Located in Miami, Florida, Stellar Payment Systems is a merchant account provider established in 2004. It is a verified ISO of Fifth Third Bank and Wells Fargo Bank, reselling the services of Fiserv. The provider has partnered with Clover and Poynt for their POS facilities. Specialized in offering payment processing solutions to B2B, restaurants, retail, hospitality, e-commerce, and MOTO businesses, Stellar Payment Systems mainly caters to online companies. Here is an in-depth Stellar Payment Systems review covering its pros and cons to help merchants determine if it is the best choice for their company;
The company prides itself on tailored solutions to fit clients’ needs. Stellar Payment has helped enhance financial systems of all business sizes, from large enterprises to small home-based companies. Merchants are provided with unmatched service outsourced from industry-leading processors. The provider utilizes its processing and banking relationships to boost merchants’ convenience by minimizing expenses and maximizing revenue.
Stellar Payment Systems accepts all major payment types and offers an array of value-added services for clients’ ease. It has the expertise to enable virtual transactions anywhere without jeopardizing the seamless payment processing experience for consumers and their customers.
Stellar Payment Systems Review – Products and Services
The provider assists businesses in quick-start a website or web-based marketplace for their merchandise. Most people prefer to shop from the comfort of their homes, and setting up an online platform can significantly increase a company’s reach. Consumers are offered a complete POS system, payment gateway, and mobile payment solutions. They can accept ACH payments and avail loyalty programs and merchant loans.
POS System
Merchants can choose from efficient POS systems facilitated by Poynt and Clover equipped with a cash drawer, receipt printer, and barcode scanner based on their requirements. According to Stellar Payment Systems reviews, the POS facilitates inventory management, real-time analytics, and employee tracking and can be integrated with a third-party shopping cart and over 300 payment apps.
Credit Card Processing
SPS payment processing solutions are compatible with Apple Pay, Google Pay, and PayPal. The company accepts EMV chip cards and all major pin debit and credit card payments. It accommodates tap, dip, or swipe for all cards and facilitates EBT transfers. Businesses can benefit from the next-day funding service and set up SMS notifications for timely updates.
Mobile Payment Solutions
The payment facilitator offers mobile wireless solutions for on-the-go businesses. It enables consumers to receive NFC payments by connecting an NFC card reader with their phone via Bluetooth or using their mobile’s payment app to accept payments anywhere. Consumers can also utilize the company’s wireless POS terminal or mobile app for smooth transactions.
Data Breach Program
As indicated by Stellar Payment Systems reviews, the company’s Assurance Data Breach Program enables businesses to reduce expenses in case of a data breach risk. It covers up to $100000 per merchant account to eliminate the cost of investigation and reestablishment after a breach. It should be noted that merchants must notify within 60 days of a suspicious activity to avail of these benefits.
Next-Day Funding
Unlike most payment service providers offering next-day funding only for Visa and MasterCard, SPS facilitates this service for all payment cards. Regardless of their business type, all merchants are granted the funding instantly without the 48 to 72 waiting time. This benefits them in managing the cash flow and meeting their financial commitments more efficiently.
Check and ACH Processing
The company’s risk-free electronic check service enables users to process check payments while avoiding bounced or bad checks. As deduced from Stellar Payment Systems reviews, businesses can process ACH transactions. It allows them to debit customers’ accounts anywhere over internet-enabled devices for recurring payments.
Loyalty Programs
Gift cards and loyalty programs are popular ways to increase customer retention and loyalty. SPS clients are offered gift cards to attract new customers and keep existing ones. These gift cards benefit with cash flow and additional sales as customers are likely to shop again and spend more than the card’s limit. The provider’s loyalty program allows merchants to gain customers’ loyalty by offering rewards. Businesses can promote new products, discounts, and new outlets.
Rates and Contract
Consumers are subjected to variable pricing and contract terms depending on their business type size and the agent setting up the merchant account. Here is an overview of SPS rates and standard agreement;
Contract Terms
When reviewed, Stellar Payment Systems provides its credit card processing solutions through Fiserv. Hence, the contract intricacies can be similar for both payment facilitators. As of now, the company’s contract length is undisclosed. However, merchants are obligated to a $495 early cancelation fee.
Pricing Structure
Merchants are bound to a tiered pricing model, and the possibility of requesting an interchange-plus pricing rate is unclear. Gathered from the limited information on the official website, businesses can choose from several plans per their need.
Processing Fees
Merchants are offered four basic plans with separate monthly charges.
- The flat rate tier plan charges a per transaction fee of 2.69% plus $0.25 with zero monthly charges.
- The business plan costs 1.59% plus $0.25 for qualified swiped and 2.35% plus $0.25 for keyed-in transactions. Merchants pay a $69.95 monthly fee.
- The enterprise tier plan charges a per transaction fee of interchange plus 0.39% with a $129 monthly payment.
- Businesses requiring a personalized rate are offered a ‘Beyond’ tier plan.
SPS virtual terminal rate and PCI compliance fee are 1% plus $4.99 and $19.95 per month.
Consumer Support Options
Stellar Payment Systems reviews show a toll-free customer helpline and a general support email address. There is a support form and FAQ page on the website. The provider does not qualify as an excellent customer support provider.
Marketing and Sales Practices
Stellar Payment highly depends on independently commissioned sales agents and ISOs to promote its services. This marketing practice is notorious for attracting negative feedback, which is precisely the case for this provider. Merchants have posted several complaints regarding the company’s dishonest sales tactics. Former sales representatives have also posted about being forced to present false rate quotes to customers.
Stellar Payment Systems Reviews and Complaints
Some complaints cited on consumer protection websites have accused the provider of misleading clients and presenting false information. Other negative reviews revolve around the contract terms and customer service. In light of these reviews, merchants should consider the following shortcomings;
Unresponsive Customer Service
The limited support options reserved for Stellar Payment’s clients are inadequate and cannot provide a satisfactory service. Merchants have complained about their concerns being ignored and issues unresolved. The representative leaves customers waiting for weeks without responding. On times when they do respond, it is only to stall the client.
Exorbitant Contract Terms
According to Stellar Payment Systems reviews, the provider offers sub-standard services for ridiculously high prices. Consumer complaints revolve around expensive PCI compliance, non-compliance, and early termination fee. The company demands high processing rates, and its cumulated costs are unaffordable for most businesses. There is also a possibility of a long-term and costly equipment lease. However, merchandisers can buy the required terminal for $500 or less.
Deceptive Sales Practices
The provider is guilty of making false promises about its rates. Several consumers have experienced much higher processing rates than they signed up for, leaving a massive dent in their bank accounts. Some clients have also faced hidden fees and complained that the provider demands more than it offers. They also hint at the rates increasing after a client signs up.
Employee Complaints
A common complaint posted by former SPS employees concerns its sales practices. These complaints indicate that the provider offers attractive commissions to its sales employees for miscommunicating with customers and luring them into signing the agreement. The ex-employees are ordered to force ERR pricing to make customers think they are offered low rates. Sales agents are encouraged to conceal information regarding rate increments. They are not granted room for growth and are expected to act as puppets.
Stellar Payment is also reputed for its sub-par employee support. A company that does not value its employees and acknowledges dishonesty cannot be relied upon.
BBB Ranking
Better Business Bureau has not accredited the provider. It does not have a BBB profile, and there are no Stellar Payment Systems reviews on the consumer review platform. Businesses relying on online reviews to determine the provider’s reputation should consider other consumer protection websites.
Final Thoughts
Even though negative reviews against SPSS are not in abundance, the company fails to offer a satisfactory experience to its customers. It lacks the fundamental insight to facilitate exceptional service and industry-leading contract terms. As deduced from this Stellar Payment Systems reviews, the payment facilitator does not prioritize customer convenience and focuses on making money off their troubles.
Businesses looking to hand their business to Stellar Payment are encouraged to take precautionary measures to detect and eliminate hidden charges, ensure their queries are answered, and read between the lines to understand the agreement before signing. They are encouraged to compare the company with top-ranked payment facilitators to avoid future inconvenience.
