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Leap Payments

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Leap Payments enables its clients to accept credit, debit, gift cards, and electronic checks. 

The company approaches the credit card merchant service industry with a commitment to building and maintaining long-term relationships with its customers. As professionals with years of experience in the industry, Leap Payments takes pride in its ability to help customers find individual, customizable solutions to their merchant banking needs.

Leap Payments’ mission statement is, “Provide open, honest, and transparent payment solutions with a strategic approach to help our clients reduce their costs and get paid faster.”

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The Good

  • Interchange-Plus Pricing
  • Offers High-Risk Merchant Accounts
  • Extensive Blog

Interchange-Plus Pricing

Leap Payments offers interchange-plus pricing. Interchange-plus pricing is cost-effective and the most transparent form of credit card processing pricing. 

  • Interchange — credit card processing rates set by the card brand (ex. Visa, Discover, MasterCard)
  • Plus — refers to an additional (fixed) markup that is applied by the merchant account provider to each credit card transaction.

Interchange-plus pricing applies a fixed markup to Visa, Discover, and MasterCard’s interchange fees. 

The industry standard is a tiered/bundled pricing structure. Unfortunately, there are several disadvantages of using a tiered pricing structure, including inconsistent markup over interchange, conceals the true cost of processing, makes it impossible to optimize interchange charges, allows the processor to keep refund credits, and processors can increase a business’ processing cost without increasing its rates. Overall, tiered/bundled pricing structures are more expensive and allow processors to charge hidden fees. 

Leap Payments promises “not to cater to merchants only processing $25,000 or more.” Customers don’t have to worry about startup fees regardless of their business size. 

Offers High-Risk Merchant Accounts

For businesses operating in the high-risk industry, Leap Payments offers high-risk merchant accounts. Companies can be deemed a high-risk by their bank if the products or services they offer are considered questionable, there is a potential for fraud or chargebacks, large transaction sizes, and long-term deliveries that open a business to potential account losses. If a business is determined to be high-risk, the company will have to pay a high loan rate and make a sizable down payment. 

Leap Payments partners with several banks that specialize in hundreds of different high-risk industries; additionally, Leap Payments will assign customers a high-risk merchant service specialist. The specialist will help guide consumers throughout the entire process, gather any necessary documents, and negotiate with rigorous bank requirements.

Extensive Blog

If you want to learn more about merchant accounts and credit card processing, Leap Payments blog is a fantastic resource. The company blog offers a variety of articles for those starting out as well as helpful information for more experienced consumers.

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The Bad

  • Broken Link
  • Next-Day, Same Day, and Instant Funding Stipulations

Broken Link

When clicking on Leap Payments Refund Policy link, users are greeted with a 404 error code. This generally means that the URL or content was either deleted or moved and the internal links were not adjusted accordingly. This is particularly frustrating for consumers who are looking for more information on the company’s refund policy as they’ll have to search the website or call the company directly. 

Next-Day, Same Day, and Instant Funding Stipulations

The standard funding delay is two to three business days. Leap Payments offers a concierge, add-on service that allows customers to get their funds deposited into their bank account in as little as five hours from batch time. 

However, the fine print explains that next-day, same day, and instant funding are not guaranteed for all merchant accounts. The add-on service is only available to qualifying merchants and customers will need to call to see if they are eligible. 

Additionally, users will have to contact the company directly to find out how much the next-day, same-day, and instant funding service costs. Leap Payments states, “Depending on the processing volumes, faster funding options are offered for a nominal monthly fee based on the accounts processing volume. There are no additional transactional fees associated with these options.”

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The Bottom Line

Leap Payments appears to be a reliable and trustworthy company. The company offers credit card processing solutions for all types of business — including high risk — and promises consumers that it will not increase rates for the life of their account. Leap Payment also offers interchange-plus pricing, which is the most transparent and cost-efficient pricing structure in the industry. We do encourage consumers to contact the company via email or phone to find out more information regarding the company’s next-day, same day, and instant funding pricing, refund policy, and contract terms. 

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