BestMerchantRates.com Review

Merchant Maverick's Rating: (3.5 out of 5)

Last Updated: April 23rd, 2010.

Overview:
I gave BestMerchantRates.com a 3.5 out of 5 for a few reasons. Reasons which can be resolved pretty easily, giving them a higher score in the future.

First one being the fact that they're a relatively newer business. Started in 2005, they still have quite a bit to prove, especially since they're competing with companies that've been around for over a decade. As they age, we'll see how their reputation does.

Secondly, the lack of a physical address. It doesn't seem very important, but I personally think ISO/MSPs should have a physical office without a doubt. And, since most of their better competitor's do, I don't see a reason why BMR shouldn't either.

The BBB grade played a bit of a factor, but not a whole lot. Even though they're an accredited business, they still have a "B+" score. The low score is due in large part to 7 complaints that BMR refused to resolve relying either on terms of agreement, or just flat out refusal to respond. They could've been bogus complaints, or could've been legitimate ones, unfortunately the BBB doesn't let us see them.

I do like that they have a blog, so long as they allow negative comments on it. I also like their focus on the interchange-plus pricing model.

I contacted a few of their testimonials, and received positive responses, so that's a plus. If I was you, I'd ask for some more references just to be safe.

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Date Established:
2005.

Location:
Corona Del Mar, California. Keep in mind that their address is a PO Box, which doesn't sit well with me. I'd prefer to see an actual office location that I can walk into, should the need arise.

Domain Name(s):
www.bestmerchantrates.com.

Parent/Partner Company:
Doesn't look like BMR has a parent company.

Type:
Registered ISO/MSP.

Acquiring Bank(s) (Acquirer):
Wells Fargo Bank.

Payment Processor(s):
First Data.

Payment Gateway(s):
Authorize.Net.

Do you need help connecting your payment gateway to your website? Click here.

Trust Symbols:
BMR has an accredited BBB profile with a score of "B+" as of this review. They've also had 28 complaints filed against them in the last 36 months.

They're also part of the BBB Trustlink program, so check back there periodically to find reviews.

Negative Reviews:
Just one report found on ROR.

Common Complaints:
None.

Verifiable Testimonials/References:
There are a few testimonials listed on the BMR site. A couple of them responded to my emails, and are still happy working with BestMerchantRates.com.

Security/Privacy:
No on-site security features (i.e. McAfee, Security Metrics etc...). The security issue really depends on what kind of information the merchant provider is collecting from you. If they require you to fill out a formal application with sensitive info like SSN numbers, then they should definitely have some third-party security in place.

Customer Service:
I was treated very well when chatting with one of the BMR reps. She was detailed and informative in her responses. Besides that, I haven't had the chance to work with them, so feel free to let us know about 'em.

Contract Duration:
No contract terms...month-to-month.

Cancellation Fee:
No cancellation fee either, but as always, be sure to read your contract thoroughly.

Interchange-Plus Pricing:
Interchange-plus pricing is offered by BMR, matter fact, that's all they offer. They even trademarked their own phrase for it, but I won't mention it here, because I'm no pro on trademark usage policies...don't want to get dinged.

Seasonal Downtime:
Seasonal downtime is also offered.

Product/Service Offering:
The site doesn't really list the exact services they offer, so we'll just assume they offer the usual stuff: Credit/Debit, e-Commerce, eCheck, etc...

Product/Service Specialty:
None in particular.

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