In this article, we provide a thorough review of Preferred Payments, a credit card processing company. We will discuss the various services offered by the company, including merchant accounts, payment gateways, and point-of-sale solutions. The review will cover the pricing structures and contract terms, along with an analysis of customer feedback and support options. Additionally, we will compare Preferred Payments to other providers in the industry to help you decide if their services align with your business needs. This comprehensive overview aims to equip you with the necessary information to make an informed decision.
Preferred Payments provides services for handling credit and debit card transactions. These services aim to be secure and efficient, facilitating smooth and reliable payment processing for a wide range of industries.
EMV Terminals
Preferred Payments supplies EMV terminals that utilize chip technology to enhance transaction security and reduce fraud. These terminals can be integrated into existing point-of-sale systems and are suitable for businesses of varying sizes, ensuring compliance with current payment standards.
ACH and e-Check Processing
Preferred Payments offers ACH and e-check processing, enabling businesses to collect electronic payments directly from customers' bank accounts.
POS Solutions
Preferred Payments provides Point of Sale (POS) systems that include both hardware and software for managing sales, inventory, and customer interactions. These customizable systems are designed to meet the needs of different types of businesses, from retail stores to restaurants.
Mobile Solutions
For businesses that need to accept payments on the go, Preferred Payments offers mobile solutions that work with smartphones and tablets. This service provides flexibility for service providers, market vendors, and other mobile businesses, allowing transactions to be processed anywhere.
Virtual Terminals and Prizm Payment Gateway
Preferred Payments offers virtual terminals and the Prizm Payment Gateway for processing payments online. Virtual terminals allow for remote payment acceptance via internet-connected devices, while the Prizm Payment Gateway integrates with e-commerce platforms to facilitate secure and seamless online transactions.
e-Commerce Solutions
Preferred Payments delivers a range of e-commerce solutions, including shopping carts, PCI compliance, fraud protection, recurring billing, and gift and loyalty programs. These solutions are designed to help online businesses manage transactions securely and efficiently.
Data Reporting and Analytics
Preferred Payments provides data reporting and analytics services to assist businesses in making informed decisions. These tools offer insights into transaction trends, customer behavior, and financial performance.
Preferred Payments offers most standard payment processing solutions
Preferred Payments Customer Reviews
Here's What Their Clients Say
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Recent Lawsuits
No
No Merchant Complaints Found
We are unable to locate any negative Preferred Payments reviews in the usual consumer protection forums. This absence of complaints indicates that the company is not a ripoff or a scam, and it seems that the company does an excellent job of resolving complaints in-house. It is possible that some complaints intended for Preferred Payments have instead been posted to Elavon’s online profiles, but we have found no evidence that this is occurring. If you have your own Preferred Payments review to make, please do so in the comments below.
Preferred Payments Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Preferred Payments. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Preferred Payments Customer Support Options
Preferred Payments features a live chat support feature, a phone number, and a “Frequently Asked Questions” page. Given the overall lack of merchant complaints filed against the company, we will award Preferred Payments an “A” rating at this time, but its customer support options do not qualify it as a top-rated customer service payment processor.
Preferred Payments Online Ratings
Here's How They Rate Online
Online Ratings Summary
BBB Reports
0
No BBB Complaints
The BBB currently awards Preferred Payments accreditation and an “A+” rating. The BBB has received 0 complaints in the last 36 months. The company has not received any informal negative reviews filed against the company either.
An “A” Performance Overall
Although the BBB has only maintained a profile for Preferred Payments since December 2013, it lists the company’s founding date as April 15, 2009. In light of the company’s apparent time in business and complaint rate, we agree with the BBB’s rating at this time, but readers should note that there is reason to be skeptical of the BBB’s reviews.
Preferred Payments Fees, Rates & Costs
A Closer Look at The Contract
Cost & Fees Summary
Cancellation Penalties
No
Monthly & Annual Fees
Unclear
Processing Rates
Interchange-Plus
Equipment Leasing
None
Transparent Contract Terms
Preferred Payments openly discloses contract pricing information on its website and provides a comparison tool between its own and other processors’ services and fees. Notably, there are no setup fees, monthly minimum fees, PCI compliance fees, or early termination fees. The company offers either tiered or interchange-plus pricing models, but exact pricing details are not provided.
Virtual Terminal and Payment Gateway Pricing
Alongside its in-store payment processing services, Preferred Payments advertises its virtual terminal and payment gateway services on its website. However, specific pricing for these services is not disclosed. The company optimizes its virtual terminal with interchange-plus pricing and does not charge batch fees. Additional rates and fees, such as gateway fees, technical support fees, and additional transaction rates, may apply to these e-commerce services.
Interchange-Plus Pricing
Preferred Payments offers exclusively interchange-plus pricing and does not bind clients to long-term agreements. Businesses have the option to purchase equipment through Preferred Payments, which is advantageous for business owners. These terms offer greater flexibility compared to the standard Elavon contract, which often includes a tiered pricing plan with a $10 monthly fee and requires a multi-year equipment lease through Ladco Leasing. However, readers are advised to compare Preferred Payments’ costs with those of the most affordable merchant account providers.
Preferred Payments offers access to the Prizm payment gateway
Preferred Payments appears to market its services through online advertising and an internal sales force. We are unable to find any evidence at this time that the company utilizes independent contractors, telemarketing, or hiring mill tactics to sell its products. There are also no Preferred Payments reviews online that mention unethical conduct or nondisclosure by the company’s sales team.
Transparent Pricing
As an additional point in the company’s favor, we can find no evidence of teaser rate quotes or misleading advertising on the Preferred Payments website. The company prominently mentions interchange-plus pricing, which is the most transparent pricing model available. In light of these factors, we award the company an “A” in this category for the time being. If you suspect that Preferred Payments is charging you undisclosed fees, however, we recommend seeking an independent statement audit to spot and eliminate hidden charges.
Our Preferred Payments Review Summary
Our Final Thoughts
Preferred Payments is regarded as a reliable credit card processing provider based on all currently available data. The absence of complaints across various websites reflects positively on the company, although specific information regarding its sales practices and contract terms remains scarce. As such, business owners should meticulously review all relevant documentation before enrolling in the company’s services and compare its fees to those provided by top-rated credit card processors. It is also important for readers to distinguish between Preferred Payments and Preferred Card Services, an unrelated provider. Making this distinction will help ensure that businesses are making informed decisions tailored to their specific payment processing needs.
Contact Preferred Payments
Support & Contact Information
Title / Label
Information
CEO
David Anderson
Address
4580 Thousand Oaks Blvd Suite 200, Westlake Village, CA 91362
Preferred Payments has been a game-changer for our business! Their seamless payment processing solutions have significantly streamlined our transactions and improved overall efficiency. With a user-friendly interface and top-notch security measures, we feel confident in every payment we make or receive.
Since partnering with Preferred Payments, we’ve experienced a noticeable boost in customer satisfaction. The fast and reliable payment processing has impressed our clients, and the reduced wait times have led to increased sales and repeat business. Their customer support team is exceptional, always prompt and attentive to our needs.
Choosing Preferred Payments was one of the best decisions we made for our company. Their innovative approach to payment solutions has positively impacted our bottom line, and we couldn’t be happier with the results. We highly recommend Preferred Payments to any business seeking a trustworthy and efficient payment processing partner.
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Brody Holly
Preferred Payments has been a game-changer for our business! Their seamless payment processing solutions have significantly streamlined our transactions and improved overall efficiency. With a user-friendly interface and top-notch security measures, we feel confident in every payment we make or receive.
Since partnering with Preferred Payments, we’ve experienced a noticeable boost in customer satisfaction. The fast and reliable payment processing has impressed our clients, and the reduced wait times have led to increased sales and repeat business. Their customer support team is exceptional, always prompt and attentive to our needs.
Choosing Preferred Payments was one of the best decisions we made for our company. Their innovative approach to payment solutions has positively impacted our bottom line, and we couldn’t be happier with the results. We highly recommend Preferred Payments to any business seeking a trustworthy and efficient payment processing partner.