Mercury Payment Systems Review
Merchant Maverick's Rating: (4.5 out of 5)
Last Updated: April 11th, 2010.
Overview:
Mercury Payment Systems (MPS) is based out of Durango, Colorado. They've been in business since 2001, which is plenty of time for them to establish themselves in the market, and show us how they are as a merchant account provider.
Here are the things I like about MPS:
They have a BBB profile with a good rating, their online digital application is secured, they have several video testimonials, and they offer seasonal downtime and interchange-plus pricing to their merchants. MPS also has a Twitter account, LinkedIn account and a Blog, giving you a place to learn about credit card processing, to socialize with them and to voice your opinion.
What I don't like:
The only thing that lowered their score was the cancellation fee that they charge their merchants. There are a few complaints from merchants that were charged a $295 cancellation fee that they were supposedly unaware of. Regardless of who's to blame in all of this, there are plenty of other merchant account providers that won't charge you that fee, and still have great rates and customer service. In defense of MPS, they do state that the cancellation fee will be waived if you provide them with a 30-written notice prior to closing your account. Whether they stick to that promise is up for debate though.
Don't forget to check out the first-hand user reviews located in the comment section below.
MPS gets a 4.5 out of 5.
Click Here If You Need Help Choosing a Provider
Date Established:
2001.
Location:
Durango, Colorado.
Domain Name(s):
www.mercurypay.com.
Parent/Partner Company:
No parent company for Mercury Payment Systems.
Type:
Registered ISO/MSP.
Acquiring Bank(s) (Acquirer):
HSBC Bank.
Payment Processor(s):
Global Payments.
Payment Gateway(s):
Authorize.Net and Plug'n Pay. Do you need help setting up your payment gateway with your website? Click here.
Trust Symbols:
The MPS BBB profile has an "A-" rating as of this review, with 5 complaints in the last 36 months. They're also a part of the BBB TrustLink program, which currently has one pretty bad review on it.
Negative Reviews:
I was able to find the following complaint on RipOffReport. The detailed complaints on the BBB are definitely worth a look as well.
Common Complaints:
The common theme between most all of the above mentioned complaints falls under the "Cancellation Fee" category. Several merchants have complained about being charged a $295 cancellation fee without their prior knowledge of such a fee. It's difficult to pin the blame on anyone because if the contract states that there's a fee, which it does, then it's hard to blame the provider. However, it is interesting that most of these merchants are complaining about not being told that they'd be charged the fee.
Verifiable Testimonials/References:
They have several video testimonials spread across their site. Very, very cool!!
Security/Privacy:
Their site is "https" secured, but not sure if they have an SSL certificate through a third-party provider (i.e. McAfee, Verisign etc...).
Customer Service:
I've dealt with Mercury Payment Systems in the past, and I have to admit that I've never had a problem with their customer service. Every rep that I've chatted with has been very consultative, patient and polite. And, this is after I signed up with them. 
Contract Duration:
I was told that the MPS contract is month-to-month, but from the complaints that I've found online, it doesn't seem like that's the case.
Cancellation Fee:
$295. I was also told that there won't be a cancellation fee so long as you give them a 30-day written notice prior to closing your account. Keep in mind that there are a few merchants that have complained about not knowing about the cancellation fee.
Interchange-Plus Pricing:
They do offer interchange-plus.
Seasonal Downtime:
Seasonal downtime is also offered by MPS.
Product/Service Offering:
Retail (Credit/Debit), Gift & Loyalty, Check Conversion, Check Guarantee, e-Commerce, MOTO (Mail Order/Telephone Order).
Product/Service Specialty:
Grocery Stores, Retail Merchants, Restaurants, Quick Serve.
Don't forget to leave your review and rating in the comment section.
No trackbacks yet.
February 28th, 2010 - 23:47
So I had a really bad experience with Mercury. They convinced me to switch because they were vertically integrated with my POS software and they promised me better rates than my current processor (this was after I sent them a copy of my statement to make sure).
Lo and behold, after I switched, I discovered all sorts of hidden fees:
- Statement fee – WTF?
- Decline Auth Fee???
Plus their statements obscure the interchange rate versus their own fees – not to mention the fact that when all was said and done, I was paying nearly 1% more than my old processor!
So I decided to end my contract with them. And I had read my contract very carefully (to address the comment about “lazy” merchants. I contacted Mercury 30 days in advance and asked where to send my written notification for termination to avoid my termination fee. AFTER they received it, their “termination rep” informed me I would be charged the termination fee anyway. When I asked why, the reasons kept changing:
1. First, they said it was because I had “verbally” terminated when I called to tell them I wanted to close my account and where to send the paperwork. WTF?!?! Plus, their contract explicitly states I can only cancel in writing, so how can I cancel verbally?!
2. Then they say because I switched over to my original processor within the 30 days, I was in default and therefore liable to the termination fee, because that was when I “terminated” the contact. Except:
a. Termination does NOT equal default. The two are separate.
b. Even in that case, their OWN CONTRACT states they can’t charge me a termination fee for that reason.
3. When I point out to them the contract I have with them doesn’t allow them to charge me the fee, they tell me it is their “corporate policy” to consider them the same. I don’t care what the policy is, I agreed to a contract. That’s what they have to live up to!
I spoke with the rep and her supervisor, both gave me the same cock and bull story. I showed my contract to an attorney friend of mine who specializes in contract law, who said it was one of the worst contracts she had ever read, and probably mostly unenforcable. She also said I was 100% right in my interpertation.
Then they tried to tell me that I could only escalate further by having my attorney contact their legal department. I’m sure they do this since for most folks the cost of the attorney would be more than the fee! I refused, and told them to have their attorney contact me directly, they said they would call back in 1-2 days.
In the meantime, I filed a complaint with my state Attorney General’s office.
After 4 business days, I still hadn’t heard back from Mercury. On the 4th day, the state AG’s office contacted Mercury regarding my complaint.
Wahlah! Magically, on the 5th day, the same supervisor calls me and tells me that after further “review”, they would be “able” to refund me my termination fee (that they had already taken out of my bank account!). I’m 100% certain it was only because they were contacted by the Attorney General’s office.
So in short, I think Mercury is highly slimy. I’m sure many folks have had great experiences with them, maybe I’m just unlucky. But I’m back to a lower rate and better (and more honest) customer service. And at least their corporate policy doesn’t explicitly contradict their contract.
I sincerely believe that Mercury has a class-action lawsuit waiting to happen with how they treat customers attempting to cancel their contract. They are dishonest and weasely in what they say and do.
Oh, and a couple of other corrections to this review:
1. The contract is NOT month-to-month. It’s annual, minimum 1 year. Make sure your contract is for 1 year! Because if you are more than 1 year you HAVE to pay a termination fee if you leave early, no exceptions.
2. Cancellation fee – good luck getting them to honor the waiver clause. Don’t be afraid to fight for your rights here.
April 7th, 2010 - 18:26
I talked with a sale rep. over the phone requested a pricing schedule, and was quoted a 1.99% MOTO rate. I received the email without any pricing schedule but a “required” inspection where – “We will send a representative to your address with instructions to confirm that a business is being conducted there. That site visit costs $100 and we bill you for that.”