MatchRate Plus Review

MatchRate Plus was a company that provided various payment processing solutions for businesses as a merchant services provider. Created to assist merchants in reducing their transaction costs, the company became well-known for its innovative method of splitting commissions with customers. MatchRate Plus partnered with North American Bancard (NAB), a top payment processing company in the U.S. MatchRate Plus benefited from leveraging NAB’s infrastructure and services, offering merchants dependable and effective payment solutions. Let’s delve deeper into the MatchRate Plus Review.

Company Background | MatchRate Plus Review

MatchRate Plus was founded in 2010 with the aim of offering affordable merchant services. It stayed operational until 2019, ultimately shutting down in 2023. Throughout its time in operation, the company’s main objective was to assist small and medium-sized businesses in cutting down on their payment processing expenses by offering clear pricing and cashback initiatives. The collaboration with NAB was a crucial element of MatchRate Plus’s business strategy. By partnering with NAB, MatchRate Plus is able to provide a variety of payment processing options, such as credit card processing, mobile payments, and online payment gateways. This partnership allowed MatchRate Plus to offer strong and safe payment processing solutions to its customers.

MatchRate Plus’s business model was centered around offering lower transaction fees and sharing a portion of the commission earned from NAB with its clients. This approach was designed to attract merchants looking for cost savings and additional income through cashback. The company utilized a network of independent sales representatives and referral agents to market its services and expand its client base.

By utilizing these tactics, MatchRate Plus sought to establish a mutually beneficial situation for the company and its customers, delivering extra services and monetary advantages to businesses while keeping the business running smoothly.

Services and Products Offered

MatchRate Plus offered a wide range of services and products catering to various business needs. These services were created to assist merchants in efficiently managing their payment processing and decreasing costs.

Payment Processing Solutions

MatchRate Plus offered a variety of payment processing solutions. This included credit card processing for both in-store and online transactions, mobile payment options for businesses on the go, and secure online payment gateways. These services ensured that merchants could accept payments through various channels, providing flexibility and convenience.

Gift Cards and Loyalty Programs

The company offered gift card and loyalty program services, enabling merchants to design personalized reward programs. These initiatives were designed to increase customer loyalty and encourage repeat purchases through rewards for frequent buying.

E-Check and ACH Services

MatchRate Plus also supported e-check and ACH payment processing. These services allowed merchants to accept payments directly from customers’ bank accounts, reducing the risk of chargebacks and lowering credit card processing costs. This was particularly useful for businesses dealing with large transactions or subscription-based models.

Inventory Management

MatchRate Plus provided inventory management tools to assist merchants in monitoring their stock. These technologies allowed companies to effectively control their stock, making sure they could fulfill customer needs without excess inventory or stock shortages.

Funding and Financing Options

MatchRate Plus provided funding and financing options to help businesses manage their cash flow. This included next-day funding options, which allowed merchants to receive their payments quickly and efficiently. These options were designed to provide financial flexibility and support business growth.

MatchRate Plus aimed to assist merchants in optimizing their profits by offering a variety of services and products to streamline their operations.

Fees and Contract Conditions

MatchRate Plus collaborated with North American Bancard to provide merchants with a variety of payment processing options.

Pricing Structure MatchRate Plus used a combination of transaction fees, PCI compliance fees, and equipment lease fees. These fees were structured to cover the costs of providing secure and efficient payment processing services.

Transaction Fees Transaction fees differed depending on the type of transaction and which card was utilized. Usually, the charges varied between 1.00% and 4.99% for each transaction. This encompassed transactions done by swiping cards as well as inputting card information, offering versatility for various business structures.

PCI Compliance Fees To ensure compliance with industry standards, MatchRate Plus charged a PCI compliance fee. This fee was approximately $79 annually, covering the cost of maintaining secure payment processing systems and protecting customer data.

Equipment Lease Fees Merchants who opted to lease payment processing equipment were subject to a monthly lease fee of around $39. This fee covered the cost of POS systems and card readers necessary for processing payments.

Contract Terms MatchRate Plus provided options for both month-to-month contracts and extended agreements. Month-to-month contracts provided businesses with flexibility to steer clear of lengthy commitments, whereas longer contracts usually came with added perks.

Early Termination Policy and Fees For businesses that chose to end their contracts early, MatchRate Plus imposed an early termination fee. This fee could be as high as $295, depending on the terms of the contract. The ETF was designed to cover the costs associated with prematurely ending the service agreement.

MatchRate Plus sought to establish trust with their clients by offering a transparent explanation of their fees and contract terms. Businesses could use their particular requirements and financial resources to make well-informed choices.

Customer Support

MatchRate Plus aimed to provide effective customer support to ensure smooth operations for their merchants. The support services were designed to assist with a range of issues, from technical problems to account inquiries.

Support Channels Available

MatchRate Plus offered customer support primarily through phone and email. Merchants could reach out via a toll-free helpline managed by North American Bancard (NAB), their processing partner. This phone support was crucial for immediate assistance, allowing merchants to resolve issues quickly. Email support was also available for less urgent queries, providing a written record of communications.

Quality and Responsiveness of Customer Service

The quality and responsiveness of MatchRate Plus’s customer service received mixed reviews. Some merchants praised the prompt and helpful nature of the support team, highlighting their efficiency in resolving issues and answering questions. However, there were also complaints about the responsiveness, particularly in cases where follow-up was required. The variability in experiences often depended on the complexity of the issue and the specific customer service representative handling the case.

Common Issues and Resolutions

Common issues reported by merchants included difficulties with transaction processing, discrepancies in fees, and technical problems with payment terminals. Another frequent complaint was the challenge of understanding the fee structure and contract terms. The support team addressed these issues by providing detailed explanations and step-by-step assistance to resolve technical problems. In cases involving disputes over fees, merchants were often advised to review their contracts and, if necessary, escalate the issue for further investigation.

Sales Strategies and Practices

MatchRate Plus employed various sales strategies and practices to grow its customer base and market its services effectively. The company utilized a combination of independent sales representatives, a Multi-Level Marketing (MLM) approach, recruitment of referral agents, and transparent marketing techniques.

Use of Independent Sales Representatives

MatchRate Plus relied heavily on independent sales representatives to market its services. These representatives played a crucial role in expanding the company’s reach by engaging directly with potential clients. They were incentivized through commissions, which encouraged them to secure as many merchant accounts as possible.

Multi-Level Marketing (MLM) Approach

The company also utilized a Multi-Level Marketing (MLM) approach, where existing agents could recruit new agents and earn a percentage of their commissions. This structure allowed MatchRate Plus to build a large network of sales agents who were motivated to grow their teams and increase their earnings.

Recruitment of Referral Agents

In addition to independent sales representatives, MatchRate Plus recruited referral agents. These agents were typically business owners or individuals with extensive networks who could refer new merchants to MatchRate Plus. Referral agents earned commissions based on the volume of business generated by the merchants they referred, creating a mutually beneficial relationship.

Marketing Techniques and Transparency

MatchRate Plus emphasized the importance of transparent marketing techniques. The company provided clear information about their fee structures and services to potential clients, aiming to build trust and credibility. By focusing on honesty and clarity in their marketing messages, MatchRate Plus sought to differentiate itself from competitors who might use more opaque or deceptive practices.

These combined strategies helped MatchRate Plus effectively reach a broad audience and build a strong customer base through motivated sales representatives and transparent marketing practices.

MatchRate Plus Features and Products in Detail

MatchRate Plus provided a range of features and products designed to cater to the diverse needs of merchants. These offerings were aimed at enhancing payment processing efficiency and security, making it easier for businesses to manage transactions.

Payment Terminals and POS Systems

MatchRate Plus offered state-of-the-art payment terminals and Point of Sale (POS) systems. These terminals were equipped with the latest technology to support various payment methods, including EMV chip cards, NFC contactless payments, and traditional magnetic stripe cards. The POS systems were designed to integrate seamlessly with merchants’ existing infrastructure, providing a smooth and efficient transaction process.

Virtual Terminals and MOTO Payments

For businesses that needed to process payments without a physical card reader, MatchRate Plus provided virtual terminals. These online platforms allowed merchants to manually enter payment details for transactions. Additionally, Mail Order/Telephone Order (MOTO) payments were supported, making it convenient for businesses that operated through phone or mail orders to process payments securely.

Hosted Checkout Platforms

MatchRate Plus’s hosted checkout platforms offered merchants a customizable and secure way to handle online payments. These platforms were designed to provide a seamless checkout experience for customers, reducing cart abandonment rates and enhancing overall customer satisfaction. The hosted checkout also ensured that merchants remained PCI compliant, as sensitive payment information was handled by MatchRate Plus’s secure servers.

Pre-Authorization Services for Hospitality Merchants

For businesses in the hospitality sector, MatchRate Plus offered pre-authorization services. This feature allowed hotels and similar establishments to hold a certain amount on a customer’s card before finalizing the transaction. It ensured that funds were available for services provided, reducing the risk of chargebacks and payment disputes.

Reporting and Security Tools

MatchRate Plus provided comprehensive reporting and security tools to help merchants monitor their transactions and protect against fraud. The reporting tools offered detailed insights into sales performance, transaction history, and customer behavior. Additionally, advanced security features such as encryption and tokenization were employed to safeguard sensitive payment data, ensuring compliance with industry standards and protecting against data breaches.

Customer Reviews and Complaints

MatchRate Plus received positive feedback from several merchants, particularly for its commission-sharing model and the quality of service provided by its independent agents. Many users appreciated the transparency and the ability to lower their transaction fees through the program. Some merchants also highlighted the helpfulness of the MatchRate Plus agents who provided personalized support and ensured smooth onboarding processes.

Common Complaints and Issues

Despite the positive aspects, MatchRate Plus faced several complaints primarily related to its affiliation with North American Bancard (NAB). Common issues included unexpected fees and charges that were not clearly disclosed at the outset. Merchants also reported difficulties in understanding the fee structure and terms of service, leading to frustration and dissatisfaction. Additionally, there were complaints about the early termination fees, which some merchants found to be excessively high and unfairly imposed.

Resolution of Complaints and Customer Satisfaction

MatchRate Plus, along with North American Bancard, made efforts to resolve customer complaints, with a focus on addressing fee-related issues and providing clearer communication about contract terms. While some merchants reported satisfactory resolutions, including fee adjustments and better support, others felt that the company could have done more to prevent the problems in the first place. Overall, the effectiveness of the complaint resolution varied, with some customers expressing satisfaction with the outcomes, while others remained dissatisfied with the handling of their issues.

By understanding these aspects of customer reviews and complaints, potential users can get a balanced view of MatchRate Plus’s performance and make informed decisions about their payment processing needs.

Better Business Bureau (BBB) Report

MatchRate Plus, though not currently accredited by the Better Business Bureau (BBB), has maintained an “A+” rating. This high rating indicates a strong commitment to resolving customer issues and maintaining a good standing with the BBB. Despite its non-accredited status, the company’s rating reflects positively on its overall performance in customer service and business practices.

Summary of BBB Complaints and Resolutions

Over the last 36 months, MatchRate Plus has not received any complaints on the BBB platform. This lack of complaints is noteworthy and suggests that the company has been effective in addressing any customer concerns that may arise. The absence of negative reports on the BBB website further supports the notion that MatchRate Plus has upheld satisfactory business practices and customer service standards.

In general, MatchRate Plus’s BBB rating and lack of complaints showcase the company’s commitment to upholding customer satisfaction and ethical business practices. This feature may provide comfort to potential customers when evaluating their offerings.

Pros and Cons

When assessing the services of MatchRate Plus, it is important to take into account both the benefits and drawbacks they offer.

Pros:

Partnership with a Reputable Provider (NAB): MatchRate Plus is backed by North American Bancard, providing reliability and a solid infrastructure for payment processing.

Diverse Payment Solutions Offered: The company offers a range of services, including credit card processing, mobile payments, and online payment gateways.

Flexible Funding and Financing Options: Traders are able to utilize different funding options to effectively control cash flow.

Fast Funding Options with No Additional Charges: MatchRate Plus provides quick access to funds without extra fees, ensuring merchants can maintain liquidity.

Loyalty and Gift Card Programs Available: These programs help businesses enhance customer loyalty and increase repeat business.

Cons:

High Early Termination Fees: Merchants may face substantial fees if they decide to terminate their contracts early, which can be financially burdensome.

Potential for Unexpected Charges: Some users have reported undisclosed fees, making cost management challenging.

Issues with Customer Support and Responsiveness: There have been complaints about the responsiveness and quality of customer service.

Negative Feedback Regarding Sales Practices: Some sales practices have been criticized for being misleading or overly aggressive.

Lack of Transparency in Contract Terms: The complexity and lack of clarity in contract terms have led to dissatisfaction among some merchants.

On the whole, despite the advantages of MatchRate Plus services and partnerships, it is important for potential users to weigh these benefits and drawbacks before making a decision.

Comparison with Competitors

MatchRate Plus is one of many options available for merchant services, and understanding how it stacks up against its competitors is crucial for potential users.

Comparison with Other Merchant Service Providers

Compared to other providers like Square, Clover, and PayPal, MatchRate Plus offers a distinct advantage with its cashback program, which can be attractive to small and medium-sized businesses looking to reduce costs. Square is renowned for its simple and transparent pricing, positioning it as a formidable contender for businesses that value openness. Clover provides strong POS systems and great customer support, something that users may perceive as lacking in MatchRate Plus.

Strengths and Weaknesses Relative to Competitors

Strengths:

Partnership with NAB: MatchRate Plus’s partnership with North American Bancard provides a reliable backbone for payment processing.

Diverse Solutions: The company provides various payment options such as mobile payments, online gateways, and gift card programs, catering to a variety of business requirements.

Flexible Funding: The availability of fast funding options without additional charges is a notable benefit for managing cash flow.

Weaknesses:

High Early Termination Fees: One of the significant drawbacks is the high early termination fees, which can be a deterrent for businesses considering switching providers.

Customer Support Issues: Concerns have been raised regarding the efficiency and promptness of customer service, which can influence the overall customer satisfaction.

Transparency Concerns: The complexity and lack of clarity in contract terms have been a point of criticism, leading to potential unexpected charges and dissatisfaction.

Conclusion

MatchRate Plus provides various services supported by a well-respected partner, NAB. Offering various payment options, adaptable financing, and rewards programs, it is a formidable player in the merchant services industry. Nevertheless, it also encounters negative feedback concerning costly termination charges, customer assistance, and contract clarity. Although MatchRate Plus has advantages such as cashback and various payment options, potential users should consider the drawbacks before deciding. Some businesses might have important worries regarding the steep early termination fees and issues with customer support.