Credit Card Processor Rating Criteria

A reputable, affordable merchant account or third-party payment processor is vital to the success of any business, so we take our reviews and ratings very seriously, following a precise methodology. Here are just some of the reasons readers can trust the Merchant Maverick rating system:

• Merchant Maverick has been reviewing payment processors since 2009.
• Over the years, we’ve evaluated over 150 merchant account providers and credit card processors.
• Each review involves 10-15 hours of initial research, followed by 5-10 hours of research for each review update.
• We update our payment processing reviews at least every 12 months, though most reviews are updated twice a year, and a few of the platforms most popular with our readers receive quarterly updates.

While we research and compare many different systems, the reviews displayed on the site have been handpicked based on metrics like overall popularity, reputation, rates, and quality. The goal is to provide the most actionable and accurate information to our readers, so while we love to recommend great products, we don’t shy away from pointing out the areas where popular providers fall short.

Our expert writers conduct independent research and testing for each merchant account review, evaluating cost, rates, availability of software and hardware, customer service, contract length, and more. When determining the star rating for a vendor, we score the following areas:

• Fees & Rates
• Products & Services
• Contract
• Sales Advertising & Transparency
• Customer Support
• User Reviews

Each section’s score is weighted differently, with the highest weights going to Fees & Rates and Contract features. The scores for each section are displayed openly in the review and then combined to create a holistic rating for the product out of 5 stars.

Read on for a more minute explanation of how we determine the individual section ratings.

Note: We use different systems to rate high-risk merchant payment processors and mobile card readers.

Fees & Rates

35% of the total score

The Fees & Rates score is broken into two sections:

• Pricing (50% of the total section rating)
• Affordability (50% of the total section rating)

Both sections are broken down further, and our expert reviewer scores each payment processor on its pricing model (interchange plus, tiered, subscription-based, or hybrid), giving the most points to providers that offer interchange plus pricing or a hybrid of several affordable options, and marking down providers that use a tiered pricing model exclusively. We also look at pricing model transparency, the cost of various account fees, and the transparency of those extra costs, to evaluate whether providers are using above-board tactics or may be charging predatory, hidden fees.

Products & Services

15% of the total score

The Products & Services score is initially broken into two sections:

• Software & Services (50% of the total section rating)
• Hardware & Equipment (50% of the total section rating)

When determining the score for the software and services section, we evaluate the breadth of the available software, its quality, and its overall usability. In the hardware section, our reviewer is looking at concrete costs and availability, and determining whether a business owner is allowed to source their own card readers and other hardware elements.

Contract

20% of the total score

The Contract score is comprised of two sections:

• Commitment (50% of the total section rating)
• EFT & Other Fees (50% of the total section rating)

One of the most important elements we examine in this section is whether a long-term contract is required to use the payment processor. If so, the provider loses big points. We like to see options for month-to-month contract renewals instead. Then we examine the conditions of early termination, determining whether the ETFs are deceptive or misleading, and whether any other processing fees fall within industry standards both for cost and transparency.

Sales Advertising & Transparency

15% of the total score

This score also breaks down into two sections:

• Sales Practices (60% of the total score)
• Web Presence (40% of the total score)

Our reviewers pay very close attention to the style and ethics of each provider’s sales team, looking to see if they use shady, third-party telemarketers, and evaluating sales staff on knowledgeability and use of pressure tactics. We also examine the provider’s website to ensure that the products offered and terms of service are transparent, that the site is up-to-date and accurate, and that no misleading sales gimmicks are being used to lure people in.

Customer Service

10% of the total score

The Customer Service score is broken down into two sections.

• Personal Support (50% of the total section rating)
• Self-Service (50% of the total section rating)

When scoring customer service, we pay the most attention to the number of support options available (phone, email, in-person, etc.), the quality of personal support received, the training options available, and the usability and depth of any online training materials, such as wikis, videos, and webinars.

User Reviews

5% of the total score

The Customer Reviews score is comprised of two sections.

• User Feedback (30% of the total section rating)
• Review Site Aggregate (70% of the total section rating)

We scour the internet for user feedback on all the products we review, looking for positive and negative feedback. Merchant Maverick is not a user review platform, so for part of this total rating we rely on aggregate user scores from review sites such as GetApp, TrustPilot, the iTunes store, and more.