MerchantsXL

What MerchantsXL does

MerchantsXL, LLC is a privately held merchant services provider founded in 2009 by Cole Bevel and headquartered in Reno, Nevada. The company delivers credit card and debit card processing for small and mid-sized U.S. businesses across four transaction channels: retail (card-present swipe), MobileXL (smartphone/tablet-based mobile POS), Internet Accounts (eCommerce gateway processing), and Keyed-In/MOTO accounts (mail order and telephone order, card-not-present). Underlying technology includes a web-based Virtual Terminal that replaces physical terminals with browser-based processing, an HTML Order Form Generator with QuickBooks integration, and a Portfolio Manager Login portal for account management. The platform relies on third-party processing back-ends rather than proprietary rails, with Authorize.Net as the primary gateway (MerchantsXL describes itself as one of its largest U.S. resellers) alongside eProcessing Network, Capital Bankcard, MerchantWare, and NPC integrations, plus hardware support for Hypercom and Verifone terminals.

The business operates on a transaction-based take-rate model with no application, annual, cancellation, American Express setup, or Discover setup fees, and no contractual term obligations. Go-to-market is sales-led and relationship-based, using website applications, phone sales, and on-site consultations, supported by a virtual team distributed across the country and internationally, anchored by regional offices in Reno (NV), Blairsden-Graeagle and Newport Beach (CA), and Soldotna (AK). The customer base spans 500+ SMBs across "nearly every industry," with only six clients lost since 2010 per company disclosure. Leadership consists of Managing Partners Cole Bevel and Jeff Lenardson (CEO of DFL Capital, a serial entrepreneur with prior Fortune 50 and public-company exits), and Partner Brian Lenardson (western U.S. sales oversight since 2024). The company is organically funded with no disclosed venture or private equity capital.

Name

MerchantsXL

Legal name

MerchantsXL, LLC

Website

https://merchantsxl.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

MerchantsXL is a privately held, Reno-based merchant services provider founded in 2009 that delivers no-contract credit card processing to 500+ SMB clients across the U.S. via retail, mobile, internet, and MOTO channels.

Ownership category

akta.pro rank

Product category

Merchant Services / Payment Processing

akta.pro primary industry

Merchant Acquiring & Processing Platforms (BPAMAFAB)

Keywords

• Credit card processing
• Merchant services
• Payment processing
• Mobile payments
• Payment gateway

Headquarters

HQ city

Reno

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Credit Card Processing Fees: Transaction-based revenue model where merchants pay fees for each credit/debit card transaction processed. Retail accounts have lower discount rates due to card-present (swiped) transactions reducing fraud risk. Internet, mobile, and MOTO accounts have higher rates due to increased card-not-present risk.
2. Merchant Account Services: Revenue generated from providing comprehensive merchant account services including virtual terminal, mobile processing, internet gateway solutions, and retail/mobile/internet/keyed-in account management.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

MerchantsXL provides credit card processing and merchant account services to small and mid-sized businesses across the United States. Their offerings cover four transaction channels: retail (in-person swipe), mobile (smartphone/tablet), internet (eCommerce gateway), and MOTO (mail/telephone order card-not-present). The company operates under a no-contract model with no application, annual, or cancellation fees, bundled with free 24/7 customer support.

Product overview

MerchantsXL offers a unified merchant services platform with multiple integrated product lines. The core offerings include Retail Accounts for face-to-face card swipes, MobileXL for smartphone/tablet payments, Internet Accounts for online eCommerce transactions, Keyed-In Accounts for MOTO (mail/telephone order) processing, and a Virtual Terminal as a web-based alternative to physical terminals. Additional services include an Order Form Generator for creating payment pages with QuickBooks integration, and Portfolio Manager Login for account management. All services operate under a no-contract business model with 24/7 customer support.

Differentiator

Problem solved

Functional benefit

Brands

• MobileXL: Mobile payment solution enabling merchants to process credit cards through smartphones, tablets, or other mobile devices using Wi-Fi, Edge, 3G, or 4G networks.
• Virtual Terminal

Products and services

• Retail Accounts Merchant account services for retail businesses that process credit cards face-to-face via card swipes. Accounts include processing solutions for existing PCI-compliant credit card machines that can be reprogrammed, with lower discount rates compared to card-not-present transactions due to reduced fraud risk.
• MobileXL Mobile payment processing solution enabling merchants to accept credit cards through smartphones, tablets, or other mobile devices. Features a free virtual point-of-sale application that processes real-time transactions over Wi-Fi, Edge, 3G, or 4G networks with no wireless terminal expenses or gateway/cellular access fees.
• Internet Accounts Online payment processing solution providing secure connections between merchant websites and processing networks. Includes Authorize.Net payment gateway integration with fraud protection, and support for eCommerce shopping cart solutions, offered with significantly lower gateway fees as one of the largest Authorize.Net resellers in the nation.
• Keyed-In Accounts (MOTO) MOTO (Mail Order Telephone Order) credit card processing for merchants who take payments by phone or mail order where the card is not physically present. Also known as card-not-present processing, with quick account setup in a few days.
• Virtual Terminal Web-based point-of-sale solution that replaces physical credit card terminals. Enables processing of debit and credit cards via internet connection, with extensive reporting features, ability to re-charge previously processed cards for up to two years, batch processing, and multiple user access with AVS and CVV support.
• Order Form Generator HTML code generator for creating web-based payment solutions including online bill payment, donation pages, membership renewals, fundraising events, and recurring/installment billing. Includes QuickBooks plug-in integration for accounting.

Quantifiable outcome

• 500+ clients served since early 2010
• +2 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Authorize.NetcoreTechnology or IntegrationMerchantsXL is integrated with Authorize.Net payment gateway. They are described as one of the largest Authorize.Net resellers in the nation, which enables them to offer significantly lower merchant gateway fees compared to competitors.
• QuickBookssupportingTechnology or IntegrationThe Order Form Generator solution offered by MerchantsXL integrates with QuickBooks for accounting and financial management purposes.
• eProcessing NetworkcoreTechnology or IntegrationMerchantsXL provides support and services related to eProcessing Network, offering change forms, close forms, and account management through their platform.
• Capital BankcardsupportingTechnology or IntegrationMerchantsXL offers virtual terminal login capabilities and support for Capital Bankcard processing services.
• MerchantWaresupportingTechnology or IntegrationMerchantsXL provides virtual terminal login and support for MerchantWare payment processing solutions.
• NPCsupportingTechnology or IntegrationMerchantsXL provides support contact information and services related to NPC payment processing.
• ShopKeep POSsupportingTechnology or IntegrationMerchantsXL provides support contacts for ShopKeep POS point-of-sale system, including web contact form, email, and phone support.
• HypercomsupportingTechnology or IntegrationMerchantsXL provides quick reference guides and manuals for Hypercom terminal equipment (T4200 Series, T7Plus) for retail and restaurant environments.
• VerifonesupportingTechnology or IntegrationMerchantsXL provides support resources and links for Verifone terminal equipment (Vx510, Vx570) to their merchant customers.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Stripe: Stripe is an emerging player in online payment processing and gateway services targeting SMBs and online merchants — a partial competitor to MerchantsXL's Internet Accounts and Authorize.Net-based online processing.

Direct peers

• Payment Depot: Payment Depot is a direct competitor in transparent, interchange-plus SMB credit card processing with no long-term contracts, very similar in value proposition to MerchantsXL's no-contract, no-fee model.
• Dharma Merchant Services: Dharma is a closely comparable SMB-focused merchant services provider emphasizing transparent pricing, customer service, and Authorize.Net-style gateway integrations, mirroring MerchantsXL's positioning.
• Helcim: Helcim is a direct competitor offering transparent interchange-plus pricing, online and in-person processing, and a virtual terminal for SMBs — closely overlapping MerchantsXL's retail, internet, and virtual-terminal product set.
• National Processing: National Processing is an SMB-focused merchant services ISO offering retail, online, mobile, and MOTO processing with relationship-based sales — closely comparable to MerchantsXL's multi-channel, SMB-led model.
• Stax (Fattmerchant): Stax (formerly Fattmerchant) is a subscription-based payment processing provider targeting SMBs with transparent pricing and an integrated platform — a direct competitor in the same transparent-fee SMB segment.

Broad incumbents

• PayPal: PayPal is a broad incumbent in SMB and online payments, offering card-present, online checkout, and gateway services that overlap with MerchantsXL's internet/eCommerce and retail offerings.
• Clover (Fiserv): Clover, owned by Fiserv, is a broad SMB POS and payments platform serving small merchants with integrated hardware, software, and processing — competing with MerchantsXL for the same in-store SMB processing wallet.
• Square (Block): Square is the dominant tech-led SMB payments and merchant services provider offering integrated card-present and card-not-present processing, POS hardware, and software. It competes with MerchantsXL for the same SMB processing wallet but bundles hardware/software rather than reselling third-party gateways.

Others

• Authorize.Net (Visa): Authorize.Net is the payment gateway platform MerchantsXL resells — an upstream partner rather than a competitor, but adjacent in the SMB payment processing ecosystem and a key enabler of MerchantsXL's cost advantage.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MerchantsXL

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MerchantsXL