD display, an 8-core processor, and 4 GB of memory. It accepts all types of stripe- and chip cards, along with contactless payments. An available app provides smartphone payment capability. The Clover Flex processes mobile payments on the go.
The VMS gateway payment system provides cloud-based payment processing, Quickbooks integration, recurrent billing, and paperless billing.
If you are looking for more than bare-bones processing, you may want to consider if VMSs value-added services would be helpful. The VMS ProPak is a custom-designed POS system that captures and reports on sales information to help you develop strategies for business development. The system enhances efficiency, lowers operating costs, and manages inventory.
Velocity Payment Systems also offers merchant cash advances, which can help when cash runs short. The company provides up to $275,000 in 72 hours, according to its website.
Payment Types Accepted
This processor can handle any major debit- or credit card. It also processes check guarantees, gateway payments, contactless payments, and card-not-present payments. Its website does not indicate if it handles bitcoin.
Discloses All Important Terms
Public Pricing Available
As a reseller, VMS must charge certain fees, though many reviewers indicate they were able to get the fees lowered through negotiating or complaining about them to management. Processing fees range between 1.00% and 4.99%. A PCI compliance fee of $120 per year applies, as do a $10 statement fee and a $10 monthly minimum. There is also a $120 gateway setup fee.
1.00% - 4.99%
1.00% - 4.99%
Mobile Payment Rate
Virtual Terminal Rate
1.00 - 4.99%
Payment Gateway Fee
Early Termination Fee
Up To $700
PCI Compliance Fee
$120 Per Year
Equipment Lease Terms
48 Month (locked)
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
$6 (discounted from $10)
This payment processor offers a three-year contract (with one-year autorenewal) through EVO payments; however, equipment rental contracts run for four years. A $395 early termination fee applies. In addition, the contract may require liquidated damages, which require repayment of the company's losses in the event of early cancellation.
Early Termination Fee
Up To $700
VMS earned a “B+” rating with the Better Business Bureau, though it is not BBB-accredited.
The BBB started its profile of Velocity Merchant Services in October 2001. The company has had 18 complaints in the last 36 months. Nine were attributed to products or services, three to billing, four to advertising & sales, one to warranty, and one to delivery. Seven complaints were resolved to the customer's satisfaction, while 11 were either resolved to the dissatisfaction of the merchant or the merchant never filed a final response.
4.7 stars / 912 Reviews
4.7 Stars / Based on the opinion of 98 people
2.5 Stars / 17 Reviews
Total Online Reviews
Total Online Complaints
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