Best for
Merchants in need of high-risk payment processing services, or those who own and operate international businesses.
Specializes in
VeriPayment specializes in working with international merchants as well as those who have high-risk businesses who might find it difficult to secure payment processing services elsewhere.
Pricing Summary
Setup Fee: $299
Monthly Fee: $40
Swipe Rate: Unknown
Keyed-in Rate: Unknown
Early Termination Fee : Unknown
Contract Terms:
VeriPayment is a merchant account provider that has been around since 2002.
This company is located in the United Kingdom, but it also has offices in Panama and Latvia as well.
VeriPayment is owned by Derbala Hish and is specifically targeted toward international merchants.
VeriPayment is a privately owned company that is located in the United Kingdom. It was founded in 2002 and the company’s owner is Derbala Hish. There are also VeriPayment offices located in Latvia and Panama.
VeriPayment maintains its PCI DSS Level 1 compliant status and mostly focuses on working with international and high-risk merchants to provide them with merchant accounts and payment processing services.
According to the company’s About Us page, VeriPayment has been recognized as having some of the industry’s lowest rates and most advanced payment processing solutions. The company advertises no hidden fees and unlimited processing volume for its merchant customers.
Head Quarters
London, United Kingdom
Year Founded
2002
CEO
Unknown
Employees
Unknown
Merchant Provider Risk Tolerance
Specializes in high risk businesses.
Established international presence.
They work exclusively with virtual gateways for online payment.
Because they work with online payment there is a very quick setup time.
In addition to all the main customer service support, they offer video conferencing as a support option.
No Better Business Bureau profile.
Multiple customer complaints.
Limited information on how the contract/merchant agreement works.
Higher reserve rates than other high risk merchant processors.
Limited value-added services.
Hardware & Software
VeriPayment does not appear to have software that integrates with POS systems or other types of hardware, and they also do not offer payment processing equipment for sale or lease, according to the company website.
Instead, VeriPayment focuses on payment and virtual gateways for online payments. Merchant customers can choose to add Buy buttons to their websites’ code, an integrated shopping cart, or a virtual terminal that allows them to manually enter payments for orders that have been created offline.
Working with VeriPayment provides merchants with a backed integration system that allows their customers to complete payments directly on their website.
Value Added Services
Merchant customers who choose VeriPayment as their payment processor have access to powerful account monitoring and reporting tools that operate in real-time. These tools allow merchants to:
Monitor their sales more closely
Completely settlements
Keep track of inventory
Eliminate their risk
Control fraud
Supported Payment Types & Services
It appears that VeriPayment is only set up to allow merchant customers to accept credit cards (Visa, Mastercard, Discover, and possibly American Express, though this is not clear) and debit cards as payment.
Some merchants can also choose to add VeriChex as a payment option, which would allow them to accept and process electronic check payments as well.
This is most likely because of the types of merchants VeriPayment works with (international businesses and high-risk).
Discloses All Important Terms
No
Public Pricing Available
No
VeriPayment’s prices and fees are much higher than other ISOs, but that is to be expected because they work with international and high-risk merchant accounts.
This company’s prices and fees are as follows:
Transaction rate - 4.95% + $0.65
Maintenance fee - $40 per month ($10 per week)
Setup fee - $299
Rolling reserve amount - 10% for six months
Chargeback fee - $45
Pricing Model
Interchange Plus
Swiped Rate
Unknown
Keyed-in Rate
Unknown
Mobile Payment Rate
N/A
Virtual Terminal Rate
N/A
Monthly Fee
$40
Payment Gateway Fee
$40
Batch Fee
N/A
Early Termination Fee
Unknown
PCI Compliance Fee
Unknown
Equipment Lease Terms
N/A
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
$299
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
$40
Statement Fee
N/A
VeriPayment does not require its merchant customers to agree to or sign lengthy contracts. The company’s website is not completely clear on how the company’s terms work, but it appears that merchants can discontinue working with this company any time they choose, without penalty.
Contract Length
Unknown
Early Termination Fee
Unknown
The VeriPayment website states that getting set up with their payment processing services only takes a few minutes. Merchant accounts are processed for approval with a turnaround time of only 72 hours, allowing merchants to be able to process payments for their customers in less than a week.
VeriPayment does not list a phone number for customer support on the company’s website. However, its Contact Us page does have email addresses for its sales and support team readily available. There is also a way for merchant customers to contact the company via Skype.
BBB Rating
VeriPayment does not have a profile with the Better Business Bureau. The company has not been rated by the BBB and there are no complaints or reviews on the site.
Other Online Reviews
There are some negative reviews online regarding VeriPayment’s customer service and merchant accounts. Most of them are dated prior to 2006, but a few of them were filed after 2010.
These complaints largely focused on VeriPayment’s hold policy for merchant funds, which is to hold 10% for 180 days before releasing them to the merchant. Even though this policy is clearly spelled out on the company website, reviewers claim that they made multiple attempts to contact the company to discuss the holds, but they could not get in touch with anyone.
There are no outstanding FTC complaints or class-action lawsuits that have been filed against VeriPayment.
BBB
N/A
N/A
No Reviews
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
10+
Lawsuits
No
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