10-second breakdown:
Named after the Buddhist concept of ‘living the right way and doing the right thing,’ Dharma lives up to its name with industry-leading ethical business practices, killer rates and very few fees. If that’s not enough there are also perks for non-profits and top rated customer support.
The good:
Dharma is an industry leader in fair pricing. They only offer interchange plus pricing, no confusing or overprice tiered system. They offer a credit card machine for purchase direct through them at a bargain price of $300.
Beside regular credit card payment processing they also provide mobile phone processing and tablet-based POS options for merchants. For mobile EMV payments, they are offering Clover Go, a headphone jack card reader for smartphones.
Dharma has excellent customer support available if you need it. Their toll free number is easily found on their website as well as a large link if you need to submit a ticket. Their support page also has a lengthy FAQ section that can help you answer many common questions.
The bad:
If you need a gateway Dharma does charge a setup fee, transaction fee, and monthly fee. Their rates are reasonable, however you can find other comparable services that do no charge for a gateway.
Dharma does not deal with what they consider “high risk businesses”. You can find a complete list of these businesses in their FAQ section. Some examples are travel agencies, web hosting, and online computer sales.
How it works:
Originally founded back in 2007 by a former regional manager for Cardservice International alongside his daughter, Dharma combines insider knowledge of the industry with honest and ethical business practices to cater to non-profits and small to medium businesses. The dynamic duo set up Dharma Merchant Services to prove that good business and transparent policies can happily co-exist.
Nearly a decade later, Dharma is a fan-favorite for their industry leading honest advertising and sales transparency. With practically no fees, it’s a wonder they make any money at all as they regularly donate 50% of their profits to charities. They’re focused on making the world better and aren’t afraid to lead the charge. Dharma even got certified as a green business and B-corp.
Current customers absolutely rave about Dharma’s consistent, fair pricing and predictable pricing scheme. Seriously, advocates of Dharma are among the most vocal of any brand name out there, payment processing and otherwise. Take a peak at any review online, or with the BBB, they’re practically bursting at the seams with happy customers.
As you might expect from a company that donates an intense amount every year to charity, Dharma offers quite a few services to non-profit organizations. They can help you set up a professional, modern donation page and even event registration web pages. The costs are a little higher than regular processing but still beat the industry standard.
When they do get a complaint online, Dharma does everything in its power to help fix the issue. Among the very few complaints, a couple had an issue with an early model register, the change would get stuck. Dharma apologized profusely and offered multiple solutions to the issue, writing up a compassionate unique letter to each client that were longer than the article you’re reading now.
The customer service is a running theme through many of the positive reviews. There are a few compromises here though worth noting. Technically the support is 24/7/365, but in-house experts are only around 8am-5pm pacific time. Outside of those business hours, they’ll direct you to the appropriate party to get issues solved.
During business hours you can get ahold of them for a quick question on live chat or through the phone. Customers compliment the support team time and time again. They are known to be smart, patient and extremely knowledgeable. All of your interactions received personalized attention, there aren’t any canned responses here – they help you with your problem until you’re satisfied. It boils down to the fact that Dharma treats customers like actual people, and even though it should be standard when a company provides great service they really stand out.
Finding Dharma’s price couldn’t be easier. There’s a red ‘pricing’ link on the top right and everything is laid out as clear as day. Dharma only offer’s interchange-plus pricing – it’s both a blessing and a curse. Usually processors restrict this to only select clients, so it’s good to see them offer it up front but more options never killed anyone.
Dharma offers three main plans, their first and most popular is the ‘Storefront’ plan – intended for brick and mortar businesses. It costs 0.25% + 10¢ per transaction above interchange in addition to a $10 monthly fee.
The second package is dubbed ‘Virtual’ and is meant for businesses with an e-commerce presence. On top of interchange, you can expect to pay 0.35% + 15¢ per transaction and $10 in month membership fees.
Last but not least Dharma offers a special rate for restaurants, bars, quick services or other businesses with low average-ticket pricing. It’s 0.20% and 7¢ per transaction and $10 a month.
While the pricing is extremely competitive and clear-cut, what’s more impressive is what Dharma doesn’t charge. They have a funny tongue-in-cheek section on their pricing page for ‘What does Dharma NOT Charge?’ The list is pretty surprising, there are no annual fees, monthly minimum fees, leasing/rental fees, long term contracts or early termination fees. It’s a wonder that they make any money at all.
The only thing to note, Dharma is considered a ‘Full Service’ processing company, it means that they provide greater service but also have higher monthly fees. They recommend that only businesses making over $10,000 a month should apply with them, otherwise it may not make financial sense. What if you don’t make $10,000? You could still give them a call but Dharma also has a link listing two of their competitors that would probably be a better fit, talk about customer service.
While it’s not for small vendors, Dharma can provide great value for brick-and-mortar or virtual businesses that have more than $10,000 worth of credit card transactions every month. Pair all of that with a down to earth, ethical business and Dharma comes out as a very strong contender for payment processing.
For complete rankings of all credit card processors, go here.
http://authority.org/credit-card-processing/dharma/ http://authorityorg.tumblr.com/post/150203810492
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