Magothy Payments Customer Reviews

Magothy Payments is a merchant services provider founded in 2014 and headquartered in Severna Park, Maryland. The company sells credit and debit card acceptance to small and mid-sized businesses, with a stated focus on transparent interchange-plus pricing and month-to-month agreements. Reported customer segments include contractors, business-to-business service providers, e-commerce retailers, and membership-based organizations.

Services and Platform

Magothy Payments resells merchant accounts sponsored through Elavon and is an Authorize.Net reseller. Its product offering covers in-person card acceptance through countertop terminals, mobile card readers, virtual terminals for keyed transactions, and e-commerce gateway integrations for online stores. The company is registered as a Minority Business Enterprise with the Maryland Department of Transportation.

Processing Rates

Magothy Payments publishes interchange-plus pricing for its standard accounts. The published markup is interchange plus 0.50% and $0.10 per transaction for Visa, Mastercard, and Discover, and interchange plus 0.75% and $0.10 per transaction for American Express. Statements disclose the markup as both a percentage and a dollar amount.

Other Fees

Reported recurring and ancillary fees include a $10 monthly statement fee, a $10 monthly minimum, a gateway fee of $15 per month plus $0.10 per transaction when the Magothy gateway is used, a one-time account setup fee in the range of $99 to $249, and a PCI compliance fee of up to $12 per month with a $75 non-compliance penalty. Chargeback fees are reported to be capped at $99 per year per merchant.

Contract Terms

Merchant agreements are reported to be month-to-month with no early termination fee. This pricing summary reflects figures published by the company and reported in expert content covering the company.

Ownership/Leadership: Jaron Rice, Founder and CEO

Address: 517 Benfield Rd, Suite 101A, Severna Park, MD 21146

Phone: (855) 624-6849

Website:magothy.biz