Who We Are

Our Mission & Vision

Our Mission

Our mission is to be an advocate for small, local businesses by providing payment processing services that are secure, innovative, and fairly priced without a long-term commitment.

Our Vision

We envision being the premier, most trusted merchant services provider that community banks, credit unions, CPA firms, and trade associations recommend to their clients for payment processing.

We will accomplish this by continuing to prioritize client retention above new client acquisition and promoting a culture that emphasizes our three pillars of success:


Do What You Say You’re Going To Do


Treat People Well


Own Up When You Mess Up

In The Community

Minority Owned

We are proud to be an MDOT Certified MBE/DBE/SBE for 5+ years and counting. We also think it’s worth mentioning that while there are more than 1,400 ISO’s in the country, less than 10 are owned and operated by an African-American, which puts us in an elite company.

Community Centered

Unfortunately, a few bad apples in the payment processing space have given the entire industry a bad reputation. One of the reasons Magothy Payments exists is to restore honesty and transparency to the industry. One of the ways we have done this is with the Maryland House Bill 777. Learn more about it, here!

We’re ETA Certified!

The ETA is the leading trade organization for the payment processing industry.  It’s where payments and technology intersect.  With over 500 members worldwide, including all the major card brands and banks, the ETA provides many helpful resources as well as a platform for collaboration that propels the industry forward.  Their Certified Payments Professional certification is the gold standard for industry ethics and education – a certification that very few payment professionals hold. Our CEO, Jaron Rice, is one of only nine Certified Payments Professionals in the state of Maryland.


View our full Capabilities Statement, here!





Meet The Team