Headquartered in Roswell, Georgia, Paymetric is a well-grounded software company and a merchant account provider founded in 2000. The company is a branch of Worldpay, a UK-based payment processing company acquired by Fidelity National Information Services. Here is a complete Paymetric review that can help you in deciding.
Paymetric mainly caters to large-scale companies and e-commerce businesses, providing them with integrated payment solutions. However, it also works with low-risk, small and medium size businesses. It specializes in lowering interchange costs and operational expenses by simplifying payment processing. The provider uses the expertise of various cloud-based programs, such as Oracle-validated solutions and SAP-certified solutions, for payment integration.
Multiple industries benefit from Paymetric, including restaurants, electronics, legal companies, clothing and thrift stores, property management, SEO and SEM services, and moving companies. The company serves online, retail, wholesale, personal services, gas stations, and high-volume information enterprises. Paymetric claims to maintain all security standards while providing additional advantages to its merchants, offering practical technology features to meet all the requirements of expanding one’s business.
Paymetric Review Based on Features and Services
Managing global business payments can be challenging in an ever-changing economic climate, especially if a business is dealing with multiple payment methods and complex manual work. Merchants want to grow their revenue and speed up the order-to-cash process with low acceptance costs. Paymetric streamlines the tedious payment acceptance process by offering a single-platform solution for all B2B global payment needs. It ensures security and cost reduction and provides efficient AR fine-tech apps for easing up merchant’s experience.
Paymetric provides virtual terminals, payment gateways, mobile apps, and payment process integration services for online and mobile credit and debit card payments. The provider supports multi-currency accounting and provides digital wallets, online billing, and invoicing. Below is a review of the services Paymetric claims to offer to its merchants.
Security Features
Paymetric provides advanced fraud prevention tools to make businesses secure and scam-free. It offers complete guidance, payment insight, and effective risk-prevention strategies for small businesses. The company provides pre-transaction authentication and post-transaction data insights while keeping merchants in control of the whole process. Its next-generation security tools detect and decline fraud before a transaction is made. The company helps merchants verify a payment source by activating the Paymetric Fraudsight risk prevention solution. Only authentic payments are authorized to proceed with the transaction, and fraudulent transactions are declined immediately.
PCI compliance is mandatory for businesses handling credit card payments, but it can be difficult to attain. Paymetric provides the necessary assistance for merchants to get PCI compliance immediately without any inconvenience. Paymetric increases risk analytics accuracy and provide artificial intelligence to automate risk calculation. Merchants benefit from advanced technology features and use tokenization and encryption to keep their customers’ data safe.
Payment Management
Paymetric accepts about 300 payment methods and facilitates online in-person and mobile payments. Biometric authentication and POS integration allow merchants to be ahead of the game and accept contactless and card payments anywhere. The company provides mobile, stand-alone, and virtual terminals for users to choose from. Paymetric virtual terminals expedite the payment process without requiring any additional technical support.
Digital Wallets and Online Shops
Paymetric is a catalyst for a business’s growth and provides a reliable, all-in-one package for online shops and businesses. It offers unique features and continually improving services for merchants to create, edit, and update their e-commerce websites without extra charges. Users can make and accept electronic transactions with digital wallets that save time, enhance security, and refine the customer shopping experience.
Paymetric helps merchants access the world market and reach more customers, increasing revenue. The provider’s focal points are sales growth, product enablement, and business support.
Gifts and Loyalty Programs
Merchants can meet their customer’s expectations and provide a personalized experience by offering reward points and gift cards. With Paymetric loyalty programs, merchants can make each client feel heard and looked after. They can create targeted promotions, provide customized offers, and increase customer retention. Users can avail of a seamless checkout experience and redeem reward points during checkout. Paymetric ACH payment alternative allows merchants to integrate customers’ checking accounts directly into merchant’s loyalty programs with lower interchange fees.
Paymetric Review Based on Cost and Contract Terms
The provider does not disclose its contract terms and conditions online. So, the length of the contract binding the merchants with the provider is not evident. An average Worldpay contract is of three years with a one-year auto-renewal. Merchants signing up with Worldpay directly are charged a swiped card rate of 2.90% plus $0.30 and a keyed-in rate of 3.30% plus $0.30 per transaction.
However, if a merchant signs a contract with a reseller like Paymetric, they experience a lower rate of 2.70% plus $0.30. The provider charges an early termination fee of $295, a PCI compliance fee of $15 to $25 per month, and a $69 annual fee. Paymetric’s virtual terminal rate is 1.00% to 4.99%.
Paymetric Review Based on Customer Support
The company only offers a phone number for customer support available during business hours for domestic clients. The provider’s offshore tech support is available after hours too. Paymetric’s automated online form is not dedicated to customer service and does not pass on any other contact detail on the website for customers to reach out to.
Paymetric Review Based on Sales and Marketing
The company hires independent resellers for marketing. It provides partnership programs for businesses to sign up and promote their services on its official website. In the reviews that surfaced online, the company is not accused of using deceptive tactics or false claims to promote its services. It indicates that Paymetric practices genuine and honest marketing strategies. Although, such hiring strategies can lead to careless sales agents and untrained resellers.
Paymetric Reviews and Complaints
Very few online reviews are posted for Paymetric, and fewer than ten complaints are filed against it on any online platform. The provider is not sued with any mentionable class-action lawsuits and does not have any FTC complaints against Paymetric. However, since the provider is a division of Worldpay, the complaints may be posted on the parent company’s profile. Worldpay currently has more than 400 complaints online, which cannot be ignored.
Paymetric Review Based on Better Business Bureau Rating
Paymetric is not accredited by Better Business Bureau and has an A- rating on its BBB profile. The one formal complaint posted on the platform in the last 3 years indicates an issue with sales and advertising. Although, it is not news that most of the reviews on the BBB platform are not verified by the organization.
Moreover, since all the concerns addressed against the provider are collectively posted on the review sites subjected to Worldpay, it is pointless to rely solely on the reviews posted for Paymetric.
Paymetric Review Based on Drawbacks
Paymetric is a reasonable service provider with various cloud-based services and integrated platforms for most business types. It provides instant account approvals and portfolio management and offers effective compliance support to make companies meet the requirements of today’s ever-expanding business world. However, no company is fool-proof. Some shortcomings of Paymetric can put merchants at a considerable disadvantage.
Not Suitable for Small Businesses
Paymetric is feasible for high-risk businesses and provides the necessary resources to run a large-scale enterprise. However, it does not offer a conventional merchant account and depends on service integration. This makes it unreliable for most low-risk, small to medium-sized businesses.
Too Pricy
The company has a high PCI compliance fee and charges varying early termination fees, which are too expensive. Paymetric binds its merchants with a three-year automatically renewed contract, and merchants have to give a written notice for cancellation, which doesn’t work well for them. Once signed up for the services, merchants cannot get out of a contract without paying a hefty amount. Moreover, the provider’s overall charges are too pricy for small to medium businesses.
Paymetric Review Based on Undisclosed Information
Paymetric is not transparent about its pricing and contract terms and discloses very little information online. Merchants looking for a service provider will not be able to decide if they can rely on its rates and services as it does not display its features and product details on its website. The lack of reviews and inadequate information makes it difficult for merchants to choose Paymetric as their payment processor because they can’t be 100% sure if they can blindly trust the provider.
Final verdict
Reviews indicate that Paymetric is an acceptable option for large-sized businesses, but it is not a suitable option for most companies. Merchants cannot rely on a provider that does not put everything on the table to gain their trust. Not disclosing important information is a sneak tactic that can be damaging and unviable for businesses as they can’t know for sure what could come next after signing up a contract.
Merchants are advised to compare their options, ask all the necessary questions from their sales representatives, negotiate the pricing, and hire a third-party audit to look for hidden charges. Moreover, merchants are better off looking for a well-grounded service provider that is honest and straightforward about its rates and terms and affordable for their businesses.
