A merchant service company, Paya was initially known as Sage Payment Solutions and is based in California. Payments may be accepted online via your e-commerce business, in-person through the use of a credit card machine, or via a mobile application. While it offers customizability and a speedy onboarding process, it lacks clarity in terms of price structure.
What Paya Solutions Have to Offer?
Paya specializes in accounting, payroll, and processing services, emphasizing business-to-business, healthcare, and education markets.
Even though it has a generally excellent image, it has received several complaints about excessive charges in the past. It also provides a virtual terminal and a payment gateway; however, these services are often subject to extra costs on the retailer’s part.
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Paya Solutions Origin, Headquarters, and Owners
Back in 2006, Paya was started by Jeff Hack in Atlanta, Georgia. Its headquarters are presently located in Atlanta as well. It employs more than 300 individuals and is a registered ISO of BMO Harris N.A., Chicago, Illinois, headquartered.
It is one of the most significant processing enterprises in the United States. It provides services to many enterprises, with small firms accounting for a disproportionately considerable proportion of its clients.
Interesting News in History
For more than a quarter of a century, Sage has been a leading provider of accounting and financial management solutions to businesses in more than 30 countries.
With its headquarters in Atlanta and payment processing facilities in Virginia, the US division is well-positioned for international business. In addition to Chase Paymentech, BMO Harris Bank, and Wells Fargo, Sage Payment Solutions is a registered ISO and MSP. Sage Payment Solutions changed its name to Paya at the beginning of 2018.
What Services Do Paya Offer?
Essential payment processing services are provided by both Paya and its partner Kabbage, as are value-added ones like gift and loyalty card programs and business services such as loans. Payments may be made in person, through a mobile device, or by mail or phone, among other options.
In addition, Paya provides electronic check processing services. For debit and credit card transactions, you may accept Visa, MasterCard, American Express, Discover, JCB, and Diners’ Club.
- Kabbage Small Business Loans
Paya and Kabbage have teamed together to provide small companies with loans. If you need money, you may borrow up to $100,000 from various lenders. To expedite the approval process, you may submit your application online.
- Loyalty and Gift Cards
Paya can assist you with implementing a customer loyalty program or the sale of gift cards for your company. Customer loyalty programs may be tailored to generate incentives that encourage them to do more business with the company. Alternatively, you may choose a pre-existing design and edit it to reflect your brand.
- Check Processing
Virtual Check solutions can accept checks while converting them to electronic transactions. An electronic check conversion avoids a trip to the bank, reduces processing expenses, and expedites the financing of particular transactions. To scan checks, you may utilize a check imager linked to your POS system or a PC connected to the internet through remote deposit capture.
- Main and Phone Processing
Paya’s virtual terminal allows you to accept payments by mail and phone. You’ll be able to process transactions using a computer connected to the internet safely. Recurring billing is also an option for customers that you need to bill regularly.
- Mobile Processing
A mobile payment option is available from Paya, which allows you to accept payments using a smartphone or tablet and an optional card swiper. You may accept full or partial payments within 48 hours after receiving the funds. Both Android and Apple smartphones may use Paya mobile processing.
- In-Person Processing
Countertop terminals make it simple to accept credit or debit card payments in person. Signed or PIN debit, credit cards, and digital wallets like Apple Pay are all accepted.
What Are the Charges of Paya?
Paya is a quote-based service that does not give price information on its main website. However, it does break out the interchange rates for major credit card networks without indicating how it charges transaction fees in total on its website.
Paya also imposes fees, which may include:
- An annual compliance cost of $99.80 and a PCI-DSS fee of $75 are charged each year.
- If you do not finish the PCI certification procedure, you will be charged a PCI non-compliance cost. Although the amount of this cost is not revealed, it is charged monthly by Paya until you fully comply with the terms of your agreement.
- If you terminate your contract before it expires, you will be charged an early termination fee.
Similarly, if you need to collect payments in person, you’ll have to pay for any additional gear you’ll need, such as a mobile card reader to use in conjunction with your virtual terminal.
Is Paya Worth it?
- Quick Onboarding
Because of Paya’s shortened application procedure, you may begin collecting payments within 15 minutes, unlike many regular merchant apps.
- Paya’s Customizability
To tailor your payment system to your company, Paya’s API suite provides the ability to alter and adjust many aspects of the payment process. You may utilize the APIs to create your own payment methods (such as recurring payments, gift cards, and ACH), e-commerce features, and software plugins if you’re a programmer. Tokenization and PA-DSS certification are standard features in all of the API tools.
- Limited POS Payment Options
Paya’s POS and in-person payment capabilities are severely restricted. Using EMV terminals and their virtual terminal, you may take in-person payments. These solutions, however, are unlikely to be enough for businesses like brick-and-mortar retailers and restaurants.
- Too Many Negative Reviews
Paya has received many bad reviews and complaints, yet its figures are still better than those of the majority of firms. Paya is recognized by the Better Business Bureau and has received a rating of 1 out of 5 stars based on nine customer evaluations. In the prior three years, 18 complaints were resolved, with a further ten resolved in the preceding 12 months
The Bottom Line
Paya has received a three-star rating out of a possible five. As a result, this is a very mediocre grade, reflecting that the “industry average” in the payment processing business is inferior. If you can purchase your equipment, negotiate interchange-plus pricing, and eliminate the early termination cost, the firm may be a suitable option for your organization.
Right now, the most significant thing we can say about the existing site is that it does not include any sales gimmicks that are routinely employed (and deceptive) on the websites of many of our rivals in the industry.