A three-year contract through EVO Payments International and First Data Global Leasing with a $395 early termination fee, and 40 public complaints about service and marketing.
The standard contract for Velocity Merchant Services includes an automatic renewal for one year terms, a $395 early termination fee, and a $120 per year PCI compliance fee.
After partnering with Northern Leasing, Velocity has partnered with First Data Global Leasing. Non-cancellable long-term leases are a contract term to avoid.
In addition to payment processing, Velocity Merchant Services offers virtual terminal and payment gateway services with additional fees.
The rates for Velocity Merchant Services are slightly less than competitive for the industry. We award Velocity a “C” in this category.
Velocity is showing an average number of complaints compared to other merchant services companies and several negative reviews suggest that the company is a scam.
Many former employees of Velocity Merchant Services complained of deceptive sales strategies, and used names like Financial Consultant to make it seem like they were licensed professionals.
There are no class-action lawsuits or FTC complaints against Velocity Merchant Services, but the company was fined $19,007 for wage and hour violations.
The company’s website offers live chat, a support ticket system, and a dedicated customer service line, but complaints about long customer service wait times and rude customer service representatives have been made by several review websites.
As of this review, Velocity Merchant Services is not accredited by the Better Business Bureau and has received 19 complaints, 4 of which were resolved to the satisfaction of the merchant.
Velocity Merchant Services uses independent sales agents in addition to in-house telemarketing to market its services, with complaints citing nondisclosure of contract terms, aggressive sales tactics, and misrepresentation of rates.
Former employees have complained that Velocity telemarketing agents use a tactic known as slamming to convince merchants to switch providers.
Velocity Merchant Services scores a “C” in this section because of the sheer amount of complaints about their sales tactics.
Velocity Merchant Services rates as an average merchant services provider, and can improve its overall rating by exercising greater control over its sales agents and offering more competitive contract terms.