Headquartered in Houston, Texas, Redstone Payment Solutions is a merchant service provider established in 2009, providing innovative payment processing solutions to most standard-risk businesses. The provider is a Fiserv Merchant Services reseller and a verified ISO/MSP of Pathward Financial and Woodforest National Bank. Merchants are assisted with professional advice and experienced help to increase their revenue and avoid unnecessary costs. Our Redstone Payment Solutions review will cover all the major aspects of the company.
Redstone has partnered with Clover to provide the best POS solutions, enabling merchants to make informed payment plans and manage long-lasting customer relationships. It serves most B2B, online, card-present, MOTO, and small businesses and caters to restaurants, healthcare, moving companies, telemedicine, gas stations, electronics, and thrift stores. The provider is equipped to process ACH and e-check transactions and accept online, mobile, and in-person payments.
Merchants are offered multiple billing options with the capacity to take multi-currency payments. This way, a business can reach more customers and avail of limitless opportunities. EMV processing, EBT acceptance, and contactless payments are some of the main features accommodating merchants around the country. Here is a Redstone Payment Solutions review concerning its benefits and shortcomings to provide an honest opinion to merchants looking forward to signing up with the company.
Redstone aims to provide various services and technology-savvy products to help businesses evolve with time and keep in sync with the ever-changing payment processing world. Merchants can benefit from the company’s chargeback prevention and fraud protection tools and avoid inconvenient experiences caused by scams.
In addition to basic credit and debit card processing solutions, the company provides mobile card readers, cash advances, EBT fleet cards, mobile apps, virtual terminals, online reporting, check services, payment gateways, gift cards, and loyalty programs.
User-Friendly POS System
With Clover’s Next Generation POS system, the provider accommodates merchants with advanced technology features and business management solutions to be ahead of time. Merchants can choose between the portable handheld Clover Flex device, smartphone-compatible Clover Go, NFC, and EMV-enabled Clover Mini, and a countertop Clover Station with a touch screen to accept credit card payments inside the outlet or on the road.
The company provides tailored POS devices with IP scanning and breach protection to secure transaction data. Merchants can view and edit inventory, manage employees, and track sales.
Redstone Funding Program
The company brings forward a merchant cash advance program to offer quick cash to qualifying businesses without inquiring about the purpose of the business. Merchants can get approved within 24 hours without needing to submit personal collateral for the fund. The provider frees merchants to maintain the perfect credit requirements and offers flexible repayment plans depending on the user’s revenue.
PCI Compliance and Fraud Prevention
Because of the strict rules and regulations, getting your company PCI DSS approved is not child’s play. A business must meet all the requirements to gain compliance and the security features that come with it.
Redstone assists merchants with speeding up the compliance process and maintaining their security. It guides businesses with basic conditions and enables them to access an ASV (Approved Scan Vendor) that will determine if a business meets the PCI scanning demands. The provider ensures to ease up the tiring process and make it hassle-free.
Fleet Cards and Loyalty Programs
Redstone offers a fleet card facility to delivery service businesses, trucking, moving, ridesharing companies, and other businesses that regularly operate vehicles. Fleet cards manage a company’s vehicle expenses and maintenance and are used as an alternative to credit cards at fuel stations. These cards are accepted at various locations, and merchants can keep track of each fleet card and view the spending details.
The provider also offers gift cards and loyalty programs to improve the merchant-customer relationship. Merchants can grant personalized discounts and promotions to customers based on their purchases. This way, a business can increase its sales and attract more customers. Redstone Payment Solutions reviews portray that the provider also accommodates JCB and diner cards.
With Redstone, merchants are offered a three-year contract, a tiered pricing plan, and a non-cancellable, 48-month equipment lease term that costs $4000 and above. The contract has an automated renewal policy for one to three years. In case of early cancellation, merchants are charged variable termination fees ($495 or above) depending upon the remaining time left for the contract to expire.
The provider does not contribute information about its pricing, but the Redstone Payment Solutions reviews hint that the company’s rates resemble Fiserv’s. An average Redstone agreement charges a $40 monthly minimum fee and offers variable rates. Merchants processing $50,000 per month pay a per transaction rate of 2.69% plus $0.19 and 3.69% plus $0.19 for swiped and keyed-in payments. Merchants processing more than $50000 are charged 2.29% plus $0.19 and 3.29% plus $0.19.
The company has reserved multiple domestic phone support lines with a toll-free number and an FAQ page answering commonly asked queries for self-help. Merchants are offered an online customer service form to address their concerns and a knowledge base with basic guidelines and user manuals for the equipment provided by the company.
The Redstone Payment Solutions reviews show that the provider hires independent sales agents and uses telemarketing to promote its services. The company’s advertisement practices have received multiple complaints from merchants. Even though the complaints do not indicate the endorsement of deceptive tactics, the provider’s sales department is not competitive with the top-ranked payment processors.
The provider is facing a moderate-to-high complaint rate and has received over 30 negative reviews on various consumer protection sites. Undisclosed information and high termination fee are the most common complaints against the company. The other complaints concern Redstone’s customer service and fund withholding policy. Merchants have also posted several negative reviews about the provider’s sales and marketing practices. There are no mentionable lawsuits or FTC reports seen against Redstone.
Better Business Bureau Report
Redstone was accredited by Better Business Bureau in 2011 and is rated A+ on its BBB profile. The provider has received one formal complaint on the platform, resolved per customer’s satisfaction. Out of the 13 informal reviews, two complaints revolve around the issue of unexpected charges and poor customer service.
Even though the provider’s complaint rate is not as high as its size, the tone of the posted complaints is extremely serious. Along with some innovative features and essential services, the provider comes with a few drawbacks merchants must consider before signing up, as these seemingly small drawbacks can damage one’s business.
High Early Termination Fee
A high termination fee is a huge red flag for a service provider. It indicates that the company is forcing its merchants to stay in an unwanted agreement when they can’t afford to pay the price of getting out. The company claims to charge a minimal cancelation fee, but as proven by multiple Redstone Payment Solutions reviews, merchants are charged as high as $3000 to $5000 to escape the contract.
Since the fee keeps getting higher for illogical reasons, merchants must pay a ridiculous amount if they plan to cancel the contract.
Mysterious Contract Details
Providing merchants with all the important information and satisfying them with full disclosure is the sign of a reliable payment processor. Redstone deprives merchants of price transparency and is secretive about its contract terms, failing to ensure trust and dependency. Furthermore, the company does not mention its equipment lease conditions nor provide details about its services.
Consequently, a business looking for a service provider cannot decide if they can afford the company and depend on it since they can scarcely understand what they might be getting into.
Subpar Customer and Sales Service
Good customer service is the foundation on which a merchant’s trust is built over time. Even when a business is given a tough time by its payment processor, a reliable customer support team can convince a merchant to stick with the provider. Redstone lacks a trustworthy consumer service team and offers inadequate support options. It causes frustration for merchants looking to fix an issue or seeking an answer.
Reviews indicate that the provider’s sales team is equally dishonest, deceives merchants into signing up with the provider, and deliberately hides important terms. Merchants have faced annoying sales calls and have been agitated by a sales agent on multiple occasions.
This Redstone Payment Solutions review concludes that the company is an average service provider, lacking expertise in major areas. Its services are inadequate, and merchants are left to fight with constantly arising issues. The high termination charges, unavailable consumer support, and undisclosed information causes mistrust, inconvenience, and frustration in merchants and can severely damage their business.
The rapidly increasing complaints in the past few years indicate that the provider has failed to improve the situation and does not intend to prioritize its merchants’ needs. Businesses looking for a payment processor should carefully research their options and find a better-suited service provider they can trust. Merchants signing up with Redstone are advised to hire a third-party audit to eliminate hidden fees and negotiate the pricing to reach a fair settlement.