- What payment processing services does Velocity offer?
- Credit and Debit Card Processing
- E-Check/ACH Processing
- Virtual Terminals and Shopping Carts
- Mobile Processing
- Payment Gateways
- Interactive Voice Response (IVR) Payments
- CRM Payments 360
- Convenience and Service Fees
- What does Velocity offer for Reporting?
- What if I need equipment?
- What about risk management?
- Velocity Payment Systems Rates and Fees
- Velocity Payment Systems Reviews
What payment processing services does Velocity offer?
Velocity caters to a variety of industries and has specific sections of its website dedicated to retail, membership clubs, call centers, charitable giving, education, government, healthcare, utilities, and mass transit. Services can also be tailored to individual need, however.
Credit and Debit Card Processing
Velocity Payment Systems can accept all major credit and debit cards. Whether in person, online, or a mail or phone order, Velocity can process your customer’s credit card.
As for debit, PIN based transactions can be done without restriction. Only signature based debit transactions will need the VISA or MasterCard logo.
Velocity Payment Systems is certified with all the major processors, so you shouldn’t need to worry about switching to new equipment. However, the company does have purchase and leasing options, in case you are a new business or looking to upgrade.
E-Check/ACH Processing
Velocity has solutions for E-check and ACH processing. All methods are compliant with NACHA. ACH processing can be done in person, online, over the phone, or through interactive telephone systems. ACH payments can also be pre-arranged or recurring.
With Velocity’s remote deposit capture, paper checks can be converted into either ACH transactions or Check 21 transactions depending on your preference. Velocity has purchasing and leasing options for equipment to assist with this.
Virtual Terminals and Shopping Carts
If you are looking to connect with customers online, Velocity can help with providing virtual terminals and shopping carts. The virtual terminal offers credit card, debit card & ACH payment processing. Your customers will have the ability to create profiles and make payments. You will be able to manage the profiles, view and search transactions, and schedule recurring or payment plan payments.
For larger businesses that need a professional e-commerce system, Velocity offers shopping carts that can be integrated with your website. Shopping carts are hosted and branded to your specifications. You can also manage your product catalog and the shopping cart offers credit card and ACH processing. Federal Government agencies can also offer products and services through Velocity as the shopping carts are integrated with Pay.gov.
Mobile Processing
Velocity offers options for taking your business on the road with you. You can brand and customize the mobile pages to suit your business. Also, the user interface will change to offer more convenience depending on the device that is being used.
Payment Gateways
If you would like to add payment collection capabilities to systems already in place, like cashiering systems, kiosks, or interactive voice response systems, you could use Velocity’s payment gateway option. The payment gateway offers credit, debit, and ACH processing, recurring payments, and single transaction and batch processing. Velocity offers installation, training and customer/tech support.
Interactive Voice Response (IVR) Payments
If you want to offer the service of paying over the phone, Velocity can help make that happen. You will have the options of text-to speech or professional voice talents for your IVR prompt recordings. Other features of the service can include multi-lingual support, toll-free numbers, bill lookup, confirmation numbers, and the option to press “0” for operator assistance.
CRM Payments 360
For call centers and businesses that offer customer support, Velocity has CRM Payments 360 that can be integrated with front end CRM already in use. This system features payment processing, over the phone and POS interactions are supported, invoice and bill options, transaction search capabilities, customer profile creation and management, recurring and payment plan options, ACH return and chargeback management, ability to defer payments, and fraud and abuse identification and management.
Convenience and Service Fees
For situations where you’re able to charge a convenience fee or service fee, Velocity offers a convenience and service fee program that allows you to separate the portions of the transaction. Your full transaction amount will be deposited to your account, while the convenience or service fee (meant to cover your processing charges) will be withheld by Velocity. Be aware that Visa and MasterCard both set specific rules and regulations for charging customers convenience fees.
What does Velocity offer for Reporting?
Whether you are looking to monitor for fraud and risk, or are looking to analyze transaction data, reporting can be a helpful tool for your business. Velocity offers the following options:
Audit Reporting
With Velocity you can monitor all transaction-related actions on both a summary and detail level, you can view histories and changes made to accounts, and you can also monitor all access and permission related actions performed by your system administrators.
Operational Reporting
Velocity offers a variety of reports that can help you analyze transactions and revenue to help project future revenue and make informed financial decisions. Reports include transaction reports, pending payment reports, online check return reports, settlement batch activity reports, merchant services reports, user reports, risk and audit reports, and the standard merchant card processing reports.
What if I need equipment?
Velocity offers many major brands of equipment including Ingenico, Hypercom, VeriFone and others. Whether you are looking to process cards or checks, Velocity will have an abundance of equipment in mobile, online, wireless, and POS options. All equipment is PCI and NACHA compliant.
Velocity Payment Systems does offer leasing as an alternative to purchasing equipment, but make sure you know what you are getting into. Leasing is ultimately much more expensive and there are better options for getting equipment.
What about risk management?
While throughout Velocity’s website PCI and NACHA compliance is mentioned as a priority, the company does not mention offering PCI compliance assistance or tools for your business.
That being said, they do offer risk management services through various programs and tools. Address verification, card security code verification, chargeback management, ACH return management, and credit/debit card BIN range blocking are all services that can be provided.
Velocity Payment Systems Rates and Fees
Velocity does not provide numbers for rates and fees, or any information regarding contracts. This is often because that will vary depending on business and the services that would be provided.
If you would like to request a quote, you can easily get one by signing up at CardFellow. The service is free and can help you compare options to get the right processor for you.
Velocity Payment Systems Reviews
The online reputation of Velocity Payment Systems is sparse at best. This is a little odd for a company that has had a profile with the Better Business Bureau for over 10 years. Velocity is not yet accredited with the BBB but currently boasts an A+ rating, 0 complaints within the last 3 years, and a positive review from 2014. The review simply states a pleasant experience with the company and people that work for it.
There are no complaints of Ripoff Report, Google reviews, or Yelp and the company does not provide testimonials either. It is tempting to think that silence might be the sound of customer satisfaction, but without knowing for sure it is best to err on the side of caution. When looking for a processor, always know what you are getting into and make sure you have a transparent quote.
