Diversifiedpayments.com Review

Based on checking the website, Diversifiedpayments.com appears to be a legitimate merchant services provider aiming to help businesses with payment processing.

They highlight transparent pricing, customer support, and various payment solutions like in-store, online, mobile, and ACH.

However, as with any financial service, especially those involving transactional fees and potential interest-bearing models even if not explicitly stated, general payment processing can involve such elements, it’s crucial for users to exercise extreme caution and conduct thorough due diligence to ensure all aspects align with ethical financial practices.

Here’s an overall review summary:

• Service Offered: Merchant payment processing solutions.
• Key Promises: Transparent pricing, cutting-edge technology, personalized support, fee reduction, streamlined operations, cancellation fee reimbursement.
• Payment Methods Supported: In-Store, Online, Mobile, POS, ACH & eCheck.
• Approval Time: Claims fast approval, some accounts same-day.
• Funding: Promises same-day funding.
• Equipment: Offers a free equipment program for 98% of merchants.
• Reporting: Provides 24/7 online access to reporting.
• Concerns: The core business of payment processing, while seemingly beneficial, can easily entangle users in interest-based transactions riba or fee structures that are not fully transparent and could lead to uncertainty gharar. The mention of “accept credit cards at 0% with Surcharging” requires careful examination to ensure it doesn’t mask hidden fees or push the burden unfairly onto customers. Without explicit details on their financial models, particularly regarding how they earn revenue beyond stated fees, it’s difficult to fully ascertain adherence to ethical financial principles.

For those seeking to streamline business operations and manage payments in a manner that aligns with ethical principles, exploring alternatives that explicitly prioritize transparency and avoid interest-based models is paramount.

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Here are some alternatives for managing business operations and transactions ethically:

• Square: Square offers a suite of payment processing tools, including POS systems, online payment gateways, and mobile readers.
  • Key Features: Integrated hardware and software, online invoicing, virtual terminal, e-commerce integrations, analytics.
  • Average Price: Transaction fees typically range from 2.6% + 10¢ for in-person transactions to 2.9% + 30¢ for online transactions.
  • Pros: User-friendly, quick setup, popular for small to medium businesses, transparent fee structure.
  • Cons: Higher transaction fees for some business types compared to custom-negotiated rates, less flexible for high-volume enterprises.
• Stripe: A robust platform for online payment processing and financial infrastructure for internet businesses.
  • Key Features: Comprehensive API for custom integrations, global payments, recurring billing, fraud prevention, invoicing.
  • Average Price: Standard online transactions are 2.9% + 30¢ per successful card charge.
  • Pros: Highly customizable, excellent for developers and tech-savvy businesses, supports a wide range of payment methods.
  • Cons: Can be complex for non-developers, requires more technical expertise to set up and manage.
• PayPal Zettle formerly iZettle: A mobile POS solution integrated with PayPal for in-person sales.
  • Key Features: Card readers, inventory management, sales reporting, seamless integration with PayPal accounts.
  • Average Price: Transaction fees around 2.29% + 9¢ for in-person payments.
  • Pros: Easy to use, great for mobile businesses and pop-up shops, leverages PayPal’s strong brand recognition.
  • Cons: Primarily focused on in-person sales, less robust for complex online e-commerce needs.
• Shopify Payments: Built-in payment processor for Shopify e-commerce stores.
  • Key Features: Integrated directly with Shopify stores, no transaction fees beyond credit card rates, supports various payment methods.
  • Average Price: Transaction fees depend on the Shopify plan e.g., 2.9% + 30¢ for Basic Shopify.
  • Pros: Seamless integration with Shopify, simplifies payment management for e-commerce, competitive rates.
  • Cons: Only available for Shopify stores, cannot be used independently.
• Authorize.Net: A widely recognized payment gateway service.
  • Key Features: Connects merchants to payment processors, supports online and retail transactions, fraud detection, recurring billing.
  • Average Price: Gateway fee around $25/month + transaction fees of 2.9% + 30¢.
  • Pros: Reputable and reliable, good for established businesses, strong security features.
  • Cons: Requires a separate merchant account, setup can be more complex for beginners.
• Stax by Fattmerchant: Offers a subscription-based payment processing model.
  • Key Features: Subscription model with 0% markup on interchange fees, unlimited processing, analytics dashboard.
  • Average Price: Monthly subscription fees starting around $99 for small businesses, plus interchange fees.
  • Pros: Potentially significant savings for high-volume businesses, transparent pricing with no hidden markups.
  • Cons: Not suitable for low-volume businesses due to the monthly subscription fee, requires careful calculation to ensure cost-effectiveness.
• Stripe Terminal: Extends Stripe’s online capabilities to physical point-of-sale.
  • Key Features: Customizable in-person checkout, pre-certified card readers, unified reporting with online sales.
  • Average Price: 2.7% + 5¢ per in-person transaction.
  • Pros: Developers can create unique in-person checkout experiences, integrates seamlessly with existing Stripe accounts, modern hardware.
  • Cons: Requires technical integration, not a standalone solution for businesses without existing development resources.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Diversifiedpayments.com Review & First Look

Based on an initial review of the Diversifiedpayments.com homepage, the website presents itself as a streamlined solution for merchant services, focusing on reducing fees and simplifying payment processing for businesses.

The layout is clean and professional, with clear calls to action and a straightforward presentation of their core offerings.

They emphasize key benefits like transparent pricing, customer support, and various payment acceptance methods.

The site aims to project an image of reliability and cost-effectiveness.

First Impressions and Design Aesthetics

The website utilizes a modern, clean design with an intuitive navigation structure. Myownstationery.com Review

The use of clear headings, concise paragraphs, and benefit-oriented bullet points makes the information easily digestible.

The color scheme is professional and appealing, contributing to a trustworthy appearance.

• Visual Clarity: The layout is uncluttered, allowing visitors to quickly grasp the main message.
• Ease of Navigation: Key sections like “What Can We Help You With Today?” and “Benefits of Diversified Payments” are prominently featured, guiding the user through their services.
• Professional Branding: The overall aesthetic aligns with a financial services provider, suggesting competence and reliability.

Core Value Proposition

Diversified Payments positions itself as a partner that helps businesses “Simplify Payments, Maximize Savings.” This core value proposition is designed to resonate with business owners who are often bogged down by complex fee structures and inefficient payment systems.

• Problem-Solution Approach: They directly address common pain points of businesses, such as “overpaying for merchant services” and “confused by hidden fees.”
• Promise of Savings: The emphasis on “reduce fees,” “streamline operations,” and “keep more of your hard-earned revenue” is a strong motivator for potential clients.
• Personalized Support: The claim of “personalized support” and “white-glove customer service” suggests a focus on client relationships, which is a significant factor in merchant service satisfaction.

Diversifiedpayments.com Features

Diversifiedpayments.com highlights several key features designed to attract businesses looking for efficient and cost-effective payment processing.

These features aim to address common pain points and provide a comprehensive solution for various business types. Telda.app Review

Payment Acceptance Methods

The website outlines a broad range of payment acceptance methods, catering to the diverse needs of modern businesses, whether they operate in a physical store, online, or on the go.

• In-Store: Traditional point-of-sale POS systems for physical retail locations.
• Online: E-commerce solutions for businesses selling products or services via their websites. This often includes secure payment gateways and shopping cart integrations.
• Mobile: Portable payment solutions for businesses that operate on the go, such as food trucks, pop-up shops, or service providers who bill clients at their location.
• POS Point of Sale: Comprehensive systems that manage sales, inventory, and customer data, often integrating with various payment methods.
• ACH & eCheck Financing: Direct bank transfers Automated Clearing House and electronic check processing, offering alternatives to credit card payments, often with lower fees.

Operational Benefits

Beyond just accepting payments, Diversified Payments emphasizes operational benefits that aim to simplify business management and improve cash flow.

• Fast Approval: The promise of quick account approval, with many retail merchant services accounts approved and activated “same-day,” is a significant draw for businesses needing to get started quickly.
• Same Day Funding: This feature allows businesses to receive their deposits rapidly, eliminating delays in cash flow and enabling them to manage expenses and investments more efficiently.
• Free Equipment Program: Offering “free credit card terminals or processing equipment” for 98% of merchants can significantly reduce the initial capital expenditure for businesses, making their service more accessible.
• Online Reporting: Providing “24/7 online access to a full reporting suite” empowers businesses to track revenue and performance in real-time, aiding in financial planning and decision-making.

Cost-Saving Initiatives

The website prominently features several ways businesses can save money by switching to Diversified Payments, addressing the common concern of high processing fees.

• Fee Reimbursement: The offer of “cancellation fee re-imbursement up to $350” when switching processors demonstrates confidence in their service and helps alleviate the financial burden of changing providers.
• Accept Credit Cards at 0% with Surcharging: This intriguing claim suggests a model where businesses can pass processing fees directly to customers through surcharging, potentially resulting in “0% effective rate” for the merchant. It’s crucial to understand the legalities and customer perception of surcharging in different regions, as regulations vary.
• Lowest Rates for ACH and Check Guarantee: Emphasizing competitive rates for ACH and eCheck processing suggests a focus on providing cost-effective alternatives to traditional credit card transactions, which often carry higher interchange fees.

Diversifiedpayments.com Cons

While Diversifiedpayments.com presents a compelling front, a critical review reveals several areas where crucial information is either lacking or could raise concerns, especially for those prioritizing ethical financial practices.

The primary “cons” stem from the inherent nature of conventional merchant services and the absence of explicit assurances regarding interest-free operations. Boulevarddustore.com Review

Lack of Explicit Ethical Assurances

The most significant drawback from an ethical standpoint is the absence of any explicit mention of interest-free riba-free or Sharia-compliant financial operations.

Given that payment processing often involves complex fee structures, potential financing options, and the handling of credit card transactions which are inherently interest-based in conventional finance, this omission is a red flag.

• Interest-Based Models: Conventional credit card processing and merchant accounts frequently involve interest-based fees, late payment charges, or lines of credit that may not align with ethical financial guidelines. Without a clear statement, it’s presumed to operate within conventional financial norms.
• Transparency Beyond Fees: While “transparent pricing” is claimed, true transparency for an ethically-minded consumer would extend to how the company generates revenue and whether it involves interest, speculation, or other prohibited elements.
• Undefined “Financing”: The mention of “Financing” as a service is particularly concerning, as conventional financing almost universally involves interest riba. The website does not provide details on the nature of this financing.

Opaque Pricing Details

Despite the claim of “transparent pricing,” the website does not provide specific fee schedules or detailed pricing tiers.

This forces potential customers to contact them for a “FREE GUIDE” or a direct consultation, which can be an inconvenience and lacks immediate clarity.

• No Public Fee Schedule: A lack of publicly accessible rate sheets or percentage breakdowns means businesses cannot easily compare Diversified Payments’ rates with competitors without engaging directly.
• Hidden Fees Potential: While they claim to combat “hidden fees,” the absence of a detailed breakdown on the site leaves room for ambiguity until a direct quote is obtained.
• “0% with Surcharging” Nuance: The “Accept credit cards at 0% with Surcharging” proposition, while seemingly attractive, often shifts the burden of fees to the customer and might face legal restrictions or negative customer perception depending on the region. The full implications aren’t detailed on the homepage.

Limited Information on Corporate Governance and Trust

The website does not prominently display information typically found on highly transparent and trustworthy financial service providers, such as detailed “About Us” sections, regulatory compliance details, or robust customer testimonials beyond generic statements. Wheelit-madeira.com Review

• Lack of Detailed “About Us”: While an address and contact number are present, a deeper dive into the company’s history, leadership team, or mission beyond sales would build greater trust.
• Generic Testimonials: The website features a “What Our Customers Say” section but only shows snippets without direct links to verifiable reviews on independent platforms e.g., Trustpilot, BBB. This makes it harder to assess genuine customer satisfaction.
• No Regulatory Disclosures: While payment processing is regulated, the website doesn’t highlight its regulatory compliance or industry certifications prominently, which could be a trust signal for businesses.

Diversifiedpayments.com Alternatives

Given the critical review, particularly concerning the lack of explicit ethical assurances and the inherent nature of conventional payment processing, exploring alternatives that either explicitly align with ethical financial principles or offer more transparent and controllable financial models is crucial.

While pure Sharia-compliant payment gateways are still niche, businesses can opt for services that provide maximum transparency and allow them to manage their transactions in a way that minimizes exposure to interest or undue speculation.

Emphasis on Ethical Conduct in Business

When selecting payment processing alternatives, prioritize solutions that offer:

• Clarity on Revenue Model: Understand how the provider earns its fees. Look for flat-fee structures or clearly defined transaction percentages, avoiding models that might involve hidden interest charges or speculative investments.
• Direct Control: Opt for services that give you direct control over your funds and settlement, reducing reliance on third-party financing that may be interest-based.
• Avoidance of Debt and Riba: Steer clear of services that actively promote or integrate interest-based lending or credit facilities.

Here are some alternatives, focusing on their potential for transparency and business control:

• Wave Accounting: While primarily an accounting software, Wave offers integrated payment processing. Its clear, transaction-based fees make it a transparent option for small businesses.
  • Key Features: Invoicing, accounting, receipt scanning, payroll paid add-on, and integrated payment processing.
  • Average Price: Free for accounting and invoicing software. payment processing fees are 2.9% + 60¢ per transaction for credit cards and 1% minimum $1 for ACH.
  • Pros: Free core accounting software, simple fee structure for payments, good for small businesses and freelancers.
  • Cons: Less scalable for larger businesses, customer support can be limited, not a dedicated payment gateway.
• Stripe: As mentioned earlier, Stripe’s developer-focused platform allows for significant customization and integration, enabling businesses to build payment flows with high transparency.
  • Key Features: Highly flexible API, global payment support, subscription billing, advanced fraud detection.
  • Average Price: 2.9% + 30¢ per successful card charge for online payments. customized pricing for large volumes.
  • Pros: Extreme flexibility, robust developer tools, supports a wide range of payment types, global reach.
  • Cons: Requires technical expertise for full utilization, can be complex for simple setups.
• Square: Square offers straightforward pricing and easy-to-use hardware, making it popular for small and medium-sized businesses looking for simplicity and clear transaction fees.
  • Key Features: Integrated POS, online store builder, invoicing, virtual terminal, analytics.
  • Average Price: 2.6% + 10¢ for in-person transactions, 2.9% + 30¢ for online transactions.
  • Pros: User-friendly, transparent per-transaction pricing, quick setup, free basic POS software.
  • Cons: Fees can add up for high-volume businesses, less customization than developer-centric platforms.
• PayPal Business: A widely recognized platform, PayPal offers various business tools, including invoicing and online payment buttons, with clear transaction fees.
  • Key Features: Online invoicing, payment buttons, recurring payments, credit card processing, dispute resolution.
  • Average Price: 2.99% + fixed fee for online transactions. lower rates for QR code payments.
  • Pros: High brand recognition and trust, easy for customers to use, global reach, integrated business tools.
  • Cons: Can be more expensive than some competitors, funds can be held for various reasons.
• TransferWise Business now Wise Business: While not a traditional payment processor, Wise Business is excellent for international payments, offering transparent exchange rates and low fees.
  • Key Features: Multi-currency accounts, international transfers, debit cards, batch payments, API integrations.
  • Average Price: Low, transparent fees for currency exchange and transfers, often significantly cheaper than traditional banks.
  • Pros: Excellent for businesses with international clients or suppliers, highly transparent exchange rates, avoids hidden bank fees.
  • Cons: Not a full-fledged payment gateway for e-commerce, primarily focused on international money movement.
• Dwolla: Specializes in ACH and bank transfer payments, which typically have lower fees than credit card transactions and can be structured to avoid interest.
  • Key Features: ACH payments, push-to-debit, white-label API for custom integrations, robust security.
  • Average Price: Volume-based pricing, typically starting at 0.5% per transaction with caps, or monthly subscription plans.
  • Pros: Low transaction costs, ideal for large-value payments and recurring billing, direct bank transfers.
  • Cons: Primarily focused on ACH, less suitable for credit card processing directly, requires development work for full integration.
• Payoneer: A global payment platform often used by freelancers and businesses for cross-border transactions and receiving payments from marketplaces.
  • Key Features: Multi-currency receiving accounts, mass payouts, billing services, debit card, integration with marketplaces.
  • Average Price: Fees vary based on transaction type and currency. typically 0-3% for various services.
  • Pros: Excellent for international business, easy to receive payments from global clients, widely accepted by major platforms.
  • Cons: Not a traditional POS system, fees can be complex depending on service usage.

How to Cancel Diversifiedpayments.com Subscription

When dealing with merchant service providers like Diversifiedpayments.com, canceling a subscription or service agreement typically involves specific steps and adherence to contractual terms. Nextlevelguitar.com Review

Given that many merchant service contracts include early termination fees or specific notice periods, it’s crucial to approach this process meticulously to avoid unexpected charges.

Review Your Contract

The first and most critical step is to thoroughly review the service agreement or contract you signed with Diversified Payments.

This document will outline the precise terms and conditions for cancellation.

• Early Termination Fees ETFs: Look for clauses related to early termination fees. These are common in the merchant services industry and can be substantial. Diversified Payments mentions “Fee Re-imbursement up to $350 when you switch,” which implies the existence of such fees from previous providers, and potentially from their own contract as well.
• Notice Period: Identify the required notice period for cancellation. Many contracts stipulate that you must provide written notice e.g., 30, 60, or 90 days before the desired cancellation date or before a contract renewal.
• Contract Length: Understand your remaining contract term. Some contracts automatically renew, and missing the cancellation window can bind you for another term.
• Required Method of Notification: Ascertain the accepted method for submitting a cancellation request e.g., certified mail, email, online portal.

Initiate the Cancellation Process

Once you understand your contractual obligations, proceed with formally initiating the cancellation.

• Contact Customer Support: Reach out to Diversified Payments customer service e.g., via their 1-800 number: 1-800-621-0890 to inform them of your intent to cancel. Be prepared for retention attempts.
• Submit Written Notice: As per best practice and likely contract requirement, submit a formal written cancellation request.
  • Include your business name, account number, contact information, and a clear statement of your desire to terminate services.
  • Request a confirmation of cancellation in writing.
  • Send it via a trackable method e.g., certified mail with return receipt or email with read receipt to create a paper trail.
• Confirm Account Closure: After submitting your request, follow up to confirm that your account has been successfully closed and that there are no outstanding balances or pending fees.

Handling Equipment Returns

If you received “free equipment” from Diversified Payments, you will likely need to return it. Augmentustech.com Review

• Check Equipment Clause: Your contract should detail the return policy for any provided equipment.
• Return Instructions: Ask customer support for precise instructions on how and where to return the equipment. Document the return process e.g., tracking numbers, photos of packaged equipment.
• Avoid Unreturned Equipment Fees: Failure to return equipment or returning it improperly can result in significant unreturned equipment fees.

Diversifiedpayments.com Pricing

The homepage of Diversifiedpayments.com explicitly claims “transparent pricing” but conspicuously lacks any public-facing pricing details or fee schedules. This is a common practice in the merchant services industry, where pricing is often customized based on business type, transaction volume, and risk assessment. However, for a user seeking immediate clarity, this absence can be a significant hurdle.

Absence of Public Fee Schedules

Unlike many SaaS companies that publish tiered pricing, Diversified Payments requires direct engagement to obtain pricing information.

• Lead Generation Strategy: This approach is primarily a lead generation strategy, encouraging businesses to fill out a form “get your FREE GUIDE to understanding merchant services rates and fees today!” or call them directly.
• Customized Quotes: It suggests that their pricing is highly customized, likely involving various factors such as:
  • Industry Type: Different industries carry different risk profiles, influencing rates.
  • Processing Volume: Higher transaction volumes often qualify for lower percentage rates.
  • Average Transaction Size: This can impact the per-transaction fee structure.
  • Payment Mix: The ratio of card-present vs. card-not-present transactions, and credit vs. debit cards, affects overall costs.
  • Specific Services Needed: Additional services like ACH processing, loyalty programs, or advanced reporting may incur separate fees.

Potential Pricing Models Implied

While specific numbers are missing, the language on the website hints at certain pricing models they might employ:

• Interchange-Plus: This is a common and generally more transparent model where the processor adds a fixed markup e.g., 0.20% + $0.10 on top of the direct interchange fees charged by card brands Visa, Mastercard and card-issuing banks. The mention of “Lowest rates for ACH and Check Guarantee” could align with this.
• Tiered Pricing: Less transparent but still prevalent, this model categorizes transactions into qualified, mid-qualified, and non-qualified tiers, each with different rates. This often leads to confusion due to undisclosed criteria for categorization.
• Flat Rate Pricing: Popularized by services like Square and PayPal, this model charges a single, consistent percentage and per-transaction fee regardless of card type or transaction method. While simple, it can be more expensive for high-volume businesses. Diversified Payments’ focus on “maximizing savings” suggests they aim to beat flat rates for many merchants.
• Surcharging Model: The explicit mention of “Accept credit cards at 0% with Surcharging” indicates they offer a program where the merchant charges customers an additional fee surcharge to cover the processing costs. This effectively makes the merchant’s net processing cost zero for those transactions. It’s crucial to understand that surcharging is regulated and often has specific disclosure requirements.

The “Free Guide” and Consultation

Diversified Payments encourages users to get a “FREE GUIDE to understanding merchant services rates and fees.” This guide would likely provide general information on industry pricing models rather than their specific rates.

The ultimate goal is to initiate a direct consultation to provide a tailored quote. Kabshi.net Review

• Personalized Sales Approach: The lack of public pricing drives a personalized sales approach, where a representative can analyze a business’s specific needs and present what they position as a cost-saving solution.
• Negotiation Potential: In the merchant services industry, quoted rates are often negotiable, especially for businesses with high transaction volumes.

Diversifiedpayments.com vs. Competitors

When evaluating Diversifiedpayments.com against competitors in the merchant services arena, it’s essential to consider various factors, including pricing transparency, service offerings, customer support, and technological capabilities.

Many competitors, particularly larger, more established players, offer a similar range of services but differ significantly in their approach to pricing, contract terms, and customer experience.

Diversifiedpayments.com’s Stated Advantages

Diversified Payments highlights several unique selling points on its homepage:

• “Same Day Funding”: This is a significant advantage over many traditional processors that offer next-day funding. Faster access to funds can greatly improve a business’s cash flow.
• “Free Equipment Program”: Offering free terminals is a compelling incentive, as equipment costs can be a barrier for many small businesses. This contrasts with providers who may charge for equipment or require leases.
• “Fee Re-imbursement up to $350”: This gesture of covering cancellation fees from a previous processor demonstrates confidence and helps mitigate a common switching barrier.
• “Accept credit cards at 0% with Surcharging”: While requiring careful implementation, this program, if legally and ethically managed, can be very attractive for businesses looking to eliminate processing costs.

Comparison with Traditional Processors e.g., Elavon, TSYS, Fiserv

Traditional processors are often large, established entities that typically offer complex, customized pricing models and long-term contracts.

• Pricing: Diversified Payments, despite lacking public pricing, aims for “transparent pricing” and “lowest rates,” suggesting they might offer more competitive or straightforward pricing than some traditional processors known for opaque tiered models. Traditional processors often require extensive negotiation.
• Contract Length & Fees: Traditional processors are notorious for multi-year contracts and hefty early termination fees. Diversified’s “fee re-imbursement” indicates they understand this pain point, but their own contract terms remain to be seen without direct inquiry.
• Customer Support: Diversified’s claim of “Top Rated Support” and “white-glove customer service” aims to differentiate them from larger companies where personalized support can sometimes be harder to obtain.

Comparison with Modern Aggregators e.g., Square, Stripe, PayPal

Modern aggregators have disrupted the market with simplified, flat-rate pricing and easy online setup. Plugitapps.com Review

• Pricing: Aggregators like Square at 2.6% + 10¢ in-person offer clear, flat-rate pricing. Diversified Payments, by suggesting “lowest rates” and “0% surcharging,” is likely targeting businesses for whom flat rates might be too high at volume, or who prefer a more traditional, negotiated rate structure.
• Flexibility & Setup: Aggregators offer quick, online onboarding. Diversified Payments seems to lean towards a more personalized sales process, which might appeal to businesses seeking tailored solutions rather than a one-size-fits-all approach.
• Equipment: Aggregators often provide affordable, modern hardware. Diversified’s “free equipment” offer is a direct challenge to the cost of equipment or leasing fees from competitors.

Distinctive Approach

Diversifiedpayments.com appears to carve out a niche by combining aspects of traditional, personalized merchant service provision like negotiated rates and dedicated support with modern benefits like faster funding and cost-saving programs surcharging, fee reimbursement. Their direct contact model implies a hands-on approach to client acquisition and service.

The ethical considerations around interest and hidden fees remain a critical point of distinction and scrutiny when comparing to any alternative.

Ethical Considerations for Payment Processing

When it comes to payment processing, ethical considerations are paramount, especially within a framework that emphasizes fairness, transparency, and avoidance of exploitative practices.

The conventional financial system often intertwines elements that might not align with these principles, making it crucial for businesses and individuals to scrutinize the underlying mechanisms.

The Challenge of Interest Riba

One of the most significant ethical concerns in conventional payment processing stems from the involvement of interest riba. While a merchant processor might charge a direct fee for their service, the broader ecosystem of credit card transactions often involves interest at various levels. Theexamcerts.com Review

• Credit Card Debt: The very nature of credit cards allows consumers to incur debt, which is then subject to interest if not paid in full. Even if the merchant is “paid,” they are facilitating a system that can lead to consumer debt laden with riba.
• Processor Financing: Some processors offer lines of credit or advances to merchants, which often come with interest charges disguised as “fees” or “factors.”
• Interbank Lending: The global financial system, including the liquidity mechanisms supporting payment networks, heavily relies on interest-based lending between banks.

Lack of Transparency Gharar

While Diversifiedpayments.com claims “transparent pricing,” the absence of public fee schedules introduces a degree of uncertainty gharar, which is discouraged.

True transparency means all costs and conditions are clear upfront, without needing to engage in a sales process to uncover them.

• Hidden Fees: Despite claims against them, the complexity of merchant service contracts can sometimes obscure various fees, including PCI compliance fees, statement fees, annual fees, batch fees, and more.
• Tiered Pricing Ambiguity: If a processor uses a tiered pricing model, the criteria for classifying transactions into “qualified,” “mid-qualified,” or “non-qualified” tiers are often opaque, leading to higher-than-expected costs for merchants.
• “0% Surcharging” Nuances: While attractive, the implementation of surcharging has legal and ethical implications. If not clearly communicated to customers and legally compliant, it can be seen as deceptive or unfair.

Promoting Halal Alternatives and Practices

For businesses committed to ethical financial practices, the focus should be on minimizing exposure to interest and ensuring transparency in all transactions.

• Cash and Direct Transfers: Encouraging cash payments or direct bank transfers ACH, eCheck when feasible, as these bypass credit card networks and their associated interest models.
• Debit Card Preference: Promoting debit card usage over credit cards, as debit transactions draw directly from available funds and do not involve interest-bearing credit.
• Transparent Fee-Based Services: Opting for payment processors that operate purely on a clear, flat-fee or interchange-plus model, where the fees are for the service provided rather than a percentage of interest.
• Avoiding Merchant Cash Advances: Rejecting any offers of “merchant cash advances” or other forms of financing that involve fixed repayments plus a “factor rate,” which is effectively interest.
• Ethical Investment: For surplus business funds, seeking out Sharia-compliant investment options that avoid interest, gambling, and prohibited industries.

FAQ

How can I get a detailed pricing structure from Diversifiedpayments.com?

To get a detailed pricing structure from Diversifiedpayments.com, you typically need to contact them directly by filling out their online form to “get your FREE GUIDE” or calling their toll-free number at 1-800-621-0890. They do not publish specific rates on their homepage.

Does Diversifiedpayments.com offer international payment processing?

The homepage of Diversifiedpayments.com primarily highlights payment solutions for US businesses e.g., with a Texas address and US phone number and does not explicitly mention international payment processing capabilities or support for multiple currencies. Ehealthtechnologies.com Review

You would need to inquire directly with their sales team.

What types of businesses does Diversifiedpayments.com cater to?

Diversifiedpayments.com states they offer “payment solutions for any business type In-store, Mobile, Online or MOTO,” indicating they cater to a broad range of businesses from retail and e-commerce to mobile services and mail order/telephone order.

Is Diversifiedpayments.com a direct payment processor or a reseller?

Based on the information provided, it’s not explicitly stated whether Diversifiedpayments.com is a direct payment processor or a reseller ISO for a larger processing bank.

Many merchant service providers operate as ISOs, partnering with larger banks to process transactions.

What is the “Free Equipment Program” offered by Diversifiedpayments.com?

Diversifiedpayments.com claims that “98% of our merchants qualify for free credit card terminals or processing equipment.” This program aims to reduce upfront costs for businesses, implying they provide the necessary hardware without purchase or lease fees for eligible merchants. Atlanticfinefurniture.com Review

How quickly can my business get approved for merchant services with Diversifiedpayments.com?

Diversifiedpayments.com advertises “Fast Approval,” stating that “Many retail merchant services accounts are approved and activated same-day!” This suggests a streamlined onboarding process for certain business types.

What does “Same Day Funding” mean for my business with Diversifiedpayments.com?

“Same Day Funding” means that funds from your daily credit card sales are deposited into your business bank account on the same day the transactions occur, allowing for quicker access to your revenue compared to traditional next-day funding.

Does Diversifiedpayments.com provide customer support 24/7?

Diversifiedpayments.com claims to offer “Top Rated Support” and “Live reps available NOW to take your call,” but they do not explicitly state if their support is available 24/7. It’s best to confirm their specific support hours.

What is the “Fee Re-imbursement” program?

Diversifiedpayments.com offers “cancellation fee re-imbursement up to $350 when you switch your processing to Diversified Payments.” This program helps new clients offset potential early termination fees from their previous merchant service provider.

How does “Accept credit cards at 0% with Surcharging” work?

This program allows businesses to charge customers an additional fee surcharge to cover the cost of credit card processing. Custominaday.com Review

If implemented correctly and legally, the merchant’s effective processing cost for those transactions can be 0%. It’s crucial to understand and comply with state and card brand regulations regarding surcharging.

Does Diversifiedpayments.com integrate with QuickBooks?

Yes, Diversifiedpayments.com mentions “Real time Quickbooks integration” as one of their benefits, suggesting that their payment processing can seamlessly sync with QuickBooks for accounting and reconciliation.

What kind of online reporting does Diversifiedpayments.com offer?

Diversifiedpayments.com provides “24/7 online access to a full reporting suite,” which helps businesses track revenue, monitor performance, and access transaction data at any time.

Can I get a mobile POS solution from Diversifiedpayments.com?

Yes, Diversifiedpayments.com explicitly lists “Mobile POS” as one of the payment solutions they offer, catering to businesses that need to accept payments on the go.

What is ACH & eCheck processing, and does Diversifiedpayments.com offer it?

ACH Automated Clearing House and eCheck processing involve electronic direct bank transfers, which are often a lower-cost alternative to credit card payments. Zeemo.com Review

Diversifiedpayments.com states they offer “Lowest rates for ACH and Check Guarantee.”

How do I subscribe to updates from Diversifiedpayments.com?

You can sign up for updates from Diversifiedpayments.com by entering your email address in the “Sign up. Save money.

Grow.” section at the bottom of their homepage and clicking “Join Now.”

Does Diversifiedpayments.com have a physical office location?

Yes, Diversifiedpayments.com lists a physical address on their homepage: “110 E First St Hico, TX 76457.”

Are there any user testimonials or reviews on their website?

Yes, the homepage includes a section titled “What Our Customers Say,” featuring brief positive testimonials, although detailed third-party reviews are not directly linked from this section. Vitality.gg Review

What kind of educational content does Diversifiedpayments.com provide?

Diversifiedpayments.com features a “Latest Articles” section on their homepage, covering topics such as “How to Implement a Legal and Compliant Cash Discount Program,” “10 Things You Should Know About Opening a Merchant Bank Account,” and “Point of Sale Systems Explained.”

Does Diversifiedpayments.com handle cancellation fee reimbursement if I’m switching from another provider?

Yes, they offer cancellation fee reimbursement up to $350, designed to help businesses offset costs when transitioning from another merchant service provider.

How can I submit a support ticket to Diversifiedpayments.com?

Diversifiedpayments.com provides a “Submit A Ticket” link on their homepage, allowing users to formally submit support requests or inquiries.

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