PaymentCloud is a company that focuses on providing merchant services, particularly to businesses that engage in risky activities. Recognized for its reliable services, including service provision, affordable prices, and a responsive customer relations team, PaymentCloud meets various businesses’ needs, thus making it ideal for merchants who need a reliable payment processing service provider. Lets discuss PaymentCloud Review in detail.
What Is PaymentCloud?
PaymentCloud is a popular payment processing platform that allows merchants of all risk profiles to accept payment without difficulties. PaymentCloud was established in 2015 by Shawn Silver, and its primary goals are to offer affordable and cheap merchant services to clients while ensuring that consumers are unique and significant. This policy has given the company an edge over the opposition as it is now among the best merchant service providers offering reasonable prices and excellent service.
PaymentCloud is an effective payment system that guarantees the safety of companies’ transactions and provides convenient and affordable payment services for physical and virtual stores. PaymentCloud deals with several banks and processors to increase the possibility of getting approval for merchant accounts, including high-risk ones. Thus, it enables flexibility in managing financial aspects and gaining relevant information about customers’ expenditures.
Its fraud detection system is highly developed to protect customers and sellers against fraudsters. This vast closure means that one would not have to worry much when starting a business or undertaking an investment project.
June 2022 saw PaymentCloud receive major investment inputs from Electronic Merchant Systems (EMS), with the investments covering equity of $35 million and credit facilities. This equity involved $10 million, while the line of credit was $25 million. This deal included EMS taking partial equity in PaymentCloud, giving the firm a better base of operations and allowing it to extend its service list and clientele.
PaymentCloud is constantly expanding and improving its services. It is a reliable payment service that does not have intricate payment structures like some of its counterparts.
Products & Services
PaymentCloud has quite a rich set of products and services aimed at satisfying various needs of firms, especially if they belong to the high-risk merchants category. Here’s an in-depth look at their offerings:
Here’s an in-depth look at their offerings:
Card-Present Transaction
- Credit Card Terminals
PamentCloud offers a range of EMV-integrated credit card machines by Verifone, Ingenico, Dejavoo, Poynt, PAX, and Clover. These terminals integrate clients like Apple Pay and Google Pay, guaranteeing secure and numerous payment procedures for commercial counterparts. Now, the company does not actively promote the offering of the so-called “free” credit card terminals; however, there is a provision for the loaned equipment for the term of the account. If the account has been closed, the terminal must be returned to avoid extra charges.
- Point of Sale (POS) Systems
PaymentCloud provides POS systems through the back-end processors it integrates with and some Clover devices. Specific operating systems for tablets or merchants can integrate the hardware into specific registers, making it possible to cater to every kind of business. These systems facilitate numerous activities within an organization’s operations, including sales tracking and supporting inventory management, covering all operations.
- Mobile Payments
For business entities constantly on the move, PaymentCloud offers mobile payment solutions, including Bluetooth and audio-jack card readers for iPad and Android clients. These readers also support EMV and contactless payments, allowing merchants to make payments in events, markets, or the mobile environment.
Card-Not-Present Transactions
- Payment Gateway
PaymentCloud prefers Authorize. A net payment gateway for online processing, although many people also use USAePay. These gateways comprise tools such as the developer toolbox, in which site integration can be effected through an open API. However, the initial setup is relatively free, and the gateway provider of the option may charge the client a subscription fee monthly.
- Virtual Terminal
MOTO merchants can benefit from PaymentCloud’s virtual terminal, specifically because it enables manual transaction entry and email invoicing. This feature can also be used to process card-present transactions with an optional card swipe feature for different business types. All the gateways presented by PaymentCloud come with virtual terminals.
- Shopping Cart Integration
Integration with popular shopping carts like Shopify, BigCommerce, and Shift4Shop is available for eCommerce businesses through PaymentCloud. This integration would definitely make things easier for the online shopping experience: everybody can sell and manage their online shop easily, and buyers can easily purchase products.
- ACH & eCheck Processing
PaymentCloud offers ACH and eCheck processing, enabling companies to charge websites directly for payments. This service is most useful in cases where high-risk merchants have a hard time being approved for credit card processing; ACH and eCheck computation gives an alternative way of payment, hence flexibility and accessibility to the merchant.
Additional Services
- High-Risk Merchant Services
PaymentCloud specializes in servicing high-risk industries, including adult websites, nutraceuticals, electronic cigarette vendors, debt consolidators, and CBD vendors. With a 98% approval rate through its numerous banking partners, PaymentCloud is a reliable choice for businesses that other processors may avoid.
- Customized Application Guidance
To maximize account approval chances, PaymentCloud offers a “scrubbing” process where they review and guide merchants on improving their supporting documents, website, and social media presence. This thorough review helps in securing the best possible deal from underwriters.
- Cryptocurrency Processing
PaymentCloud supports cryptocurrency payments, allowing businesses to accept Bitcoin and other cryptocurrencies. This service helps merchants avoid high interchange fees associated with credit card payments, although transaction processing fees still apply.
- Contactless Payment Requests
Through its Paysley contactless payment service, PaymentCloud enables merchants to send QR codes to customers for secure payments. Customers can pay by entering their card information or using Apple Pay or Samsung Pay without downloading an app or registering with the service.
- PCI Compliance
PaymentCloud ensures full PCI compliance, guiding merchants through the necessary steps to protect against data breaches and fraud. This compliance helps in safeguarding customer data and maintaining secure transactions.
- Data Migration
PaymentCloud offers data migration services for recurring billing customers transitioning from platforms like Stripe to Authorize.Net. This service is particularly beneficial for businesses with significant recurring billing operations.
- Personalized Deployment
PaymentCloud assists merchants in setting up and testing their payment systems to ensure everything functions correctly. This includes test transactions and detailed guidance on operating payment gateways and processing hardware.
- Chargeback & Fraud Prevention
PaymentCloud provides robust chargeback and fraud prevention tools, including chargeback detection and fraud mitigation services like 3D Secure. These tools help merchants manage disputes and protect against fraudulent transactions.
- QuickBooks Integration
For streamlined financial management, PaymentCloud integrates with QuickBooks Online, allowing automatic synchronization of sales data for various transaction types. This integration supports efficient bookkeeping and financial reporting.
- Ongoing Negotiation & Advocacy
A dedicated account manager advocates for merchants throughout their relationship with PaymentCloud, assisting with issues like fund holds or account closures. This ongoing support ensures merchants can confidently focus on their business operations.
- Merchant Cash Advances
PaymentCloud offers merchant cash advances (MCAs) through a partnership with Wisco Capital. This service provides financial support for businesses struggling to qualify for traditional loans, ensuring steady cash flow during critical periods.
By offering a diverse array of products and services tailored to meet the unique needs of various businesses, especially those in high-risk industries, PaymentCloud positions itself as a leading merchant services provider. Its focus on flexibility, security, and customer support makes it an excellent choice for merchants seeking reliable payment processing solutions.
Pricing and Fees
- PaymentCloud Pricing and Fees
PaymentCloud primarily serves high-risk businesses, making providing a single pricing rate challenging. Even businesses in the same industry, such as cannabis, can have vastly different rates depending on their size and risk profile. Consequently, PaymentCloud does not publicly disclose specific pricing details on its website or other forums, as rates are determined case-by-case.
- Factors Determining High-Risk Classification
Businesses are classified as high risk based on several factors, including the nature of their business, industry, and the founders’ risk profile. High-risk businesses pose a threat of financial loss or reputational damage, making them less attractive to traditional financial services. Examples of such businesses include adult entertainment sites, gambling businesses, gun retailers, and cannabis vendors.
Regulatory efforts, such as the US Department of Justice’s Operation Choke Point, have historically barred these businesses from accessing traditional banking channels. Although regulators have since relaxed these efforts, many banks and major card networks like Mastercard and Visa continue implementing barriers for high-risk businesses, resulting in higher interchange rates charged by merchant acquirers willing to work with these merchants.
- Pricing Models
Tiered Pricing PaymentCloud offers tiered pricing, where transactions are divided into different tiers based on factors like card type and transaction size. Higher-tier transactions, such as those involving premium credit cards or large amounts, incur higher fees. While tiered pricing is often seen as less transparent, it allows PaymentCloud to offer customized rates based on transaction risk severity.
Interchange-Plus Pricing: This model charges merchants a fixed percentage markup over the interchange fee set by card networks like Visa and Mastercard. The interchange fee and processor’s markup are separated, providing greater transparency and predictability. This model is typically more cost-effective for high transaction volumes, as the markup remains constant regardless of the transaction type.
- Example Rates
Interchange pass-through rate: 0.10% to 0.50% of the transaction amount.
Additional rate: 15¢ to 25¢ per transaction.
Interchange pass-through rate: 0.05% to 0.30% of the transaction amount.
Additional rate: 8¢ to 10¢ per transaction.
- Additional Fees
PaymentCloud has myriad fees but no application, account setup, or gateway setup fee. Some of the notable fees include:
- Monthly Fee: $10 – $15, depending on the risk category of the merchant
- PCI Non-Compliance Fee: $10/month.
- Batch Processing: $0.30 per batch.
- Transaction Retrieval Fee: $8 for each retrieval.
- Chargeback Fee: $25 per chargeback.
- Rolling Reserve Requirement
Most high-risk merchants must keep the percentage called a rolling reserve with their payment processor. The rolling reserve prevents money from being lost through fraudulent transactions or substantial chargebacks. This percentage is decided, along with how long it will be held, by the risk associated with what the merchant does.
One would go for PaymentCloud with its flexible pricing models and great experience in handling high-risk businesses, which simply means it can accommodate the needs of merchants with more complex requirements for their payment processing. While there is one drawback—the lack of publicly available pricing information —customized service and rates offer the support a business operation needs to run efficiently and safely.
Contract Terms and Legal Details of PaymentCloud
PaymentCloud has a clean legal record, with no current litigation from their customers. Early in 2020, another payment processor, Merchant One, filed a civil lawsuit against PaymentCloud. The two parties reached an out-of-court settlement, and there wasn’t any adverse publicity. The case was initially based on a claim about breaching an agreement for monthly residual income from referred clients. Based on a revised complaint filed, both parties amicably resolved the suit.
Merchant Contracts
PaymentCloud sometimes requires customers to agree to a two-year contract with a termination fee. A big part of this structure is to have … Continue reading. Since the structure assures the company, PaymentCloud, a stable relationship with the merchants because of its nature, this will supplant it can provide them with stable and ordained service. This clean line of communication or support strikes E-Merchant Solutions to explain everything to each merchant regarding terms and other concerns in their agreements.
Aggregator Role
PaymentCloud acts as an aggregator of services, and dealing with different merchant acquirers is necessary to enable solutions that are explicitly tailored to firms regardless of their risk profile. As such, PaymentCloud has flexibility in creating custom-made payment processing options that will meet every merchant’s needs.
Dedicated Support for High-Risk Merchants
High-risk merchants benefit from PaymentCloud’s dedicated support team, which helps classify transactions, implement risk-mitigation strategies, and train merchants to identify and prevent fraudulent activities. This comprehensive support ensures that high-risk businesses can operate securely and efficiently.
PaymentCloud partners with multiple acquirers and offers unparalleled support in onboarding to ensure merchants’ long-term stability. Their commitment to excellence has placed PaymentCloud at the forefront of trusted partners for businesses across various industries.
Customer Support
PaymentCloud has excellent customer support, giving each merchant an account representative. This means that they provide the same person every time for deliberation, ensuring the service merchant’s consistency and knowledge of history. The customer support service is provided 24/7 through phone calls and e-mails in real time, where merchants’ problems are solved as soon as possible.
Ease of Use
Setting up with PaymentCloud is pretty easy, and most merchants can start taking payments within 24 hours of approval. The user-friendly interface and top-level support make it rather accessible to people who are not techno-savvy. The systems at PaymentCloud are designed to integrate easily into your existing setups, reducing the learning curve and operational disruption.
Security and Compliance
PaymentCloud does not relegate security to the backburner but offers comprehensive PCI compliance, securing the merchant and customers from breaches and fraud. This sets it apart with its stronger security features:
- Address Verification System (AVS)
- Card Verification Value (CVV
- Tokenization
- IP Tracking
- Volume Filters
These tools enable merchants to maintain a secure transaction environment, mitigating the risks associated with processing payments.
Pros and Cons
PROS
- Specialization in High-Risk Businesses: Being good at what they do, PaymentCloud leads in the field of services, especially those catered to high-risk industries. This means they keep up with all the industry problems, chargeback rates, and regulatory issues, among other miscellaneous matters. Due to its relationships with several banks and various processors, PaymentCloud can ensure a high approval rate for high-risk merchant accounts. Such accounts will hardly be approved anywhere else, which emerges as one of the reasons PaymentCloud turns out to be the go-to option for many businesses in sectors equating to CBD, adult entertainment, and nutraceuticals.
- PCI Compliance: PaymentCloud provides full PCI compliance, helping you maintain rigorous security standards set by the Payment Card Industry Data Security Standards to protect sensitive customer information and minimize the risk of data breaches. PaymentCloud supports compliance in the form of guides through the process; as such, you will have peace of mind and an enforced level of trust for your customers.
- Excellent 24/7 Customer Support: One of PaymentCloud’s greatest strengths is its customer support. Each merchant is assigned a personal account representative who offers business owners the same face and knowledgeable help every time. This kind of help is available 24/7 through the phone and email, hence guiding merchants in getting problems solved fast and being able to reach out for assistance anytime. The level of customer service has enabled this platform to register very positive reviews and high customer satisfaction levels.
- Flexible Pricing Options: PaymentCloud has tier-based and interchange-plus fees, so it has the full range of plans that will work depending on the volume of transactions and business. Interchange-plus pricing allows for visibility and can be cheaper with a high volume of transactions. This flexibility in pricing reassures merchants that they can get a plan that is absolutely aligned with their financial goals.
- Fraud Protection: PaymentCloud interfaced cutting-edge fraud protection with AVS, CVV, tokenization, IP tracking, and chargeback prevention. With these solutions, one can easily track fraud while it happens and stop it before it takes a toll on your business. It also offers professional chargeback prevention services that identify disputes at the earliest opportunity for the merchant to handle chargebacks effectively. All this will occur simultaneously to ensure merchants process their payments confidently but safely.
- High Customer Satisfaction: PaymentCloud has a well above-average satisfaction rate, rating 4.5 stars on websites like Trustpilot and Google Reviews. On Trustpilot, it has a rating of 4.5. 81% of the reviews are 5 stars. Likewise, it has a 4.5-star rating on Google, with 84.8% being 5-star reviews. Its reputation is further enhanced by its efforts to address negative reviews and misunderstandings. The overall high level of customer satisfaction most probably reflects that most users have found PaymentCloud’s services to be beneficial and reliable.
CONS
- Pricing Transparency: Not having publicly available details about pricing can be a disadvantage.
PaymentCloud Review by Customers
- Trustpilot Reviews
PaymentCloud, however, does enjoy a 4.5-star rating on Trustpilot. On the other hand, there are bad reviews primarily out of an understanding of PaymentCloud and its identity as a PayFac—Payment Facilitator—instead of operating like any other merchant account provider. It does not hold money in reserve for a merchant. This is essentially the job of the processing bank. Moreover, once an account is closed, it holds back a reserve, possibly up to 180 days, against chargebacks or disputes.
PaymentCloud responds to all the bad reviews found on Trustpilot in every case within 2 to 3 days. There are plenty of positive reviews—the overwhelming majority: out of all reviewers, 81% rated PaymentCloud with a 5-star rating.
- Google Reviews
On Google, PaymentCloud has a 4.5-star rating. Fully 84.8% of the reviews on there are 5-star, so probably most people appreciate the service PaymentCloud provides. The 12.7% bad reviews usually result from misunderstandings, consistent with some previously read on Trustpilot.
- BBB Rating
PaymentCloud is rated B+ by the Better Business Bureau. An excellent mark for a processing company of this size, this rating shows an understanding and seriousness in possibly resolving the customers’ problems best, ensuring their trust. However, there are a few complaints from merchants about service aspects and fees that require constant improvement on the part of PaymentCloud.
Conclusion
PaymentCloud is arguably one of the best merchant services providers for any high-risk industry merchant. Its all-rounded services, competitive pricing, and excellent customer care make it a luring opportunity for any business, regardless of size or risk profile. While more improvements could be made for viewable price quoting/tier structuring and elite-level technical support, PaymentCloud still does a swell job of being dependable and effective with merchant payment processing needs.
