Benchmark Merchant Solutions Review

Benchmark Merchant Solutions, founded in 2008, is a company that focuses on offering merchant account services and payment processing solutions in the financial services industry. Based in Amherst, New York, the company provides a wide range of products to help businesses, including non-profit organizations, with smooth payment transactions. Benchmark upholds strict security and compliance standards in the processing industry as an official ISO and MSP of Deutsche Bank AG. Lets read more about Benchmark Merchant Solutions Review.

The company’s core focus lies in delivering efficient and secure payment processing services. This includes handling credit and debit card transactions, providing POS systems, and offering e-commerce solutions. Benchmark’s services are tailored to meet the diverse needs of various industries, ensuring that businesses can process payments effectively, whether in a physical retail environment or online.

Over the years, Benchmark Merchant Solutions has developed and nurtured relationships with industry and banking partners to remain at the forefront of commerce and payment processing. Their vast knowledge of the industry, combined with a successful team and commitment to service excellence, have strengthened their reputation as visionaries in merchant services.

Services Offered by Benchmark Merchant Solutions | Benchmark Merchant Solutions Review

Benchmark Merchant Solutions offers a comprehensive suite of services designed to facilitate seamless payment processing for businesses of all sizes.

2.1 Payment Processing: Benchmark enables businesses to process credit and debit card transactions from all major card brands, ensuring broad customer acceptance. Their services support both in-person and online transactions, providing flexibility for various business models.

2.2 Point-of-Sale Systems: The company provides advanced POS systems that integrate seamlessly with existing retail infrastructures. These systems offer features such as inventory management, sales tracking, and customer relationship management, enhancing operational efficiency and customer service.

2.3 Mobile Payment Solutions: Benchmark provides payment processing solutions that are compatible with smartphones and tablets for businesses that are constantly on the go. This enables merchants to receive payments in all locations, offering convenience and increasing sales potential.

2.4 E-Commerce Solutions: Benchmark supports online businesses with robust e-commerce payment gateways. These gateways offer secure transaction processing and support global transactions, enabling businesses to reach a wider audience.

2.5 Customized Payment Gateway Integrations: Understanding that each business has unique needs, Benchmark provides tailored payment gateway integrations. This customization ensures that the payment processing system aligns with specific business requirements, enhancing efficiency and user experience.

Pricing and Contract Terms of Benchmark Merchant Solutions

Benchmark Merchant Solutions offers a range of payment processing services tailored to various business needs. Understanding their pricing structure and contract terms is essential for businesses considering their services.

3.1 Contract Length: Benchmark typically provides a three-year contract term, which automatically renews for one-year increments unless canceled prior to the renewal date. If a business chooses to terminate the contract before the agreed term, an early termination fee of $495 is applied. This fee is designed to cover potential losses incurred by the company due to the premature ending of the agreement.

3.2 Fees and Rates: The processing rates offered by Benchmark range between 2.20% and 4.99%, varying based on factors such as transaction volume, business type, and risk assessment. In addition to transaction fees, businesses may encounter several monthly charges, including a minimum monthly fee, which is reported to be around $30. As a reseller of EVO Payments International, Benchmark’s contracts often include an annual PCI compliance fee of $120. This fee ensures that businesses adhere to the Payment Card Industry Data Security Standard, maintaining secure handling of cardholder information.

With regards to gear, Benchmark provides choices for renting point-of-sale terminals and other essential hardware. These leases are usually for an extended period and cannot be canceled, resulting in overall costs surpassing the equipment’s purchasing price. As an example, EVO Payments International, a company associated with Benchmark, provides equipment leases that are set for a period of 48 months. Businesses should carefully assess the financial impacts of leasing compared to buying equipment outright.

Customer Support of Benchmark Merchant Solutions

Benchmark Merchant Solutions offers multiple customer support channels to assist its clients. Merchants can reach out via dedicated email and contact numbers provided on the company’s website. Additionally, Benchmark maintains active profiles on social media platforms such as Twitter, Facebook, and LinkedIn, allowing for inquiries and support through these mediums.

Opinions on Benchmark’s customer support’s efficiency and timeliness vary. Several customers have noted quick and effective help, showcasing the company’s dedication to resolving problems promptly. Nevertheless, additional reviews highlight obstacles such as slow response times and challenges in addressing particular issues. These differences indicate that customer support quality may differ based on the type of problem and the communication method utilized.

The effectiveness of social media and email support also presents a varied picture. While some users have successfully utilized these platforms to obtain quick responses, others have experienced slower communication and less satisfactory outcomes. This inconsistency underscores the importance of choosing the most appropriate channel for specific support needs and setting realistic expectations regarding response times.

Marketing and Sales Practices of Benchmark Merchant Solutions

Benchmark Merchant Solutions employs independent sales agents and ISOs to market and distribute its payment processing services. This approach allows the company to extend its reach and cater to a diverse clientele without maintaining a large in-house sales team. However, reliance on third-party agents introduces potential challenges, particularly concerning the consistency and accuracy of information conveyed to prospective clients.

Using independent agents can result in misrepresentation of contract terms. Several merchants have claimed that agents have presented terms and conditions that were different from what was written in the contract. Such inconsistencies could lead to unforeseen charges, extended contract lengths, or unfavorable termination terms, which may lead to client dissatisfaction. The problems frequently arise when agents focus on sales rather than transparency, underscoring the need for merchants to carefully review contracts before making a commitment.

Despite these challenges, Benchmark Merchant Solutions strives for transparency in its official marketing materials. The company provides detailed information about its services, fees, and contract terms on its website and through official communications. This transparency aims to build trust and ensure that merchants have a clear understanding of what to expect. However, the effectiveness of these efforts can sometimes be undermined by the actions of third-party sales agents.

Customer Reviews and Complaints of Benchmark Merchant Solutions

Benchmark Merchant Solutions has garnered a range of customer feedback, reflecting both positive experiences and areas of concern. Many clients appreciate the company’s comprehensive payment processing services and the convenience of their point-of-sale systems. However, several common complaints have emerged, particularly regarding hidden fees, challenges with contract cancellations, and equipment-related issues.

A frequent point of contention among customers is the presence of unexpected fees. Some merchants have reported being unaware of certain charges, such as annual PCI compliance fees or monthly minimum fees, until they appeared on their statements. This lack of transparency has led to dissatisfaction and a sense of mistrust among affected clients.

Cancellation of contracts has been a major problem as well. Benchmark usually provides contracts that last for three years and automatically renew for one-year periods unless canceled before the renewal date. Merchants have had problems trying to end their contracts early and are frequently met with a $495 fee for early termination. Certain clients have voiced dissatisfaction regarding the intricacy of the cancellation procedure and the monetary consequences that come with it.

Equipment-related problems constitute another area of concern. Clients have reported issues with the functionality of point-of-sale terminals and other hardware provided by Benchmark. In some cases, equipment leases are long-term and non-cancellable, leading to total costs that exceed the outright purchase price of the equipment. This has resulted in dissatisfaction among merchants who feel locked into unfavorable agreements.

In response to these complaints, Benchmark Merchant Solutions has made efforts to address customer concerns. The company provides multiple customer support channels, including dedicated email and contact numbers, as well as active profiles on social media platforms. While some clients report prompt assistance, others have noted delays and challenges in resolution, highlighting inconsistencies in support quality.

Legal and Regulatory Standing of Benchmark Merchant Solutions

Benchmark Merchant Solutions has maintained a clean legal and regulatory record, with no reported involvement in lawsuits or regulatory actions. This absence of legal challenges reflects the company’s adherence to industry standards and regulatory requirements.

Operating as a registered ISO and MSP of Deutsche Bank AG, Benchmark is subject to stringent oversight and compliance obligations. These affiliations necessitate rigorous adherence to financial regulations and industry best practices, contributing to the company’s unblemished legal standing.

Benchmark’s dedication to following rules is also shown by taking proactive steps to safeguard data security and privacy. The company follows strong security procedures to safeguard sensitive customer data, in accordance with the PCI DSS. This commitment to protecting data not only ensures clients’ safety but also enhances Benchmark’s image as a reliable service provider.

Pros and Cons of Benchmark Merchant Solutions

Benchmark Merchant Solutions offers a variety of payment processing services, each with its own set of advantages and potential drawbacks.

Pros

Comprehensive Payment Processing Solutions: Benchmark provides a wide array of services, including credit and debit card processing, POS systems, mobile payment options, and e-commerce solutions. This versatility allows businesses to manage transactions across multiple platforms efficiently.

Seamless Integration Capabilities: The company’s services are designed to integrate smoothly with existing business infrastructures. Whether it’s incorporating POS systems into retail operations or integrating payment gateways into online stores, Benchmark ensures minimal disruption during implementation.

Positive Consumer Protection Ratings: Benchmark maintains an “A+” rating with the Better Business Bureau, indicating a strong commitment to resolving customer issues and upholding ethical business practices. This rating reflects the company’s dedication to customer satisfaction and reliability.

Cons

Higher-than-Average Processing Fees: Some clients have reported that Benchmark’s processing rates range between 2.20% and 4.99%, which may be higher compared to other providers. These rates can impact the overall cost-effectiveness for businesses, especially those with high transaction volumes.

Rigid Contract Terms and Early Termination Fees: Benchmark typically offers three-year contracts that automatically renew for one-year increments. Early termination of these contracts can result in a fee of $495, which may be a significant expense for businesses seeking flexibility or considering alternative providers.

Inconsistent Customer Support and Sales Practices: Feedback indicates variability in customer support experiences, with some clients reporting delays in response times and challenges in issue resolution. Additionally, there have been reports of misleading sales tactics by independent agents, leading to discrepancies between promised services and actual contract terms.

Conclusion

Benchmark Merchant Solutions offers a variety of payment processing services designed to meet the specific requirements of different businesses. Although the choices are extensive, companies must thoroughly examine contracts in order to grasp fees and conditions. For individuals looking for dependable options, Benchmark holds promise as a top choice, assuming that the terms of the contract meet business needs.

Frequently Asked Questions

Q1: What is the typical contract duration with Benchmark Merchant Solutions?

Benchmark Merchant Solutions typically offers a three-year contract term, which automatically renews for one-year increments unless canceled prior to the renewal date. Early termination of these contracts can result in a fee of $495.

Q2: Are there additional fees, such as PCI compliance charges, involved?

Yes, Benchmark’s contracts often include an annual PCI compliance fee of $120. Additionally, businesses may encounter several monthly charges, including a minimum monthly fee, which is reported to be around $30.

Q3: What is the best way to reach customer support?

Benchmark provides multiple customer support channels, including dedicated email and contact numbers, as well as active profiles on social media platforms like Twitter, Facebook, and LinkedIn. While some clients have reported prompt and efficient assistance, others have experienced delays in response times and challenges in resolving specific issues.