Merchant One At a Glance
Merchant One is one of Forbes Advisor’s top 10 credit card processing companies, and they are based in Miami Beach, Florida. The company claims to have a lenient approval policy for new customers. However, beyond that, there are multiple points of caution to consider if you’re interested in signing up for credit card processing with Merchant One.
According to the website, the monthly cost to become a customer with Merchant One starts at $6.95. However, you can receive an individualized and more accurate quote when you provide the company with more information about your business.
The credit card processing fees are as follows:
The qualified swipe rate, when a customer is swiping their credit card through a portal, is 0.29% to 1.55% per transaction. The rate for qualified keyed transactions, when you manually enter the customer’s credit card information, is 0.29% to 1.99% per transaction.
Other Benefits
Merchant One claims to have an easy approval process for customers with “less-than-perfect” credit scores. The company will process applications within 24 hours and has a 98% approval rate.
Featured Partners
1
Stax
No
First Month Free
$99 per month, 7 cents to 15 cents per transaction plus interchange rate
2
Paysafe
No
SAVE or get a $200 gift card + FREE payment equipment*
Industry-low rates starting at $0.15 batch fee + 0% Cash Discount Plans available
3
Payment Depot
No
$0 Setup & No Cancellation Fees
Customized Interchange+ Pricing - Rates as low as 0.2% - 1.95%
4
Finix
No
Save up to 40% on credit card processing
Transparent subscription-based pricing with 0% markup on interchange fees
Fine Print
Merchant One claims there is no early termination fee. However, there’s also the following disclaimer, “Rates above are for qualifying rates. For full rates, fees, and terms please refer to your merchant processing agreement. Executed merchant processing agreement overrides above fee table.”
Many Better Business Bureau (BBB) reviewers complained they were locked into three-year contracts with termination fees of up to $750. Multiple reviewers said there was no mention of the three-year contract during the sign-up process. Merchant One’s website is limited and does not have further information about their contract terms besides the above disclaimer.
Although Merchant One claims to have 24/7 phone support, Forbes Advisor made a couple attempts to speak with a representative over the phone and was not successful. Both times we were told the wait would be over 10 minutes long, but the call then dropped after a few minutes.
How Merchant One Stacks Up
To compare the credit card processing fees for each company, you will need an estimate of how much money you plan to spend. Although Square and Intuit QuickBooks Payments charge a higher rate, it is difficult to evaluate the true cost without understanding the individual business structure, payment methods and other fees associated with each transaction.
Merchant One offers phone support but does not provide a live chat option, knowledge base or blog. On the other hand, Square offers a live chat option, phone support, a knowledge base and blog, while Intuit QuickBooks Payments offers their customers the same forms of customer assistance without phone support.
Is Merchant One Right for You or Your Business?
Although many credit card processing companies make their payment structure opaque or difficult to understand, given the particularly deceptive pricing and our experience with Merchant One’s customer service, it may be best to consider another processing company.
There are dozens of reviews on the Better Business Bureau, and the company has a total rating of three out of five stars (with most rated either one or five). Most of the customers who gave Merchant One a one-star review complained about unknown hidden fees and being locked into a three-year contract without their knowledge. For example, one reviewer wrote that after being offered the initial 1.9% fee, they were later charged more. Though these are individual anecdotes, there is a general trend among the reviews.
Frequently Asked Questions (FAQs)
What is Merchant One’s return policy?
Although Merchant One does not publicize its return policy, according to multiple reviewers from the BBB, the company locks customers into a three-year contract and charges a high termination fee if they want to cancel the contract.
Is Merchant One secure?
Yes, Merchant One has all the modern security features you’d expect out of a credit card processing service. Standard features include fraud detection, data encryption and a customer support hotline in case you have a problem.
What is Merchant One’s customer service like?
Merchant One claims to have 24/7 phone support. The company does not have a live chat option, knowledge base or blog, as many competitors do. If you’re experiencing a problem, the phone will be the primary way to get in touch with support. However, Forbes Advisor made multiple attempts to reach Merchant One by phone and could not connect with a representative.
How much does Merchant One cost?
Merchant One’s processing fees vary depending on the plan and the type of payments you are processing, in addition to the amount. According to the website, the company charges 0.29% to 1.99% per transaction for keyed transactions and 0.29% to 1.55% per transaction for swipe/chip transactions. To find more details about the cost, you can request a quote on the website.
