Payliance is a merchant service provider founded in 2007 and is currently headquartered at 2 Easton Oval Suite in Columbus, Ohio. Despite being a young MSP, the provider offers services to more than 40,000 merchants. Payliance offers risk management and fraud recovery, amongst several other payment processing services. The main industries the provider caters to are the education, lending, government, medical, restaurant, e-commerce, gaming, and retail sectors. Here is an in-depth Payliance review for merchants to analyze the company’s services and decide.
Based on information on its website, Payliance processes more than 4.5mm transactions monthly. Online reviews state that the merchant service provider provides services and risk management beyond what someone would expect from a traditional provider. For industries that depend significantly on the validity of transactions, like the lending industry, it is important to have thorough verification and authentication processes, which shows that Payliance is a trusted provider.
But being a new name in the payment industry, there is not much information available on the internet to judge whether or not the provider is worth your business. This Payliance review is based on all the information you can find on the internet in the form of customer reviews, BBB ranking, and authentic platforms such as the Payliance website. Read on to see whether or not the processor is competent enough to deserve your business.
Payliance Review Based on Features and Services
Based on Payliance claims, they offer best-in-class payment services that rival even the most established providers in the market. Below is a review of some of the services provided by Payliance;
ACH Processing
ACH payments allow you to transfer funds directly from one bank to another, minimizing the processing fees that incur on the transaction. While ACH transfers used to take two or three days in the past, they can now be processed the following business day or even the same day in urgent cases. Both these modes of transactions are available through Payliance.
Payliance allows merchants to conduct batch transfers of funds through their ACH processing features, or they can integrate the payments with an API to further automate the processes. Payliance also offers merchants the added benefit of conducting payments on weekends and holidays. And as per claims on their website, no additional fees are incurred on payments initiated on Sundays, and processed as soon as Monday.
Debit and Credit Card Processing
This is no longer just a feature but a necessity for the success of any retail outlet in the US or other first-world countries. Using cash as a mode of payment has declined exponentially, and cashless methods like credit card processing and digital wallets have become the norm. Based on their website, Payliance offers top-notch credit card processing and an experienced team of experts that will help you achieve your business goals through efficient payment processing.
Debit cards are authorized instantly at the time of payment, which is the industry standard—delayed authorization results in extra charges and the risk of fraudulent payment. Payliance processes debit cards of all card organizations and banks operating in the US for applicable transaction types. The web-based merchant portal allows merchants to access real-time reports of transactions. Furthermore, the automatic card account updater updates recurring customers’ information, reducing interchange fees and improving the authorization rate of transactions.
Real-Time Processing and Funding
This is a feature that is especially beneficial to the lending industry. Through efficient real-time processing, lenders can send funds to their consumers’ accounts within seconds. This builds confidence in the lender’s firm and alleviates doubts about when the client can see the funds in their accounts. The real-time reporting allows you to verify whether or not your customer has received their funds too.
Payliance also allows lenders to send funds instantly through a debit card. The same card can then be used to receive the payments on the loan. The benefit of real-time funding through debit cards is that it can be done anywhere and at any time. The instant disbursement of funds can be a very attractive feature for most customers, and this is designed to improve the bottom line of any lending business.
RCC and Check Conversion
RCC is the term Payliance uses for eCheck processing. This is a cost-effective and quick solution for businesses that do not operate with ACH transfers. eCheck transfers can be made upon proper approval from the consumer’s checking account but do not need the original signature of the consumer. Payliance claims that their checks are returned directly from the Federal Reserve, eliminating any time it would take for an intermediary bank to operate and any bank return fees. The provider makes the process more accessible through its integrated batch-processing solution.
Depositing a paper check in the bank can be a time-consuming process. Payliance eliminates this hassle through its check conversion feature. Any paper check can be converted to an ACH transaction, removing any handling of the paper check or any involved fees. This gives customers an electronic payment option that does not involve credit or debit cards.
High-Risk Processing
One of the industries Payliance deals in is the online and sports gambling industry. This means that the provider is open to merchants dealing in high-risk businesses. Unfortunately, Payliance does not openly disclose its terms and conditions on its website, so it is not possible to determine the businesses Payliance accepts. If you desire to know whether your business qualifies for the provider’s services, you can always inquire by making an account on their website.
Security Features
Online reviews state that the provider has exceptional risk management and security services. The fact that it is one of the most reputable providers in the lending business can serve as a testament to that feature. Payliance uses several credit, debit, and check processing methods to improve the authorization of transactions and detect fraudulent transactions mid-processing.
The provider tokenizes sensitive cardholder information before storing it with the merchant or in their own records so the information will remain protected even if someone intercepts it. Payliance boasts a secure virtual terminal and gateway that also incorporates the tokenization of information.
Payliance Review Based on Contract Terms and Pricing
There is little to no information about the contract terms and pricing of Payliance on their website and any other reputable review platform. They mention that they have a very quick approval process, but the contract length and any information about early termination fees or equipment prices are nowhere to be found. The only way to get a quote and learn about their contract terms is to make an account with them and ask them directly. They will then give you a quote based on the services you need and your business type.
While there is no official claim of a contract length, a review states that they had been locked in a 2-year-long contract against their will. This can be an indication that the provider operates with long-term contracts.
BBB Report
Payliance has been registered with the BBB since the mid of 2012. The provider somehow has an A+ rating with BBB despite having a 1-star rating based on seven customer reviews. Several complaints have been made against the provider since it made an account on BBB, and 22 have been registered within the last three years. 5 out of the 22 complaints have been recorded in the last year.
The customer reviews on BBB show a side of Payliance that you cannot find on other forums. While it can be seen that the customer service of Payliance has responded to all of the complaints, and most of them are closed, it can be clearly seen that the clients are not satisfied with the providers’ response. The responses of Payliance seem eerily robotic, and in no response does Payliance admit a flaw in their services. The typical pattern in the official responses is shifting the blame on the merchant or an “unrelated person”.
Payliance Reviews and Complaints
Despite being a new name in the payment processing industry, the provider is not immune to drawbacks in their services. While the complaints against the processor are undoubtedly unique, a few repetitive complaints can be seen in Payliance reviews. Below are the flaws that you should consider before choosing Payliance as your processor;
Lack of Information
There is a concerning lack of transparency in Payliance in its terms and prices. You cannot find any information about the type of pricing, the length of the contract term, and their offered products. Any headway you can make in learning about the prices and any equipment leases the provider offers is through contacting their sales agents. Creating an account with them and talking to a representative is lengthy.
This lack of disclosure of pricing information makes it extremely difficult for you to compare its services and products to its rivals. Furthermore, this makes it impossible for you to determine whether or not you are getting the best rate for their services, as their standard rates are not declared anywhere. This lack of disclosure signifies that their rates and contract terms are not competitive with the industry standards. If their rates are open to negotiation, merchants can end up with unfavorable pricing and contract terms.
Service Issues
Many customer reviews call Payliance a scam because merchants claim the provider has charged them a collection they have no information about. There are several complaints of all sorts, some claiming that Payliance is not issuing receipts and that Payliance refuses to remove debts from merchant records that have already been paid off. Payliance has responded to almost all these reviews, but none of the merchants have added a note stating their problem has been resolved.
Misleading Agents
On the one hand, Payliance refuses to disclose its contract terms publicly. On the other, there is feedback stating that the provider locks merchants up in two-year-long contracts without revealing this information first. One reviewer warns any new merchants that want to sign up, saying that they would not have signed up with the provider if they had any knowledge of the two-year long contract term before signing up.
Customer Care
After the long list of issues with the processor, the final push to dissatisfaction is dealt with sub-par customer care. While Payliance claims it will do all it can to resolve customer issues, one of the merchants’ major complaints is that Payliance is very hard to reach. Merchants argue that they have waited several weeks after registering their complaints, and there has been little to no progress. Other reviewers state that they were told they would get a callback and have been waiting since.
In the instances where Payliance has responded to customer reviews online, there is little to be seen in resolving customer issues. Payliance representatives seem to be more involved with shifting the blame on the merchant or somebody unrelated to the transaction. It is usual for merchants to face trouble with merchant service providers, but how customer care deals with that issue determines how it affects the provider’s reputation.
Verdict
When looking solely at the features and services discussed in this Payliance review, it can be seen that the provider has some competitive services. The payment security and risk management provided by Payliance are undoubtedly amongst the best regarding the payment industry standards.
But while it excels in the services area, the provider seems to make a lot of promises and shows little information to back those promises up. The severe lack of transparency in the disclosure of contract and payment terms should be a red flag for any merchant looking forward to Payliance. The harsh customer reviews against it on reputable platforms further damage the provider’s reputation. While Payliance is one of the best providers for the lending and gambling businesses, merchants are advised to look for alternatives that prioritize customer satisfaction.
