VeriPayment Review

Rates and Fees
80/100
Truth in Advertising
85/100
Consumer Reviews
80/100
Customer Support
85/100
4

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:

Unknown
Visit VeriPayment

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 Overview

 

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.

Quick Facts

Head Quarters

London, United Kingdom

Year Founded

2002

CEO

Unknown

Employees

Unknown

Merchant Provider Risk Tolerance

High Risk Businesses

What We Like

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.

What We Don't Like

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.

Industries Served

  • Online Sellers

Business Types Served

  • Mobile
  • Online

VeriPayment Products & 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).

VeriPayment Payment Processing

  • Credit Card Processing
  • Mobile Commerce
  • Online Payments

VeriPayment Billing & Invoicing

  • Mobile Payments
  • Online Payments

VeriPayment Advertising & Sales

 
VeriPayment appears to do most of its marketing through its website and an ISO Program. Partners can refer merchants to VeriPayment for payment processing services in exchange for commissions.

There are no online complaints available that mention the nondisclosure of terms or misleading sales information coming from partners. This is most likely due to the fact that VeriPayment is very transparent about its pricing and contract terms on its website.

Truth in Marketing

Discloses All Important Terms

No

Public Pricing Available

No

VeriPayment Pricing, Rates & Fees

 

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 at a Glance

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 Contract & Terms

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

VeriPayment Setup & Support

 

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.

Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

  • Domestic Phone Support (Business Hours)
  • Email Support

VeriPayment Complaints, Ratings & Reviews

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.




Ratings

BBB

N/A

Google

N/A

Facebook

No Reviews

Yelp

N/A

Reviews

Total Online Reviews

Unknown

Total Online Complaints

10+

Lawsuits

No

VeriPayment Alternatives

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