Velocity Merchant Services Overview

Velocity Merchant Services (VMS) was founded over 20 years ago to provide merchant services to small- and medium-sized businesses. Aside from credit card processing, the company also offers website design services and working capital programs. Some of the business solutions that they provide are:

  • Business credit card
  • Payroll
  • Marketing
  • Inventory
  • Team management
  • Gift cards
  • Scan data

The company has worked with groceries, restaurants, retail shops, salons and spas, automotive, and other professional services. VMS does not have one-size-fits-all solutions. Every business is unique, so the company has customizable options to ensure a business has what it needs. VMS also takes pride in its exceptional customer care. Clients can reach out to it 24/7 for technical assistance.

Velocity Merchant Services Merchant Services

  • Credit Card Processing

VMS provides credit card terminals for your business. Whether in-store, online, or mobile, the company has the right equipment and device. It will allow you to process card payments no matter where you are. You can attend outdoor events and still receive card payments via a mobile card reader.

  • Point-of-sale (POS) System

Businesses will have a hard time expanding their reach without a POS machine. VMS’ POS devices can help manage inventory and keep track of sales records. The company can also help businesses monitor transactions using cash, cards, and alternative payment methods.

Velocity Merchant Services merchant services

  • Website Design

VMS also offers website design and management. The company can design and set up a website that will allow you to connect to customers, sell online, and even go mobile.

Velocity Merchant Services Fees, Rates & Pricing

  • Processing Fees

VMS does not publish its processing fees on its website. It only said that it has the lowest fees in the industry and that it provides transparent pricing with no unexpected processing fees. VMS follows an interchange-plus pricing model.

Another website has revealed VMS’ pricing scheme. A typical contract will last for three years. This is renewable for a one-year term. If you don’t finish the agreement, there is an early termination fee of $395 while the standard PCI compliance fee is $120 a year. Another website said VMS has a swiped, keyed-in, and virtual terminal rate of 1% to 4.99%.

  • Additional Fees

The additional fees will refer to VMS’ equipment lease. One merchant said that leasing terminals and POS equipment will cost around $35 a month for two years. Other fees associated with VMS’ services are payment gateway, technical support, and batch fees. E-commerce businesses have to pay for these.

  • Hidden Charges

VMS said it has a transparent pricing scheme with no hidden fees.

Velocity Merchant Services Complaints

The company has had 19 complaints filed with the BBB in the last three years. It closed four complaints in the last year. The complaints are mostly centered around the terminals and POS equipment of the company.

Apparently, VMS charges a monthly fee even if the merchant has not set up the machine. In many accounts, the clients have asked VMS to take the device back because they could not use it, but the company still automatically deducted a monthly fee from their bank accounts.

Some clients even said they were charged despite not having the equipment on hand. They also complained about VMS’ inability to resolve these issues. However, it should be noted that VMS responded to these complaints on the BBB site. There is one complaint about the company on Facebook. One client did not recommend the company. He said merchants should do more research.

  • Rip Off Reports – The main rip-off complaint about VMS is its leasing contract and fees.
  • Other Complaints – Clients complain about VMS’ customer service. They said that the company could not be reached after signing the contract.
VMS BBB review
Velocity Merchant Services BBB Rating

VMS is not accredited by the Better Business Bureau (BBB), but it has a rating of A+. This is the highest rating provided by the bureau, although it says on the website that the A+ rating of VMS was not based on customer reviews.

This agency assigns ratings between A+ and F. Many merchants check the BBB website first to know about the payment processor. However, it should be noted that BBB is not the only association that accredits payment processing companies.

BBB Reviews

VMS has a rating of 3.4 out of 5 based on 10 reviews. Their reactions are mixed. Some said the company helped their businesses by providing merchant accounts, equipment, and support. They also raved about the customer service, adding that the team has been exceptional in dealing with their needs. However, there are other complaints about the company. Some called it a scam while others mentioned the horrible customer experience they had with VMS.

Is Velocity Merchant Services Legitimate?

VMS is a legitimate company with a listing on BBB. It also has a Facebook page with more than 2,300 followers and 164 reviews and recommendations. Although its social media pages are not regularly updated, it has had interactions and engagements in the last three months.

ScamAdviser gave the website a good trust score rating. It based the rating on the fact that VMS’ website is very old and has a valid SSL certificate. The only negative thing it had to say about the website is the fact that the site owner hides his/her identity on WHOIS.

  • Scams

On the BBB website, some customers called VMS a scam because of the way they hoodwinked her into buying an EBT terminal and making her pay $4,000 for it. Another merchant said that VMS convinced him to transfer to the company, saying that the company would replace an old terminal with a new one free of charge.

VMS said there is also no cancellation fee if he decides to quit. These are all false claims, the client alleged. Other clients also said that the company hoodwinked them into signing a contract. They get locked into the contract, and the only way for them to get out of it is to pay a fee.

  • Lawsuits – Despite the complaints about VMS, there are no class-action lawsuits filed against the company.

Velocity Merchant Services customer reviews

Velocity Merchant Services Customer Reviews

VMS has a lot of customer reviews. On Google, it has a 4.6 rating out of 872 reviews. Many of the reviews said that VMS is professional and responsive. Others talked about the high quality of their services.

On Facebook, it has a rating of 4.7 out of 5 based on the opinions of 164 people. Most of the reviews said the company helped get their business up and running. However, some warned potential clients away from VMS.

Conclusion

Although there are also a lot of complaints about VMS, it looked like these are fewer than the positive ones. The company is highly rated on BBB’s website, as well as on Facebook and Google Reviews. ScamAdviser even said that its website is not a scam, so it is safe to browse it.

VMS is a stable company. If you are looking for a merchant service provider, you are rest assured that VMS has your back. It has the capacity to provide your business with what it needs to grow. Past clients highly recommended it. With more than 24 years in the industry, VMS should be at the top of your list of payment processors.

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