Last Updated: February 19, 2014
PayTech Corporation Overview
Based in Guaynabo, Puerto Rico, PayTech Corporation (paytechco.com) is a small but growing merchant account provider that provides payment processing solutions for businesses located in the U.S. and in Puerto Rico. The company was founded in 2004 and has since acquired offices in Texas, Florida, and the U.S. Virgin Islands. PayTech’s services include its web-based EZPay Payment Platform, an online payment gateway, a virtual terminal, an online shopping cart, traditional credit card processing, and point-of-sale hardware. PayTech’s traditional payment solutions are provided through partnerships with Vantiv, Global Payments, First Data, and TSYS.
PayTech is headquartered at 1353 Ave Luis Vigoreaux, PMB 531, Guaynabo, Puerto Rico 00966-2715. Its website does not list an acquiring bank, but it is likely that the company has multiple such partnerships.
PayTech Corporation Sales & Marketing Tactics | A-
PayTech appears to primarily market its services through telemarketing and through its website. The company has announced its specific intention to cater to the Latino business community, citing its Puerto Rico base of operations and bilingual staff as valuable assets. There is currently only one PayTech negative review that cites deceptive sales practices by the company’s agents. This complaint, which does not appear to be especially reliable, was filed on Ripoff Report and received a professional rebuttal from the company. Although we are not inclined to factor this complaint into the company’s rating for this category, we also are unable to find reliable information elsewhere about how PayTech markets its services to merchants. We will therefore award the company an “A-” at this time.
PayTech Corporation Costs & Contract Terms | B
There is very little public information about PayTech’s costs and contract terms, and there are currently no complaints about excessive or undisclosed fees imposed by the company. PayTech resells the merchant accounts of multiple providers, meaning that its contract terms are likely to be similar if not identical to those in a TSYS, Global Payments, First Data, or Vantiv contract. The standard contracts for these companies can vary but are generally known to be multiyear agreements with early termination fees. PCI compliance and other costs may also vary between these providers.
PayTech’s proprietary software and web solutions are likely to come with their own rate structures, which are not available on the PayTech website. If you have any knowledge of the standard PayTech contract, please share that information in the comment section of this review.
PayTech Corporation Complaints & Service | A
Because PayTech is fairly small and has a relatively generic business name, it is difficult to locate complaints that have explicitly been filed against the company. The few reviews that are available are of questionable reliability and may be related to end-user problems rather than merchant issues. At this time, there is not a significant enough body of complaints to draw any solid conclusions about the the company’s customer support and complaint history. We are therefore awarding PayTech an “A” in this category.
Merchants should note that PayTech appears to conduct its customer support via a ticket submission system rather than via live communication.
PayTech Corporation BBB Report | C- (CPO Adjusted)
PayTech is not an accredited business of the Better Business Bureau (BBB) and is currently showing an “F” rating due to its response to three complaints in the last three years. Of these complaints, two were related to billing and collection disputes, while one had to do with advertising or sales issues. PayTech resolved one of these complaints successfully, failed to resolve another, and did not respond to the BBB regarding the third complaint. Given the fact that PayTech managed to resolve one complaint through the BBB, it appears that the company is aware that the profile exists and is seemingly uninterested in resolving the other issues. Despite PayTech’s low complaint volume, we are inclined to adjust its BBB rating to a “C-” in light of its resolution rate.
PayTech Corporation rates as an average merchant services provider according to our system. There is not a great deal of information available about the company at this time, and the complaints that are available do not paint a consistent or reliable picture of the company’s policies. PayTech can improve its overall rating by responding to complaints filed through the BBB. It is likely that PayTech’s grade may change as more information comes to light about the company.
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