PROS / This processor has a low annual PCI-compliance fee.
CONS / The interchange-plus markup is higher than many other processors.
VERDICT / Signature Card Services offers interchange-plus pricing and has helpful customer service reps.
Signature Card Services is a credit card processor based in Los Angeles, California. It offers interchange-plus pricing only. This processor is one of the few that accepts merchants with bad credit or high-risk businesses.
Interchange-plus pricing is quickly becoming the industry standard for credit card processing. Signature Card Services offers only this model to its merchants; however, its rates are on the high end, with an interchange-plus markup of 0.50%, which is well above the average markup in our review of 0.30%. The per-transaction fee is $0.10, which is average for the processors we reviewed.
In addition to the processing costs that you pay per transaction, you can also expect to pay Signature Card Services a $6.95 monthly fee and a $30 PCI-compliance fee each year. Both fees are lower than average, and the $30 PCI-compliance fee is the lowest of any processor that charges this fee. The processor expects you to generate a monthly minimum of $25 in processing costs, which is average.
Signature offers an EMV-ready terminal for new businesses or businesses that need to upgrade in order to avoid liability due to having an outdated card reader. You can purchase terminals for $200, which is slightly below the average cost we were quoted by the processors we reviewed. Signature offers a free terminal; however, if you choose to accept it, you have to sign a lengthy contract.
The default contract we received from Signature is for a three-year term, but the reps we spoke to offered our testers waivers that would provide them with service on a month-to-month basis. We recommend that you read the contract and ask your rep if he or she can waive the three-year term for you. Having a month-to-month agreement with your processor allows you greater flexibility and helps you avoid paying hefty early termination fees.
We rated Signature Card Services well on its customer service, giving it a score of 100%. The reps we spoke with were patient and knowledgeable as they answered our many questions. They were quick to follow up with our testers with pricing quotes and contracts. Signature Card Services provides you with a dedicated account rep as well as 24/7 phone support.
Signature Card Services offers interchange-plus pricing, albeit at a rate higher than the average processor. It offers services to high-risk merchants as well as those with bad credit. Be aware that you may have to specifically ask for a month-to-month contract or waiver, even if you don't sign up for a free terminal.