Based in Boston, Massachusetts, ProMerchant LLC provides payment card processing services to U.S. businesses, small and large. It offers a bevy of card processing services that can fit just about any business. It offers payment processing solutions for the following types of businesses:
For merchants that aren't quite sure what they need or have questions about options and pricing, ProMerchant's offers personal advice from well-versed industry experts. This can help to save you time and stress, knowing that you will end up with the best equipment or payment platforms for your workflow and the most cost-effective rate plan available.
Keep reading for pros and cons of working with ProMerchant to have your company's payments processed.
ProMerchant has high approval rates. This company uses more than just your individual credit score to get you approved. There are no application fees and most approvals take a few hours, though it can be up to a couple days before you hear back.
This payment company has partnered with several banks and processors to offer a variety of payment processing platforms and solutions to be able to service most merchants.
Even businesses that are considered high risk can also be approved. ProMerchant has a network of 12 high-risk service providers for merchants that are well-known for having lots of credit card chargebacks. This means that high-risk merchants who may have had a hard time finding payment processing options in the past may have better luck with ProMerchant, just by filling out one (free) application. ProMerchant lists the following high-risk industries that it is able to serve, though some are on a case by case basis, as noted:
Tourism and Travel:
Pharmaceuticals and Dietary Supplements:
Tobacco and Smoking:
Available on a Case by Case Basis:
Misc. High-Risk Merchant Industries:
Interchange plus rate structures are available even to high-risk merchants. This means ProMerchant can provide most high-risk businesses with competitive, transparent, and fixed-rate plans.
While other companies have issues with hidden fees on top of the quoted rates, ProMerchant strives to be transparent with each and every client. Additionally, pricing plan structures and fees won't change over time.
Even the name of the plans is transparent. Both are named Interchange Plus plans. Interchange stands for the base rate that merchants have to pay to the credit card companies like Visa charge merchants for processing customer credit cards for payments.
When it comes to pricing, rather than a tiered model, ProMerchant has two separate plans:
(For merchants taking in at least $15,000 per month in credit card sales)
Both plans offer month-to-month contracts, even the flat monthly fee plan that is aimed at more well-established businesses with consistent monthly revenue.
As ProMerchant says, its "rate structure avoids the guessing game and unpredictability found in tiered pricing models."
The pricing model that works best for you may vary depending on several factors:
The ProMerchant website states, "We are experts in payment processing, and we make sure that every single one of our merchants are set up with the correct rate structure that saves them the most money, period."
ProMerchant's standard client contract term is month-to-month. This means that customers aren't stuck with a long-term contract and won't have to delve out any cancellation or early termination fees (ETFs).
Especially for newer or rapidly scaling businesses, and the flexibility to not be trapped in a long-term contract gives peace of mind, should things change.
Not all merchants need the same type of payment processing system. An ecommerce company will have different needs than a brick and mortar retailer and even restaurants or food trucks.
New customers who sign up for ProMerchant benefit from the company's free terminal placement plan, with no startup fees. Depending on the type of payment platform(s) your company needs, different terminals and tools are available through ProMerchant:
POS clients will get terminals from the Clover suite of products, like Clover Station, Clover Mini, and Clover Flex which accept EMV chip-based cards and smartphone Near Field Communication (NFC) payment, also known as contactless payment
Ecommerce merchants are set up through the authorize.net platform with the authorize.net payment processing platform. They will also have access to a virtual terminal to enter sales made over the phone. authorize.net PCI DSS compliant and includes merchant access to features like the following:
New retail merchants that sign up with ProMerchant get free terminals as well. In this case, the options are from Verifone and PAX. Here's what you should know about the two options:
|Verifone VX520||PAX A920|
ProMerchant offers mobile payment processing through the free PayAnywhere App for brick and mortar merchants and mobile businesses. Works through any Android or iOS phone or tablet, that uses a super flexible bluetooth credit card reader.
Merchants that take mail and phone order payments can get access to two different payment processing platforms, Authorize.net, as described above in the ecommerce section, or Payments Hub.
With no monthly SaaS subscription costs, Payments Hub is a virtual payment terminal that allows a variety of customer transactions whether they are in-person, or by phone, email, mail, fax, or text. The Payments Hub platform also offers merchants easy reporting and analytics, as well as customer service functions like transaction verifications, resending receipts, voiding transactions, or processing returns.
When you become a ProMerchant client, you are assigned a personalized Account Director and support team to help with your account, help select the most cost-effective solutions for your business, and even walk you through setting up and using your terminal or payment processor.
Accounts can be approved within 2 – 24 hours. It can take a little bit longer to get your processing account up and running. Those using virtual processors can be up and running and able to accept card payments within 48 hours.
If you need to wait for your free terminals to arrive before you can start processing credit card payments, overnight delivery is available. So, retail and mobile merchants can be ready to go within 72 hours of first getting a quote from this company.
Merchants will be provided with setup instructions, but they also have access to their dedicated support team to help walk them through the implementation and onboarding process.
Pricing depends on many factors with this company, and pricing levels are not disclosed online. You need to fill out a lead form with details about your business to get more information. ProMerchant offers two different pricing plans to help find the best, money-saving payment model for your business. The company emphasizes the value of its service experts who can help find you a customized plan and show you where your current plan is potentially costing you.
However, you will have to contact the company for pricing.
Users of the authorize.net platform through ProMerchant should note that while previously available, Quickbooks Sync integration has been discontinued. Automatic daily syncing of transactions to Intuit's QuickBooks has stopped for desktop and online versions.
However, Authorize.Net has offered a similar, fee-based system from partner CommerceSync. Once you register, daily sync transactions to your Quickbooks Online account are supported.
Rita Carnevale Wilmington, DE
3 months ago
Reply from ProMerchant
Jan. 25th, 2021