Is ascentium Capital legitimate?
Ascentium Capital has been an accredited business with the Better Business Bureau since 2015 and currently has an “A+” rating. After their purchase in 2020 by Regions, it appears that the Ascentium Capital BBB profile has been merged with Regions, leading to a very large number of complaints being added to its profile.
Who is ascentium capital?
Ascentium Capital LLC, a national commercial lender, announced today the Company achieved $1.25 billion in annual funded volume. The Company ended 2020 with $2.6 billion in managed assets representing 8.30% growth in assets year-over-year.
Who bought ascentium capital?
Regions BankBIRMINGHAM, Ala. --(BUSINESS WIRE)-- Regions Bank today announced it has completed the acquisition of Ascentium Capital, an independent equipment finance lender serving small businesses.
What does ascentium capital do?
Ascentium Capital is an award-winning commercial lender providing equipment and technology financing solutions. Our unique finance platform, combined with exceptional customer service, paves the way for fast, flexible financing for virtually any business need.
What bank did regions buyout?
Independence BankIn 2002, Regions acquired Independence Bank for approximately $24 million in cash. On January 24, 2004, Regions merged with Memphis, Tennessee–based Union Planters Bank in a $5.9 billion transaction. Jackson W. Moore, the former CEO of Union Planters, became CEO of the merged company.
How does Ascentium Capital work?
The standard Ascentium Capital contract is a non-cancellable, long-term agreement through Freedom Card Solutions. Upon signing the lease, merchants are obligated to pay the full cost of the lease whether they use the equipment or not. The full cost of a standard Ascentium Capital contract appears to be several thousand dollars, often up to ten times the cost of purchasing the leased equipment independently. To terminate the contract, merchants can either notify Ascentium Capital of their intent to terminate the contract, return the equipment and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments. It appears to be standard company policy to simply withdraw the amounts owed on delinquent accounts in monthly or lump sums, often without ever notifying the merchant.
Where is Ascentium Capital located?
This is likely to have a major effect on Ascentium, and we are monitoring the situation closely. Ascentium Capital is headquartered at 23970 US-59 N , Kingwood, Texas 77339. Thomas Depping is the CEO of Ascentium Capital.
Is Ascentium a CPO?
It is worth noting that Ascentium Capital is partnered with many of the lowest-rated merchant account providers on CPO. It is possible that Ascentium’s business practices have played a large role in lowering those company’s ratings, but it is also possible that Ascentium chose to partner with those companies because it approved of their aggressive sales practices. In either case, there appears to be a strong correlation between whether a company sells equipment leases through Ascentium Capital and whether it receives a poor overall rating on CPO.
Can I terminate my Ascentium contract?
To terminate the contract, merchants can either notify Ascentium Capital of their intent to terminate the contract, return the equipment and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments.
Who financed the MHT lawsuit?
The lawsuit alleged that Ascentium Capital financed over $45 million in leases for medical billing equipment and software from a company called MHT.
Does Ascentium Capital sell to merchants?
Ascentium Capital does not appear to directly market its services to merchants, preferring instead to act as the designated third-party equipment provider for numerous ISOs across the country. This means that many ISOs include a lease agreement with Ascentium Capital as part of their standard credit card processing contracts, and as a result, many merchants find themselves signed up for a 48-month equipment lease through Ascentium Capital without ever having interacted with an Ascentium Capital sales representative. This appears to be a major cause of merchant confusion.
Does Ascentium Capital have email addresses?
Ascentium Capital offers dedicated support numbers and email addresses on its website. While these are the basic support channels we expect of top-rated merchant accounts for customer service, it is clear that most merchants do not obtain positive resolutions through these channels.
Ascentium Capital Overview
Ascentium Capital was founded in 2011 in Kingwood, Texas. In 2016, the company was acquired by Warbug Pincus, a venture capital firm. Ascentium Capital is a commercial financing solutions provider serving a wide range of sectors, including healthcare, hospitality, retail, and e-commerce merchants focusing on small and mid-sized businesses.
Ascentium Capital Products & Services
Ascentium Capital offers financing and leasing options to merchants for POS equipment. The company partners with different merchant account providers to resell their equipment financings, such as Performance Merchant Alliance, Freedom Card Solutions, United Card Solutions, Radiant Merchant Services, Chyp, Red Payments, and Direct Processors.
Ascentium Capital Advertising & Sales
Ascentium does not market its products and services directly to merchants but instead uses ISOs as the company's reseller of POS equipment and financing options. These payment processors' standard agreements with merchants include the clause for equipment lease with Ascentium for up to 60 months.
Ascentium Capital Pricing, Rates & Fees
Ascentium Capital offers long-term locked contracts ranging from 48-60 months. Our general view is that merchants are better off either buying POS equipment outright, which usually should not exceed $500. Businesses can also opt to rent POS equipment.
Ascentium Capital Contract & Terms
Ascentium Capital offers equipment financing contracts for 48- 60 months. Merchants are locked-in for the entire duration without the option of early termination. If merchants decide they want to end the contract, they must pay all outstanding payments.
Ascentium Capital Complaints, Ratings & Reviews
Since 2015, Ascentium Capital has been accredited with the Better Business Bureau (BBB) and has an A+ rating. In the last 36-months, we see that there were 47 complaints, most of which have been about customer support that is non-existent or very unempathetic, borderline-deceptive sales tactics, and billing issues.