Redstone Payment Solutions
Redstone Payment Solutions Overview
Redstone Payment Solutions (redstonepaymentsolutions.com) is a merchant account provider serving most business types. The company specializes in providing credit card processing, debit card acceptance, check services, Electronic Benefits Transfer (EBT), and gift/loyalty card programs. Redstone also sells and leases an array of equipment for most processing needs such as PIN pads and countertop terminals (Verifone, Hypercom). Founded in 2009, the company is headquartered at 10406 Lake Rd., Suite 200, Houston, Texas 77070. Redstone Payment Solutions, LLC, is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California.
Redstone Payments & Marketing Tactics | B
Redstone Payment Solutions appears to utilize telemarketing and independent sales agents to market its services. This hiring practice can often produce an untrained, unregulated sales team, which is in turn linked to elevated complaint rates among merchants. In this case, we are able to locate several Redstone Payment Solutions that mention nondisclosure of contract terms by the company’s sales agents, specifically with regard to the company’s contract length and early termination fee. It appears that this issue may be the result of poor conduct by only a handful of agents, as the company does not engage in deceptive advertising strategies in its official materials.
Redstone Payments Costs & Contract Terms | D
According to the company’s program guide (available through the Redstone website here), the standard Redstone Payment Solutions contract is a three-year agreement with automatic renewal for one to three years after the initial term and a Liquidated Damages early termination fee. This fee is equal to either $495 or a merchant’s average monthly costs multiplied by the number of remaining months in the contract, whichever is greater. Multiple merchants report being charged thousands of dollars upon cancellation, confirming that the company does enforce this fee. Interestingly, some complainants simply request the right to “only” pay a standard early termination fee of $295 or less. It is a bad sign for a company’s contract terms when merchants are requesting to pay a higher-than-average termination fee rather than the one in the contract.
Redstone Payments Complaints & Service | B-
We are currently able to locate approximately five Redstone Payment Solutions complaints on this and other non-BBB consumer protection websites, some of which describe the company as a scam or a ripoff. Common themes among complainants include high early termination fees of $3,000-$5,000, nondisclosure of contract length, and unavailable customer service. The company’s complaint volume is actually lower than expected for its time in business, but the content of these complaints has lowered the company’s grade more so than the number of complaints. The Redstone Payment Solutions website lists a dedicated phone number for customer support.
Redstone Payments BBB Report | C+ (CPO Adjusted)
Redstone Payment Solutions has been an accredited business of the Better Business Bureau (BBB) since 2011 and holds a “A-” rating at the time of this review. Of the 24 merchant complaints (up from 20 as of our last update), twelve are regarding billing and collection disputes, and twelve are with product and service problems. All complaints have been resolved to the merchants’ satisfaction. Given the increase in complaints over the last year and the company’s persistent issues with its early termination fee, we have adjusted the BBB’s grade to a “C+.” For more on why we adjust BBB scores, please see our rating criteria.
Redstone Payment Solutions rates as an average merchant account provider according to our rating system. The company has a low complaint rate that is roughly proportionate to its size and time in business, but the content of these complaints seems to indicate a very high early termination fee. Additionally, the company has seen an increase in complaints in the last year or two, which is a negative trend. Redstone Payment’s overall rating may improve or diminish as more information is confirmed about its contract terms.
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