What is Leaders Merchant Services?
Leaders Merchant Services (LMS) specializes in business credit and debit card payment services. While electronic payment processing is their core offering, they offer a range of merchant services, including point-of-sale (POS) systems, merchant accounts, accounting integration software, cash advances, and business loans.
The Californian-based business aggregates existing merchant solutions and packages them together under its brand. As an example, LMS acts as a reseller for the android-based Clover point-of-sale system, offering an integrated POS software and hardware suite. Clover is a well-regarded US company owned by the American multinational Fortune 500 company Fiserv. In 2020 it processed over $133 billion of card transactions for the year, making it the largest US cloud POS company.
Electronic payment processing includes physical terminals for face-to-face transactions, which support swipe cards, EMV transactions (cards with integrated chips), and contactless payments. The company also provides virtual POS terminals for online platforms, offering integration with a shopping cart solution. Both physical and online terminals will support major gateway merchant services, including Google Pay, Apple Pay, Samsung Pay, and Instant Accept.
The merchant solutions offered by LMS appear to be high quality; for example, the payment gateway is Visa-owned Authorize.net, which caters to small and medium-sized businesses. Additionally, LMS boasts one of the industry’s largest chargeback and fraud departments to ensure their clients receive the highest protection for their merchant accounts. They also offer technical support services on a 24/7 basis.
Leaders Merchant Services
What popular features do you get with Leaders Merchant Services?
- Authorize.net Payment Gateway
- Clover POS System
- Check Guarantees
- Business Cash Advances
- Loyalty Programs
- Online Payments
- Retail Merchant Services
- QuickBooks Integration Software
- Business Loans
- Gift Cards
- eCommerce Shopping Cart
- Contactless Payment Processing
Customer Support is available at Leaders Merchant Services
Should you require service or technical support once you’ve opened an account, call LMS at (800) 554-4777 or email firstname.lastname@example.org. For installation or training assistance, call (888) 605-0693 or email email@example.com. Customer support is advertised as being available around the clock, 365 days a year.
What kind of business is Leaders Merchant Services ideal for?
Leaders Merchant Services is most suitable for small to medium-sized businesses looking for an integrated solution for payment processing and a long-term contract. The company is also known to support high-risk businesses or those with a poor credit rating. Additional services offered by LMS are aimed at smaller businesses needing cash flow support and include check guarantees, business loans, and cash advances.
Pros and Cons
- Leaders Merchant Services uses high-quality and reputable point-of-sale and payment gateway providers that are US-owned and headquartered.
- Dedicated solutions are packaged to support both bricks-and-mortar stores and online ecommerce merchants.
- Technical support is offered on a 24/7/365 basis for clients needing assistance with their accounts or technology.
- Services beyond merchant accounts and payment processing include business cash advances and loans.
- The company website does not offer a mobile processing system for use with smartphones or tablets.
- Pricing is not advertised and the charges may not be straightforward often so best to clarify all costs associated.
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How much does Leaders Merchant Services cost?
*based on information provided by the vendor. Actual cost may vary.
- Account setup fee: $25
- Monthly account fee: Variable, but starts at $10 per month
- Annual fee: Variable, but prices online suggest $99 per annum
- Monthly minimum: Typically $25 per month
- PCI compliance fee: Typically $129 per year
- PCI non-compliance fee: Usually $40 per month your account is non-compliant
- Chargeback fee: $35 per incident
- Gateway fee: Usually $25 per month
- Processing fees: Start at 1.59%, plus 19 cents per transaction
Many clients historically reported other unexpected fees applied to their accounts. However, given the company’s injunction, all fees should now be clearly set out in their merchant services agreement, so you should be more protected but be sure to read this document thoroughly.
As for pricing plans, these are also not published. Anecdotally, the company operates on a tiered pricing plan, with three plan levels based on your business performance. The standard contract length is three years, with an early termination fee payable should you choose to cancel mid-term.
Remember, the fees above are anecdotal and possibly not applicable to your circumstance. The only way to be sure of what to expect is to ring a Leaders Merchant Services agent, discuss your particular situation, and be sure you clarify all fees before signing a merchant services agreement.
Apart from merchant services LMS also offer physical and virtual payment terminals and online ordering platforms. They claim to offer the best payment gateway service and the “lowest rates in the industry.” However, like with any other service, it is paramount to read the fine print and analyse if the service is a good fit for your business.