Complaint Review: CHASE PAYMENT TECH OR "PAYMENT SYSTEMS"

According to Visa's Global Register of Service Providers (http://usa.visa.com/download/merchants/list-of-registered-independent-sales-organizations.pdf) the company goes by the name: Merchant Processing Solutions, LLC. dba Payment Systems. 

I think one of the owners or managers is Matthew (Matt) Whiltsey who has also been involved with other processing companies such as Ace76 Enterprises and Abacus Payment Systems.

Very hard to find anything else on this company - couldn't even find tax ID through SEC and other tax ID-search sites. They have a few locations (such as 633 W. 5th St, suite 6770, Los Angeles, CA, 900071) but your best bet to get to the bottom of this company is to call Visa and Mastercard and ask for all information they have on them. The next step would be to call Wells Fargo and First Data.

Good luck.

For starters, Chase does not own Wells Fargo. Wells Fargo is a publically listed company, the majority shareholder being Berkshire Hathaway (Warran Buffett).

Payment Systems is an ISO (Independent Sales Organization) of Wells Fargo. That means Wells Fargo acted as a sponsor so Payment Systems could obtain registration with Visa/Mastercard (so Payment Systems can sell Wells Fargo processing services) - complicated I know. 
 
They also have a relationship with First Data and a relationship with Global Leasing Company (maybe a subsidiary of First Data - unsure) for equipment leasing.

Payment Systems is a third party 'solution' provider. Basically, they have formed relationships with reputable companies (First Data - largest payment processor in the world and Wells Fargo - fourth largest bank in the USA) in order to appear legitimate and trustworthy.

They bundle the services and claim to give the best prices.

Whatever the technique, however big the lies and decit, one thing remains: They are a 3rd party processor. Wells Fargo have to get paid, First Data have to get paid, Global Lease has to get paid and finally PAYMENT SYSTEMS have to get paid.

Conclusion? Highly doubtful they could match anyone's rates let alone beat them.

erin - They said it was Wells Fargo, but the equipment read Chase when plugged in.  I had payment tech and LadCo leasing.  I would love to hear what you and your lawyer are doing.  Try csrm dot us go to contact page

I am also being sued by Ladco .  My original lease was with Azura, was yours? I have a lawyer and am fighting the whole thing.
My # (((Redacted)))

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

To all that have been ripped off by Payment Tech:

I too fell for the Wells Fargo merchant services sales pitch.  I am now in the process of being sued by LadCo leasing for the CC equipment.  I am looking for individuals and former employees to file a law suit against Payment Tech and the sales Rep for fraud and misrepresentation.  They have been in business since 2007 and have around 28 BB complaints against them.  They have to be stopped from ripping off small business.

JAK

Payment Systems is not owned by Wells Fargo or Chase.  In fact they had to change their original name which was "Chase Payment Tech".

 I was told specifically by the leagal department from Wells Fargo that they are not affiliated with Payment Systems of Carlsbad under any "umbrella" or in any way.

Chase bought Wells Fargo bank last year during all of the bank drama of 2009.  So they did not misrepresent themselves. Chase owns Payment Tech which used to be a separate company as well. I believe that Chase kept the "Wells Fargo" brand but does own everything.