Headquartered in Nashville, Tennessee, iPayment is a merchant account provider and a very large ISO (also known as a “super ISO”) of First Data. iPayment was founded in 1999, went public in 2003, and then was purchased by its current private ownership team in 2006. The company claims to service over 153,000 merchants with in the United States, process over $22 billion dollars per year, and employ more than 400 people. It also acts as the backend processor for several other major ISOs in the credit card processing industry, including Flagship Merchant Services, CreditCardProcessing.com, National Bankcard, and National Payment Processing. Carl Grimstad is the chairman and CEO of iPayment and is one of the company’s original founders.
iPayment primarily resells the products and services of First Data, including EMV-compatible credit card terminals, tablet-based point-of-sale systems, an online payment gateway, mobile phone processing, pay-at-the-pump equipment, gift and loyalty programs, and merchant cash advance. The company’s size and its partnership with one of the largest direct processors in the industry enable it to serve merchants of all sizes and types. iPayment generally offers a standard contract of three years with an early termination fee of up to $350, and it also sells long-term equipment leases through First Data Global Leasing.
iPayment offers phone and email support during business hours. The company has received some negative coverage from independent reviewers due to the persistent patterns of complaints that business owners have filed against iPayment. iPayment has also been known to threaten legal action against outlets that provide unfavorable coverage of the company.
At a glance
Location: Nashville, Tennessee
Acquiring bank: Wells Fargo Bank, Merrick Bank
Phone number: 1-800-554-4777 x 1
E-mail: Contact form here
iPayment Promotional Video
Online reputation and reviews
As a super ISO, iPayment attracts a large amount of merchant feedback online. By a large margin, this feedback is mostly negative in tone. Hundreds of merchant complaints cite the company’s long-term contracts, excessive early termination fees, hidden charges, poor customer service, and deceptive sales tactics as its major drawbacks. Positive testimonials are rare.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to iPayment at this time.
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