Home > Merchant Services Reviews
By Phillip Parker
▼ 22 User Reviews
2
How did they treat you? ▼
| Pros: | Cons: |
|---|---|
| Convenience for Customers: Quick, seamless transactions. | High Transaction Fees: Erodes profit margins. |
| Enhanced Cash Flow: Faster funds availability. | Chargeback Vulnerability: Risk of revenue loss. |
| Global Expansion: Worldwide market access. | Security Concerns: Ongoing cybersecurity investment. |
| Reduced Fraud Risk: Advanced security features. | Technology Costs: Implementation and maintenance. |
| Improved Record Keeping: Efficient financial management. | Dependency on Providers: Third-party reliance risks. |
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Overview
In this review of TimePayment, a subsidiary of Fortress Investment Group known for its equipment lease financing services, we'll provide an insightful overview of their offerings. We'll examine key aspects such as rates, fees, contract terms, and customer complaints, as well as TimePayment's payment processing capabilities, including handling various credit cards and offering mobile payment solutions.
We'll also look at the technology tools and backend services provided by TimePayment, along with the training they offer for selling lease financing. Additionally, we'll discuss the company's recent acquisitions and their impact on the market. Our review aims to give a balanced perspective, highlighting both the advantages and potential drawbacks of TimePayment's services based on customer reviews and legal proceedings.
TimePayment is a wholly-owned subsidiary of Fortress Investment Group, specializing in equipment lease financing, including leases for credit card terminals and point-of-sale equipment. Unlike Northern Leasing Systems, TimePayment does not process transactions or sell merchant accounts directly. Instead, sales agents typically pair a TimePayment equipment lease with a newly opened merchant account from a credit card processor. Riverside Payments and Velocity Merchant Services are two merchant account providers that reportedly resell TimePayment leases. In 2022, TimePayment acquired competitors QuickSpark, Wheaten Financial, Diversified Capital Credit Corporation, and Briland Capital.
Jump Ahead:
- Rates and Fees
- Contract Terms
- Common Complaints
- Industry Ratings
- Employee Reviews
- Marketing Tactics
- User Reviews
TimePayment Products and Services
Point of Sale
TimePayment provides equipment leasing for various businesses, with a particular focus on point-of-sale systems for restaurants and salons/spas. They also offer reseller opportunities for this equipment.
Payment Processing
TimePayment offers services that enable businesses to accept major credit cards, including Visa, Mastercard, American Express, and Discover. Their payment processing solutions support in-store, online, and mobile transactions, designed to be flexible, fast, and secure.
Equipment Lease Financing
TimePayment provides equipment lease financing options for dealers, buyers, and brokers. They offer flexible terms and custom options, catering to different business needs and credit profiles, including those with FICO scores as low as 550.
Technology Tools
The company offers technology tools such as InfoHub™, an online portal and dashboard for application entry and growth tracking. These tools integrate with websites and shopping carts to enhance online sales.
Backend Services
TimePayment offers backend services, handling tasks such as invoicing, pass-through billing, and customer service. This allows businesses to concentrate on their core operations while TimePayment manages administrative functions.
Sales Tools and Training
TimePayment provides staff training on selling lease financing, including hands-on training with personalized online portals and automated paperwork generation to streamline the point of sale process.
Industry Coverage
TimePayment works with over 50 industries, including restaurant, automotive, printing, and healthcare, providing tailored financing solutions to meet the specific needs of each sector.
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TimePayment Customer Reviews
Here's What Their Clients Say
| Total Online Complaints | 150+ |
|---|---|
| Live Customer Support | Yes |
| Most Common Complaint | Sales Tactics |
| Recent Lawsuits | Yes |
Understanding TimePayment’s Customer Feedback
TimePayment has amassed over 150 customer reviews that express dissatisfaction, with some labeling the company as a ripoff or scam. Such a complaint volume is consistent with the equipment leasing industry, where companies like Northern Leasing Systems, First Data Global Leasing, and Ladco Leasing are known for their contentious relationships with merchants. The similarity in lease terms between TimePayment and its competitors sheds light on the origins of these complaints. If you’ve had an interaction with TimePayment, sharing your experiences in the comments could provide valuable insights for others.
Legal Encounters Involving TimePayment
TimePayment has faced legal challenges, including two lawsuits in 2019 from customers over equipment leasing agreements. One case alleged that the lease was effectively a consumer credit sale, resulting in a settlement, while the other, involving damaged equipment, was dismissed. These cases highlight the potential disputes within equipment leasing contracts.
For those seeking non-litigious resolutions to disputes with TimePayment, reporting the issues to appropriate supervisory organizations is recommended.
Available Customer Support from TimePayment
TimePayment offers a comprehensive suite of customer support options, including telephone, fax, and email communication channels, catering to a broad spectrum of customer needs.
Contact Information for TimePayment Customer Service
- (877) 868-3800 – Toll-Free General Customer Service
- (866) 994-7832 – New Business Inquiries (Buyers)
- (800) 872-1532 – Vendor Services & Transaction Support
- (866) 994-7260 – Broker Support & New Business
- (781) 994-4774 – Fax
Additional Support Channels
- [emailprotected] – General Customer Service
- [emailprotected] – New Business Inquiries (Buyers)
- [emailprotected] – Vendor Services & Transaction Support
- [emailprotected] – Broker Support & New Business
While these support options align with industry standards, the prevailing customer feedback regarding contract terms and sales tactics influences the company’s overall rating in customer service. Your detailed experiences can further enlighten potential clients and guide their decision-making process.
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TimePayment Online Ratings
Here's How They Rate Online
| BBB Rating | 1.04 |
|---|---|
| Trustpilot Rating | 2.5 |
| ComplaintsBoard Rating | N/A |
| Average Rating | 1.77 |
BBB Rating Analysis
TimePayment Corp. has a customer review rating of 1.04/5 stars on BBB, based on 80 customer reviews. The company has also received 190 complaints closed in the last 3 years, with 78 complaints closed in the last 12 months. Common themes among the reviews and complaints include issues with billing and collections, and dissatisfaction with the overall service.
Negative Feedback
I borrowed $8,800 from Timepayment and it wasn’t supposed to go on my credit report. A few days later I got an alert that I had a new inquiry, sure enough, it was them but what really stood out was the amount borrowed of $19,000+, I didn’t borrow this much. So it either needs to be corrected on my credit report or they need to compensate the difference by check loan amount difference. Thanks and hopefully we can get this resolved soon.
– Complaint from October 6, 2023
My account was sold to this company without my knowledge. I was not contacted by either company to inform me of the change. My payment increased because I didn’t show insurance. The other company had my proof of insurance but I guess it was conveniently lost. After a year of paying I inquired about my balance and I was told it is now more than what I borrowed. This has to stop!!!! Crooks!!!!!
– Review from November 15, 2023
Positive Feedback
There are no positive reviews published about TimePayment Corp. on the BBB website.
Source: BBB
Trustpilot Rating Analysis
TimePayment has an average customer review rating of 2.5 stars on Trustpilot, based on 5 customer reviews. The reviews indicate a predominantly negative perception, with 80% of the reviews being 1-star. Common themes among the reviews include complaints about poor customer service, misleading or unclear terms, and issues with billing and charges.
Negative Feedback
Absolute 100% scam of a company. I had a copier lease with them for 60 months and at the end of the lease I had the option to buy the equipment at market value. Well, as a busy businessman I didn’t pay attention to when the lease was over and they never emailed me or got a hold of me. After 6 months I realized that my 60 month lease was over and called them to find out why they had been charging me. The rep Joan Daniel straight lied to my face telling me that I had 1 month left and then I can return the equipment or buy it out just to squeeze me out of another $174. I emailed and called left messages but no one replied or responded and they proceeded to steal my money. They went behind my back and bought the equipment without giving me an opportunity to return it to the company that i leased it from. After that, they tell me that if I don’t want to keep the equipment I had to return it to them in Massachusetts, even though when I leased the printer in Fresno California and I have to pay for the shipping of $1600. If I knew that I had to return the equipment myself across country I would’ve never even leased it in the 1st place. Now I have to pay the buyout fee and an additional 3 months of rental simply because they are nonresponsive.. after speaking with an attorney she said that she is with so many people like me that are getting scammed by this company that she doesn’t even know how they still in business. This is a complete and total scam of a company. DO NOT DEAL WITH THEM!!!! If you are financing or planning to lease something, find out who the lease company is and if it’s these scam artists, run away!!!!! I hope thus company goes out of business soon. A COMPLETE AND TOTAL SCAM!
– Review from September 29, 2023
NEVER deal with this company. I got a loan from them to get a new ToolBox and I wish I never have. They have had “Technical Difficulties” for over a month. I can’t get a buyout quote on the site but I was able to send an email. Once I sent an email somehow instead of $5,000 I now owe a little over $11,000 and they won’t help me. Also I made $800 in payments that are not showing up on the site that nobody can confirm with me. This place is a SCAM, Avoid at all costs..
– Review from October 5, 2022
Positive Feedback
There are no positive reviews published about TimePayment on the Trustpilot website.
Source: Trustpilot
ComplaintsBoard.com Rating Analysis
TimePayment has a range of customer reviews on ComplaintsBoard.com. The common themes among the reviews include dissatisfaction with customer service, unexpected fees, and issues with lease agreements. Many customers express frustration over the terms of their leases and the company’s handling of financial matters.
Negative Feedback
I leased a photo booth through this company. My due date is the 15th, set it up to be drafted on the 15th, and they draft sometimes 5 days before the due date. I called them, and they were like, give us a credit card number, and we will make sure to only draft on the 15th. I am like, why can’t you honor the agreement that we have? Their response was, those are your options. They suck at customer service.
– Complaint from October 13, 2019
I have never in my life have felt so ripped off. I thought I was purchasing a hot dog stand from Willy Dog through a payment program, but when I started getting bills from Time Payment Corporation, I was confused. It turns out they hold a lease on the hot dog stand that I purchased. The worse part is I will be paying $12,000 for a $3,000 hot dog cart. The $200 dollar payments that I was supposed to have been over $300. They won’t take the cart back, and if they did take the cart back, you still owe the full amount of the lease time. They will call and harass you all the time over the payments. Willy Dog and Time Payment Corporation are vultures. Shame on you all.
– Complaint from March 21, 2019
Positive Feedback
There are no positive reviews published about TimePayment on the ComplaintsBoard.com website.
Source: ComplaintsBoard.com
Payment Processing Industry Insights
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TimePayment Fees, Rates & Costs
A Closer Look at The Contract
| Processing Rates | 1.00% - 4.99%+ |
|---|---|
| Cancellation Penalties | Yes |
| Monthly & Annual Fees | Yes |
| Equipment Leasing | Yes |
Lease Contract Terms
The standard TimePayment agreement typically spans multiple years and is non-cancellable. The duration of the contract varies, usually lasting from 36 to 60 months. It enables businesses to lease equipment with fixed repayment schedules. At the lease’s end, businesses may have the option to purchase the equipment for an additional one-time fee based on its fair market value.
Virtual Terminal and Payment Gateway Pricing
Aside from its in-store payment processing, TimePayment also promotes its virtual terminalandpayment gateway services. However, pricing details for these services are not provided. Typically, additional fees such as gateway fees, technical support fees,batch fees, and transaction rates are applicable to these e-commerceservices.
Non-Cancellable Conditions
Attempting to cancel the agreement prematurely obligates the business owner to pay the remaining monthly payments for the lease’s duration. This outstanding amount may be withdrawn in a lump sum or monthly until the lease term concludes. TimePayment’s lease agreement is legally binding, superseding any verbal assurances provided by sales agents. Businesses should prioritize the contractual terms over any conflicting sales representations.
Purchase Instead of Leasing Equipment
In most instances, we advise against equipment leases. Many credit card terminals are available for purchase under $500, significantly lower than long-term lease costs. While leasing offers some benefits, they are outweighed by high expenses and contractual obligations. We recommend exploring our list of the best merchant services.
TimePayment’s main point-of-sale customers include salons, spas, and restaurants
Processing Cost Comparisons
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TimePayment Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Uses Independent Resellers | Yes |
|---|---|
| Telemarketing | No |
| Misleading Marketing | No |
| Discloses All Important Terms | No |
Third-Party Resellers
Business owners can apply for equipment financing directly through TimePayment, but TimePayment does not appear to market directly to business owners. Instead, the company primarily advertises to ISOs and independent sales agents who might be interested in reselling TimePayment lease agreements. This sales structure typically results in a large number of client complaints, and TimePayment is no exception. We have found a low-to-moderate number of TimePayment reviews that mention nondisclosure of lease terms by an independent sales agent. This complaint pattern is typical of providers like Northern Leasing Systems, First Data Global Leasing, and Ladco Leasing. This does not compare favorably to our list of best credit card processors.
Bundled With Other Contracts
As noted above, TimePayment has been cited as the equipment leasing partner of processors like Riverside Payments and Velocity Merchant Services. Both Riverside and Velocity are the subjects of numerous complaints related to misrepresentation of fees, aggressive sales tactics, and selective disclosure of contract terms. This is cause for concern due to TimePayment’s standard lease agreement, which is a non-cancellable, multi-year term that can cost thousands over the life of the lease.
Some Cause for Concern
TimePayment does not appear to engage in deceptive sales tactics on its own, but its marketing approach of partnering with independent resellers is an ongoing problem in the credit card processing industry.If you believe you may be overpaying on your monthly bill, we advise you to seek a fee reduction audit from an independent third party.
Annual Awards
↪ Annual Report: The Best and Worst Processors of 2023
Our TimePayment Review Summary
Our Final Thoughts
TimePayment is currently rated as an average credit card processing provider. While the company boasts a relatively low complaint rate compared to its peers, it doesn’t stand out in its contract terms, which appear largely similar to others in the industry. This rating is subject to change as we gather more client feedback and assess the company’s ongoing performance. However, businesses already bound to a lease agreement with TimePayment may still find savings by switching to a merchant account from a highly-rated payment processor. By exploring these alternatives, businesses can ensure they’re receiving the most favorable terms and services available.
Location & Ownership
Jay Haverty is the president and CEO of TimePayment, which was founded in 2006 and is headquartered at 200 Summit Drive, Suite 100, Burlington, MA 01803.
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Which is Most Important for You?
If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:
- Low Transaction Fees
- No Monthly Fees
- No Contract
- Reliable Customer Support
- Quick Signup
About The Author
Phillip Parker
In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
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