Headquartered in London, Canada, the company was founded as Zomaron in 2008 and later rebranded as Paystone in 2019 when it acquired Data Candy, a software company focused on gift and loyalty programs. This Paystone review will cover all the important aspects of the company.
Paystone is a First Data reseller and a registered ISO/MSP of Elavon, Wells Fargo Bank, and US Bank. The company is partnered with Global Payments Direct and has various offices in the United States and Canada.
Paystone acquired Swift Payments, POS West, NxGen Canada in early 2019, and NiceJob in 2021. The company became one of Canada’s biggest payment processors after the Canadian Payment Services acquisition in 2022.
The provider claims to offer multiple opportunities under one platform and combines customer engagement software with payment processing to help grow one’s business. With its advanced POS systems, virtual terminals, and e-commerce solutions, merchants can accept payments anywhere. They can enable their customers to choose from online, in-person, mobile, and contactless payments while offering gifts and loyalty programs to boost customer spending and increase cash flow.
Paystone accepts all payment types and serves major industries, including retail, restaurants, non-profits, e-commerce, and automotive industries. Paystone specializes in helping companies gain more clients by creating meaningful interactions between merchants and their customers. The company inspires businesses to dream big and provides them with advanced payment solutions to achieve their goals.
Paystone Review Based on Products and Services
The company provides powerful POS software, virtual terminals, data analytics, marketing solutions, reporting, customizable loyalty programs, and automatic promotion tools. Its fraud prevention updates allow merchants to protect their and their customer’s data and provide a secure service. Paystone guides businesses to map out their strategies in ways that attract more customers and increase a company’s revenue. Below is a review of features and services that Paystone claims to provide;
Payment Terminals
With Paystone, merchants can accept in-person payments with various wireless and countertop terminals. These terminals come with a complete package comprised of fraud prevention tools, next-day funding, live reporting, and free shipping. Paystone provides dispute notifications, fraud alerts, and chargeback support to keep businesses secure.
Merchants can have access to real-time reporting of each transaction. They can log in to their account and export selective reports, check statements, batches, and transactions. Additionally, they can have funds deposited in their account within one business day and receive free shipping on all Paystone terminals all around Canada. The company also offers wireless and countertop PIN pads for in-person debit payments. Customers can swipe, tap, and insert their credit or debit card to make quick payments.
Virtual Terminals
Simply by login into Paystone virtual terminal, merchants can accept payments anywhere on their phone or computer without any physical terminal. These terminals only require an internet connection and the customer’s card information. Merchants can save cardholders’ data in secure files assigned to each customer’s profile and charge recurring payments at set intervals. Paystone enables merchants to send email receipts to their customers after each payment.
POS Systems
Paystone’s advanced and full-service POS systems, including Clover mini, Clover station duo, and Talech, allows smooth transaction and help businesses run faster by streamlining their payment processing. The company’s POS software, compatible with an iPad or smart payment terminal, will enable restaurants to manage discounts, menus, and inventory at all locations. Merchants can keep track of each employee’s performance, product costs, and bestsellers and get immediate stock alerts in case an item runs low.
E-Commerce Solutions
The company provides convenient e-commerce solutions for online businesses. Merchants can connect the Paystone payment gateway to their website or mobile app and accept payments anywhere. This payment gateway can be integrated with your shopping cart to allow customers a seamless checkout experience.
Merchants can design their hosted pages to match their brand and website and have all the payment information collected on their server. They can access developer tools and control the checkout process. Paystone supports digital wallets and accepts ApplePay, Visa, and Masterpass.
Gift and Loyalty Programs
Businesses can increase sales, attract new customers with customized gift cards designed with Paystone’s easy-to-use templates, and sell them on payment terminals. Merchants can also sell e-gift cards on their website or send them via email. Gift cards can be activated, redeemed, and reloaded as often as required. Paystone BackOffice can track each gift card for you.
Merchants can grant member rewards with Paystone loyalty programs. Customers can have their member portal, sign up with their phone number or email address, and gain personalized promotional offers. Businesses can reach customers via text or email and send automatic offers.
Paystone loyalty programs allow businesses to boost customer spending and generate revenue. Its personalized offers maximize customer rewards and increase customer visits, helping a business grow beyond limits.
NiceJob and Referral Marketing
NiceJob is a user-friendly marketing platform for businesses that provide tools like referral marketing to ensure rapid business growth with the help of customers. Its simple and easy-to-use app gives customers enticing rewards by referring a company to their friends. With this reward promise program, merchants can promote their businesses and convert one-time visitors into regular customers. They can also display the best customer reviews on their website to attract new clients and increase search ranking with NiceJob automated system.
Paystone provides an engaging website to its merchants that generates more sales. It offers automatic updates, search engine optimization, and website management. NiceJob uses the provided data to engage more traffic and design a lead-generating webpage that customers will love. Merchants are provided live updates and notifications via SMS and email and be in sync with everything happening on their website.
Reports and Analytics
The provider offers a detailed analysis of a company’s growth concerning its customer spending. Merchants can keep track of transaction data and compare the number of clients each month. Paystone provides a complete ROI (Revenue on Investment) for a company’s marketing strategies. Merchants can determine their gift card sales and weigh the loyalty member spending compared to the average customers.
Merchants can keep track of gift card activity, access the customer database to send personalized offers, and know the average spend per visit. They can download and save the required information in a standard excel or CSV file.
Paystone Review Based on Cost and Contract Terms
Paystone offers a varying contract length through Elavon or First Data and has resembling contract terms. The company has mentioned multiple rates on its website, depending on the payment method, business type, and other deciding factors. It offers the highest rates for fundraising donations. The rates go downward for debit transactions.
The provider’s EMV debit card transaction rate is 0% plus $0.05, while the tapped transaction rate is $0.085. Merchants are charged 2.60% plus $0.05 for swiped credit card transactions and 2.90% plus $0.25 for keyed-in transactions.
Paystone’s other charges include a $99 setup fee, a $15 PCI compliance fee, a $70 first-month equipment lease fee, and $40 each month for additional licenses. For non-profit organizations, the company charges a rate of 3.90% plus $0.25. For online transactions, Paystone charges 2.90% plus $0.25. Furthermore, merchants pay a $25 payment gateway fee and a $25 software fee.
Paystone Review Based on Marketing and Advertisement
The company uses full-time, in-house, and commission-based sales representatives for marketing its services. It does not hire independent sales agents, and there aren’t any complaints about the company using deceptive advertisement tactics. The provider has mentioned its rates for each industry it serves and its services and product pricing on its official website. Reviews indicate that Paystone depends on word-of-mouth marketing and honest advertisement to promote its brand and promises to not fool its customers.
Paystone Review Based on Customer Support
Even though Paystone is not the best payment processor in terms of customer support, it offers decent support for most businesses. The company provides live phone support available 24/7 for merchants to reach out to. It has two dedicated email addresses for customer complaints and software support. Paystone also provides a live chat option on its website for quick assistance.
Paystone Reviews and Complaints
Paystone is considered a reasonable service provider for most businesses and provides adequate features and products to lead many companies in Canada and the US. It claims to display all the required information and pricing on the website and promises to be transparent about its contract terms. The provider utilizes advanced technology and strategic promotional plans to guarantee ever-growing revenue and customer reach.
However, choosing a merchant service provider does not take all the weight off a merchant’s shoulders. There are many things to consider in a payment processor, and having a provider that understands and meets all your business needs goes a long way. Paystone has some shortcomings that merchants must contemplate while choosing a payment service provider for their company.
The company is subjected to various informal reviews with negative content. Some of the complaints cited on online platforms have accused the company of scamming the merchants. There are complaints about expensive contracts, poorly trained customer representatives, and unreasonable equipment lease terms. Paystone employees have complained about unpaid commissions that indicate that the employer mistreats the people who are the base of its success.
Better Business Bureau Report
Paystone was accredited by Better Business Bureau in 2010 and is rated A+ on its BBB profile. The four complaints posted against the provider in the last three years indicate an issue in the billing, cancelation terms, and problem with the product or service. Only one of these complaints was resolved by Paystone. The rest are either not resolved to the merchant’s satisfaction or ignored altogether. There is one informal review specifying unexpected fees at contract closing.
Paystone Drawbacks
The provider is a reasonably equipped service provider but does not fall among the top payment processors of all time. Its inadequacy in some significant areas can cause dissatisfaction and frustration for merchants and cause deep-rooted harm to their businesses. The few complaints posted online against the provider have an extremely negative tone and indicate frustration. Merchants are advised to weigh the pros and cons of the service provider before choosing it for their business.
Uncertain Contract Terms
The complaints that surfaced against Paystone have shown concern regarding the company’s contract terms. The provider does not disclose its terms and conditions on its website. Merchants have displayed frustration over unjust contract clauses that were not mentioned beforehand. Moreover, the length of the contract is also unclear, and merchants cannot know how long they will have to abide by it after signing up for Paystone’s services.
Dishonest Sales Agents
Merchants have accused the company of charging an unexpected equipment upgrade fee, initially confirmed to be free. They have complained that the sales agents are dishonest and misled them into believing the upgrade is free. At contract cancellation, merchants are forced to return the equipment they bought and the free upgraded one at their own cost. Upon disagreeing, the company keeps billing them for the free POS.
Too Pricy
The fees disclosed on the official website make it evident that the provider is too pricy for most businesses. Paystone’s high termination fee, unexpected equipment fee, and two monthly fees with a long list of charges prove that the services provided by the company do not justify its high rates. Businesses looking for a cost-competitive service provider may get disappointed by the company’s pricing.
Final Verdict
Paystone provides comprehensive payment solutions for merchants and offers optimized features for e-commerce businesses. However, uncertainty can cause trouble for any business. If merchants cannot be sure of the contract terms of their provider and can’t trust its sales agents, they can not focus on their business growth with a clear head.
Moreover, if a service provider does not prioritize its merchants and leaves them on their own to resolve the issues and deal with dishonest sales agents, merchants cannot provide the best for their customers. Consequently, merchants lose their existing customers and fail to gain new customers. Such hurdles make their goals seem too far off and impossible to attain.
Merchants are advised to negotiate with the provider, ask essential questions, and compare the available service providers to ensure Paystone is the best option for their business.
