Mom & Pop Merchant Solutions, formerly known as “Securus Cash & Capital, ” is a merchant account provider based in Portland, Oregon. The company previously operated as a subsidiary of an Irving, Texas-based company called Excel Corporation, which is also the parent company of Securus Payments, eVance Processing, and Calpian Commerce. According to the company’s president, Mom & Pop Merchant Solutions left Excel Corporation in January 2016 specifically to distance itself from Securus Payments and now currently operates as its own independent organization.
Mom & Pop’s primary service is providing merchant cash advances, and the company is a reseller of First Data (now Fiserv) products and services.
Reviews title=Mom & Pop Merchant Solutions Review: Fees, Complaints & Lawsuits style=width:100%;text-align:center; onerror=this.onerror=null;this.src='https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcS5jcxsIRaBS4I7R4TYdLH3Sa8JGfdHFWgxQLW__v5WNEpOztJxodGczgSezxilF7vMuvI&usqp=CAU'; />
Mom & Pop is currently headquartered at 1004 S Central Ave, Medford, OR 97501. Bret Martin serves as the CEO of Mom & Pop Merchant Solutions.
Wholesale Marketplace Faire Raises $400 Million
We are unable to locate more than 5 negative Mom & Pop Merchant Solutions reviews from merchants, and the company’s merchant cash advance service does not appear to be a scam or a ripoff. Only one of these Mom & Pop Merchant Solutions complaints mentions unfairly high merchant cash advance interest rates, and it does not even mention whether any merchants actually accepted the proposed terms. If you have your own Mom & Pop Merchant Solutions review to make, please do so in the comments below.
We have not found any outstanding class-action lawsuits or FTC complaints filed against Mom & Pop Merchant Solutions. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Mom & Pop Merchant Solutions lists an email address and a phone number on its website, though it is unclear what services are offered through these. The company may provide its own customer support for merchants, or it may refer its merchants to its preferred processor for merchant account-related issues. The company’s reliance on independently contracted sales agents may result in a highly variable customer service experience for many merchants, and some agents have reported difficulty reaching their own managers.
Covid 19 Testing Chain Opened Pop Ups Across The Us. Now, It's Temporarily Closing Amid Federal Investigation And Mounting Complaints
Mom & Pop’s complaint record earns it an “A” at this time, but its customer support options appear to fall short of what we demand of top customer service processors.
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
The company’s profile also received 3 informal reviews, which are negative. The review is specifically about potential ISOs working with the company:
Large Public Companies Are Taking Small Businesses Payroll Loans
**** starts off as this very nice man, he’s super successful, mom & pop is this successful business since 2007 and a Gold Mine business to be in, his $100 course gives you hope that you have finally found a perfect family and a job opportunity, so you get in.During the courses, however, **** offers you this “ONE TIME ONLY” offer that you absolutely can’t resist to be a National Sales Manager for ********* but tells you that its such a great opportunity that they need to charge you $2, 500 for it and that you have to “WIRE IT” to him!!By now you are sold on **** and his awesome personality so ofcourse something tells you that you can trust **** and you pay him the $2, 500. DO NOT pay him the $2, 500 before trying out ********* as a regular ISO to really see what its all about and how hard it is to close deals, or else you will NEVER see that money again.I reached out to over ****** businesses within the first month, had 6 appointments, spending over $500 of my own money before I realized that this so call “GOLD MINE” is not a gold mine after all. This is by far the most difficult business to be in because these business owners are bombarded daily by people trying to offer them loans and they’ve just had enough and want nothing to do with you.Here is where things went wrong with my case. I reached out to **** in “GOOD FAITH” explaining to him that I’m stepping down from management position and would kindly like to get my $2, 500 back which is still within the 30 days of wiring it to them. I also explained to **** that I spent $500 of my own money promoting “HIS” ********* business, and being the nice guy that I am I’m not asking for any of that money back, I just want my $2, 500 back with a big “PLEASE.” Well… One email goes by, multiple FB messages, and no response from ****.**** IS VERY RESPONSIVE when he wants your money, but when it comes time for him to give you your money back, **** will be Missing in Action.
Given the fact that Mom & Pop has received only one complaint, we agree with the BBB’s former rating of a “C.” Merchants should note, however, that there are reasons to be skeptical of the BBB’s rating system.
Mom & Pop Merchant Solutions primarily provides merchant cash advances rather than merchant accounts. A merchant cash advance is a form of small business financing that allows a business owner to receive a one-time lump sum in exchange for selling a portion of their future receivables. Merchant cash advance terms are calculated on an individual basis according to each merchant’s size, processing history, and business type, and they are repaid to the cash advance provider via a percentage of the merchant’s credit card sales over a period of months or years. They are often extended to merchants who cannot qualify for traditional business loans.
Amazon.com: Finance Your Own Business: Get On The Financing Fast Track: 9781478935322: Sutton Esq., Garrett, Detweiler, Gerri, Sutton Esq., Garrett: Books
Additionally, the company is a reseller of First Data (Fiserv) merchant services. A standard First Data (Fiserv) merchant agreement is typically a multi-year contract with an early termination fee of $495, a monthly PCI compliance fee of $19.95, and tiered pricing. Merchants who process up to $50, 000 each month will receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Merchants whose monthly charges exceed $50, 000 will receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19. Another facet of these contracts are non-cancellable, long-term equipment leases through First Data Global Leasing.
Mom & Pop Merchant Services does have the freedom to alter these terms depending on a merchant’s size, business type, and processing history as an ISO of First Data (Fiserv). However, with a lack of readily available information on the company’s rate and fee structure, merchants considering its services should refer to First Data (Fiserv) as a point of reference.
Merchant cash advances are not subject to the same regulations as small business loans and can therefore carry effective interest rates that far exceed most usury laws. Although the effective interest rate on a merchant cash advance can be incredibly high, there are some circumstances in which a merchant cash advance can work out favorably for a business owner. Merchants are advised to request and review the full terms of any cash advance they have applied for and to compare it to any conventional loans they can qualify for.
Mom & Pop Business Funding
It is possible for Mom & Pop Merchant Solutions to open a new merchant account for merchants, but the company’s president has claimed that this is an uncommon service. The details of the company’s standard merchant account are not publicly available, and there are no merchant reports that clarify whether it can compete with the cheapest merchant accounts. There are also no online Mom & Pop Merchant Solutions complaints that specifically mention the company’s cash advance terms, which has earned the company an “A” rating in this section.
Mom & Pop appears to primarily market its services through the use of independently contracted 1099 sales agents and telemarketing. Mom & Pop specializes in merchant cash advances as opposed to actual merchant accounts, although it can open new merchant accounts for interested merchants. Mom & Pop does not list its payment processing partner, but it is likely that First Data (Fiserv) or one of their subsidiaries fills this role. Mom & Pop’s president has stated in the comment section of this review that it is very rare for a merchant to ask Mom & Pop to take over their credit card processing.
A company representative also stated that Mom & Pop Merchant Solutions does not require merchants to switch over to a specific processing platform, although this would defy the conventional structure of merchant cash advances. Typically, a merchant’s existing processor can offer a merchant cash advance and simply withhold a percentage of the merchant’s daily deposits in order to collect its fee over time. However, Mom & Pop claims to “take a fixed daily dollar amount or percentage of the business owners daily sales, and withdraw that money out each day of the proceeds that come in to the business owners bank account.” It is unclear whether there are charges associated with each of these withdrawals, but if there are, merchants should be aware that those Mom & Pop Merchant Solutions fees could potentially be avoided by securing a merchant account through their existing processor.
Business Interruption Fund
Mom & Pop’s
0 comments
Post a Comment