Leaders Merchant Services
Pros
- Does not restrict by industry type
- Sign Up bonus
Cons
- Long contract with an early termination fee
- Lack of transparent pricing
Overview
Leaders is a merchant account service that provides businesses with different payment processing capabilities in-store, online, or on mobile with ease. These include POS systems, merchant account services, credit card processing, and cash advance. Leaders also provide website design, business funding, and other services to help entrepreneurs start their operations, whether they have multiple locations, an online store, or operating out of their front yard.
What is Leaders?
Leaders Merchant Services caters to both large and small businesses, providing a variety of payment processing functions. This California-based company operates as a reseller, which implies that the equipment, software, and hardware you acquire are sourced from other companies.
Leaders Merchant Services Features
E-Commerce Solutions
Leaders’ payment gateways and software for shopping carts are suitable for small businesses with online retail stores or those that accept payments online. The gateway services are provided by Authorize.net, a company under Visa. Shopping cart features are powered by CartManager, which also calculates shipping and tax fees. There are multiple languages available and a log in option for repeat customers.
Sign Up Bonus
Leaders offers a sizeable signup bonus for new clients. You can choose from a mobile credit card reader, an EMV credit card terminal, or a payment gateway for free. Hardware often costs an additional fee, with other service providers charging hundreds of dollars.
Assurance Program
Leaders Merchant Services boasts one of the most remarkable satisfaction guarantees across industries, known as the $500 Assurance Program. This policy ensures that if you do not realize cost savings with Leaders, you will receive $500 automatically without any inquiries. Such a robust guarantee reflects unwavering confidence in the quality of Leaders’ product offering.
Plans and Pricing
Leaders customizes their pricing per customer. The business industry, transaction volume monthly or daily, and the type of business influence the final price of your plan. In terms of hardware, there are several options available on Leaders’ website that you can directly order. Leaders partners with Clover and offers their POS systems and other hardware such as Clover Mini, Clover Flex, and Clover Go All-In-One.
- Swiped cards: Starts at 0.15%
- Keyed cards; Starts at 1.79%
- Monthly service fee: $7.95
- PCI Compliance Fee: $129/annually
Customer services
Leaders’ customer support assists users to make navigating the tech smooth and problem free. Their tech representatives are knowledgeable, friendly, and prepared to guide customers through more complicated troubleshooting steps. Tech and customer support teams can be reached via a toll-free hotline – 866-941-5411 – and an online form. Tech support is available round the clock so you’ll have access to help anytime you encounter a glitch.
Bottom Line
LMS approves any business that meets its underwriting standards for merchant services, without imposing restrictions on specific industries or business types. However, small-business owners are required to commit to a three-year contract when partnering with Leaders Merchant Services. While the company does not disclose its service fees publicly, customers may encounter one-time, monthly, and annual fees as part of the agreement.
