In a Nutshell
- Multiple software and hardware options
- Competitive pricing
- Setup may be costly
- Few customer reviews online
Small- and medium-sized businesses looking for a reliable, scalable, and well-priced solution
Businesses looking for payment processing partners that offer a full service from online processing to POS hardware and software
What’s on Offer
iPayment is up-to-date with the latest trends in payment solutions, which means that you can offer your customers multiple ways to pay. It makes the payment process smooth and simple for even the least technical customers. Some of the solutions on offer include secure online payment, over the phone using a virtual terminal, using your smartphone for accepting payments on the go with a POS solution.
The latest POS solutions, such as the Clover™ range of business management solutions
Up-to-date software including free and paid apps
Wide variety of traditional, EMV-compatible terminals
Seamless connectivity with existing software
Encryption and tokenization
Advanced Ecommerce payment solutions, including anti-fraud tools
Virtual Terminal for accepting payments in other ways, such as via phone
MobilePay solution for accepting mobile payments anywhere
Ease of Use
Since iPayment is one of the well established players in the industry, it takes a bit more work to sign up with than other smaller companies, and you cannot sign up through the website. You send a request via the site, and a customer service representative will contact you and explain what is required in order to sign up.
On hand, you should have your business details, including:
Type of account required
Whether you currently accept credit cards
Average per sale amount
Anticipated monthly sales volume
The application process is straightforward and standard for the industry. Further documentation you may be required to provide:
Personal details for some members of the company, such as authorized signatory and shareholders
Bank Account data, bank account number, bank name, and swift/BIC code
Business registration documents
What’s Unique About iPayment
iPayment is unique in that it offers the full range of products and services for accepting payments specifically geared to small and medium enterprises. It has ensured that the solutions are scalable – that can grow with your business – without having to invest in expensive infrastructure.
Solutions span the full range of hardware and software products, and include:
The most technologically advanced Point-of-Sale devices, complete with software packages and apps
The Clover™ range, with features such as an integrated thermal receipt printer, WiFi/3G connectivity, 7”-12” touch screen displays, barcode scanner/camera, and the ability to accept any payment type (MagStripe, EMV and NFC)
Traditional, EMV-compatible terminals such as those from Verifone, Pax, and Castles
The ability to lease or purchase devices
Integrations with existing software
Including integrations with the large ecommerce shopping cart providers
Customer support consists of 3 main options: partner support, merchant support, and technical support. Technical support is reported to be excellent, while merchant support wait times can be lengthy. When in doubt, you can call merchant support to ask any relevant questions and assess whether the service is adequate for your needs.
Like most merchant services, pricing depends on a number of factors, such as the type of card or device used.
|Type of Payment||Processing Fee||Fee Per Transaction|
$25 monthly minimum fee
$9.95/ month for gateway payment
|Cancellation Fee||Ranging from $200 to $350|
|Contract Type||3 years|
|PCI Compliance Fee||$100 per year|
|PCI non-compliance Fee||$30 per month|
*Last updated: June, 2018
Rates and fees may differ per customer.
Fees and contract terms depend on industry type, average monthly payments to be processed, and the agent or ISO setting up the merchant account. Generally, there is a standard 3-year contract, with a cancellation fee if you leave the contract within the first year.
For small- and medium-sized businesses, accepting payments seamlessly does not have to cost a lot or involve investments in infrastructure and hardware. iPayment lets you leverage new technologies and a range of services to drive revenues and make it easy and affordable to accept payments from your customers.
iPayment was established 20 years ago, and has since grown to serving over 140,000 SMB customers, with approximately $24 billion in volume processed every year. The company is headquartered in California, and is led by O.B. Rawls, who brings 25 years of experience in the electronic payment, banking, and healthcare industries.