Verotel.com was founded in 1998 in San Francisco. They provide merchant accounts and specializes in high-risk transactions online.This means they’re able to operate in the world of e-commerce business. They’re currently based in Amsterdam and have marketed themselves through their website and partners.
So far, there have been no complaints in their marketing. They avoid promoting anything that they know they can’t or won’t offer.
Fees and Costs
Verotel is one of the more expensive companies that operates with high-risk businesses. They offer three payment plans: Basic, Premium, and Pro. Each has specific costs and fees, as well as several different extra features.
The Basic plan requires merchants to pay an annual fee of $500, and there is also a transaction fee of 15.5%.
The Premium plan offers unique amounts for special transactions but with an added annual fee of $500. Merchants in this plan are required to pay $100 each week for processing. For every week that’s not paid for, you’ll end up accumulating an additional $25.
The Pro plan is the most expensive but the most extensive plan out of the three. It gives you the option of customizing transaction fees that depends on your size and processing history. The annual fee is $1,000, but you also get a special API integration of your website via Verotel’s payment platform.
Their prices might be high and only certain merchants will be able to transact with high-risk businesses, but they’re one of those rare companies that aren’t scared to place their stakes in businesses that could boil over.
There are numerous reports and complaints regarding how they operate and one of these involves them withholding funds. Complaints have also been made of their customers, support, billing errors, and cancellation of accounts.
A few years ago, the company had to switch their pricing plans and canceled accounts that didn’t meet the standard requirements. This angered merchants who didn’t know of their plan changes as the company did everything themselves without even notifying its merchants.
The company seems to operate in a legit manner but the number of complaints they’ve been receiving proves they’re not worth the approach. Their pricing is too high for most merchants and while they operate with high-risk businesses, some risks should be considered.
This company can confuse a lot of people since they both have their good and bad sides. It’s entirely on you to take the plunge and see if it’s worth venturing into.