Payment processing consultant and merchant account broker based in Philadelphia serving U.S. businesses. Specializes in reducing credit card processing fees through dual-pricing merchant accounts.
Data compiled from public sources · Rating from CreditDoc methodology
The Payment Specialists is a merchant credit service and payment consulting firm headquartered in Philadelphia, PA that serves businesses across the United States. Founded on the principle of helping businesses reduce payment processing costs, the company positions itself as a broker connecting business owners with banks and underwriters to establish optimized merchant accounts.
The company offers merchant account setup, cost analysis services, and their proprietary "Edge" dual-pricing system designed to reduce credit card and debit card transaction fees. They provide equipment for qualifying merchants, online portals for tracking merchant processing activity, same-day or next-day funding for low-risk merchants, and 24/7 customer support. Their primary service is conducting comparative analysis of existing merchant fees to identify savings opportunities and restructure payment processing arrangements.
The Payment Specialists distinguishes itself through direct banking relationships, no early termination fees on accounts, and a stated 100% satisfaction guarantee. They target businesses generating over $10,000 monthly in revenue and offer free cost-saving analysis consultations. Their team emphasizes streamlining customer payment experience to improve retention and profit margins.
The company operates during standard business hours (Monday-Friday, 10 AM-6 PM) and can be reached by phone or email. While their website demonstrates legitimate merchant services operations, the company appears relatively small with limited third-party verification available. Their value proposition depends heavily on their ability to negotiate better rates than clients' current providers, which varies by merchant profile and existing agreements.
Yes. The Payment Specialists is a registered company, headquartered in Philadelphia, PA.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
Best for established businesses with $10,000+ monthly card processing volume seeking to reduce merchant fees through professional rate negotiation. Main caveat: actual savings depend on current rates and competitive terms available at time of analysis; company lacks significant third-party verification and should be evaluated carefully before commitment.
Non-profit credit counseling organization offering debt management plans, bankruptcy counseling, and financial education since 1991. NFCC-affiliated with certified counselors.
Best for: Consumers with multiple debts seeking consolidation into single manageable monthly payments through non-profit guidance, Individuals considering bankruptcy who need pre-filing counseling from certified financial counselors
Philadelphia-based notary and registration agency offering auto tag services, title processing, and notary services since 1989. Also provides insurance products through partner providers.
Best for: Philadelphia-area residents needing auto registration, title work, and notary services in one visit, New Pennsylvania residents purchasing vehicles seeking quick title registration and transfer
VestedIn (formerly WPFSI) is a CDFI community lender offering business loans up to $100,000, technical assistance, and financial education to entrepreneurs across Philadelphia and six surrounding counties.
Best for: West Philadelphia-based small business owners needing $10,000-$100,000 and hands-on technical mentorship, Early-stage entrepreneurs lacking business acumen who benefit from mandatory technical assistance
Your credit report contains the raw data behind your score. Learn what's in it, how to read it, and how to dispute errors that could be dragging your score down.
Read guide →Klarna, Afterpay, Affirm — they make spending easy. But what happens to your credit score when you use them? Here's what the fine print doesn't tell you.
Read guide →Learn what makes up your credit score, how it's calculated, what the ranges mean, and how to check yours for free.
Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
Affiliate Disclosure: CreditDoc may earn a commission when you click links to The Payment Specialists and other services. These commissions help us maintain our free research. Our editorial team independently evaluates all services. Compensation does not influence our ratings or rankings. Learn more.