Home > Merchant Services Reviews
By Phillip Parker
▼ 8 User Reviews
3.8
How did they treat you? ▼
BREAKING NEWS
ALERT: Don't Fall Victim to These Credit Card Processing Scams
Updated 3/13/2019: The Merchant Bankcardwebsite is not available at this time, and public reports indicate that the company is no longer responding to merchant complaints filed with the Better Business Bureau. At this time it is unclear whether Merchant Bankcard is simply experiencing a site outage or is no longer an active business. If you have any information about Merchant Bankcard’s current status (including any rebrandings or DBAs), please share it in the comment section below this review.
Founded in 2015, Merchant Bankcard (merchantbankcard.com) is a merchant account provider that claims to offer “wholesale” payment processing to businesses. The company does not disclose the identity of its backend processor, but it appears likely that First Data fulfills this role. Merchant Bankcard is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California, and is headquartered at 71 S Central Ave #200, Valley Stream, New York 11580. Sam Schwed is the co-founder and CEO of Merchant Bankcard.
Key Points
- Merchant Bankcard does not appear to hire independent sales representatives but has received a few complaints about its sales practices.
- Merchant Bankcard offers a month-to-month contract with no early termination fee.
- Merchant Bankcard has received fewer than 10 public complaints.
- BBB Rating: Merchant Bankcard has an “A-” rating with the Better Business Bureau and has received 12 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Merchant Bankcard
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Merchant Bankcard Customer Reviews
Here's What Their Clients Say
| Total Online Complaints | <10 |
|---|---|
| Live Customer Support | Yes |
| Most Common Complaint | N/A |
We are currently able to locate a handful of negative Merchant Bankcard reviews, none of which accuse the company of being a scam. Commonly cited issues include nondisclosure of fees, misrepresentation of rates, and poor customer service. In general, it seems that the company’s unconventional pricing model has confused some merchants about the rates they should have been charged. Given the questionable ad copy on the Merchant Bankcard website, we advise merchants to heed the advice of their peers and ask about any and all possible fees. Merchant Bankcard states that it offers 24/7/365 support.
Processing Cost Experiments
↪ How Much Should It Cost You to Process $50,000 in Sales? We Were Suprised by This Result
Merchant Bankcard Online Ratings
Here's How They Rate Online
| Product & Service Complaints | 8 |
|---|---|
| Billing & Collection Complaints | 3 |
| Advertising & Sales Complaints | 1 |
| Guarantee & Warranty Complaints | 0 |
| Delivery Complaints | 0 |
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Merchant Bankcard currently has an “A-” rating with the BBB and is not BBB-accredited. The company has received 12 complaints since its profile was opened in July 2015. Eight complaints were related to product or service issues, three were due to billing or collection disputes, and one had to do with an advertising or sales issue. Merchant Bankcard resolved two complaints to the satisfaction of the merchant, while the other 10 complaints either were resolved to the merchant’s dissatisfaction or did not receive a final response from the merchant.
As noted above, the BBB has also raised some questions about sales language on Merchant Bankcard’s website. The BBB states that Merchant Bankcard is currently compliant with its demands. As of this review’s publication, however, the disputed language is still visible on some of Merchant Bankcard’s advertising materials.
Payment Processing Industry Insights
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Merchant Bankcard Fees, Rates & Costs
A Closer Look at The Contract
| Swiped Rate | Interchange + 0.25%/0.45% + $0.10/$0.05 |
|---|---|
| Keyed-in Rate | Interchange + 0.35% + $0.10 |
| Early Termination Fee | None |
| PCI Compliance Fee | Variable |
| Equipment Lease Terms | Variable |
Merchant Bankcard discloses some of its contract terms on its website. The company claims to offer a month-to-month contract with no early termination fees and three potential interchange-plus pricing tiers. The “Retail” tier includes an EMV-compatible credit card terminal and charges $5 per month and interchange plus 0.25% plus $0.10 per transaction. The “Mobile” tier includes an EMV-compatible mobile card reader, charges interchange plus 0.45% plus $0.05 per transaction, and does not charge a monthly fee. The “Keyed In” tier charges a $9.95 monthly fee and a per-transaction fee of interchange plus 0.35% plus $0.10.
These posted prices are fairly competitive for the industry, as the company’s slightly high interchange-plus rates are offset by low or no monthly fees. However, two separate merchant complaints mention that the company charges an undisclosed $17 monthly fee, and one complaint states that there is also a periodic fee of $45.80. The addition of unlisted fees calls into question the actual cost of a Merchant Bankcard contract. Merchant Bankcard’s actual pricing is further called into question once the unsubstantiated sales figures on its website are factored in.
In general, the pricing listed on Merchant Bankcard’s website appears to be reasonably competitive for the industry. However, merchants are encouraged to review all paperwork to ensure that this is, in fact, the pricing they will receive. If you have any specific knowledge of the standard Merchant Bankcard contract (including any PCI compliance fees or monthly minimum fees), please share that information in the comment section below.
Processing Cost Comparisons
↪ Who Will Win The Cost Battle Between Chase Merchant Services and Bank of America? We Ran The Numbers and One of Them Isn't Happy About It.
Merchant Bankcard Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Employs Independent Resellers | No |
|---|---|
| Advertises Deceptive Rates | Yes |
| Discloses All Important Terms | No |
Merchant Bankcard appears to primarily market its services via an in-house sales team, strategic partnerships, and traditional advertising. The company does not appear to employ independently contracted sales agents, although we cannot rule this possibility out at this time. We are currently able to locate a few Merchant Bankcard complaints that mention nondisclosure of fees and misrepresentation of the company’s capabilities. Specifically, one merchant was dismayed to see a monthly charge of $17 after being informed that there would be no monthly fees, while another was disappointed that the equipment provided by Merchant Bankcard lacked basic functions required for their business.
At the time of our last update, Merchant Bankcard’s website featured a “savings calculator” that didn’t even ask what merchants currently pay in processing fees. Without obtaining a merchant’s current rates and fees, it is impossible for Merchant Bankcard to provide a valid savings estimate. We therefore considered this calculator to be an unreliable and potentially misleading marketing tactic. The calculator appears to have been removed from the website for now, but links to it are still visible.
The Better Business Bureau has identified a few other marketing pitches made by Merchant Bankcard that it considers questionable. In June 2016, the BBB contacted Merchant Bankcard to ask that it substantiate the following claims:
- “MERCHANT BANKCARD OFFERS WHOLESALE PAYMENT PROCESSING Which is the reason we can save you on average up to 40% over the competition.”
- “How Does Merchant Bankcard Save You Up To 40% On Credit Card Processing?”
- “MERCHANT SAVE, ON AVERAGE, UP TO 40% PER MONTH”
- “Wholesale Pricing”
- “90% of clients of Merchant Bankcard award a score of 8 or higher out of 10 in terms of satisfaction.”
Merchant Bankcard did not respond to the BBB’s inquiry, and some these claims are still visible in Merchant Bankcard marketing materials. Given the seemingly unsubstantiated figures provided by the company’s sales calculator, merchants are advised to disregard the other promotional language on the company’s website. Due to its few scattered complaints and its use of these types of ad copy, we have lowered Merchant Bankcard’s score in this section to a “C.”
Annual Awards
↪ Annual Report: The Best and Worst Processors of 2023
Our Merchant Bankcard Review Summary
Our Final Thoughts
Merchant Bankcard rates as an average merchant services provider according to our rating criteria. The available evidence at this time suggests that the company’s pricing model may not be as competitive as advertised. Merchant Bankcard Merchant Bankcard should not be confused with Merchants Bancard Network, an unrelated payment processor. We will continue to monitor merchant feedback about this company and adjust our rating as necessary.
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Which is Most Important for You?
If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:
- Low Transaction Fees
- No Monthly Fees
- No Contract
- Reliable Customer Support
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About The Author
Phillip Parker
In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
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