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UPDATE 12/19/2018: Beanstream has changed its name to “Bambora.” As a result, we will no longer update this review. See our Bambora review for up-to-date information about this company.
Beanstream Internet Commerce Corp. (beanstream.com) is a merchant account provider based in British Columbia, Canada, that specializes in online payment processing. Launched in 2000, the company was acquired by Digital River in 2013 and subsequently sold to Bambora Group, a Swedish payment services company, in October 2015. Beanstream serves businesses in Canada, the U.S., and the UK. Beanstream Internet Commerce Corp. is a registered ISO/MSP of Wells Fargo Bank’s Canadian branch in Toronto, Ontario, and has offices located at 2659 Douglas Street, #302, Victoria, BC V8T 4M1 and 125 North Market Street, Suite 925, Wichita, Kansas 67202. Craig Thomson is the president and CEO of Beanstream.
Beanstream Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
We are currently able to locate roughly seven Beanstream complaints, but only one of these accuses the company of being a scam or a ripoff. This complaint cites unexpected fees, fund holds, and poor customer service as the primary issues, while the other complaints have to do with poorly designed software, excessive paperwork, poor customer service, and insufficient fraud prevention measures extended to UK merchants. Bambora is a rapidly growing company that operates a number of international payment services, so we will not factor any Bambora complaints into Beanstream’s review. Overall, Beanstream’s very low complaint total indicates a responsive and available customer support team, and we are therefore inclined to award the company an “A” in this category.
Beanstream Online Ratings
Here's How They Rate Online
|Product & Service Complaints||1|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Beanstream/Digital River Inc. is not an accredited business with the Better Business Bureau. As of this review, the company holds an “A+” rating with the BBB and has had one complaint filed against it related to a product or service issue. This complaint was successfully resolved with BBB assistance. Although it is our philosophy that “A+” ratings should generally be reserved for companies with zero complaints, the company’s successful resolution to this complaint inclines us to agree with the BBB’s rating.
Beanstream Fees, Rates & Costs
A Closer Look at The Contract
|Keyed-in Rate||2.8% + $0.15 (CAN) or 2.9% + $0.30 (U.S.)|
|Early Termination Fee||None|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
Beanstream advertises month-to-month agreements with no early termination fees, statement fees, or monthly minimum fees, and these claims appear to be consistent with its merchant agreement, found in part below. For Canadian merchants, Beanstream charges 2.25% per EMV transaction through its sproutPOS card reader (only available in Canada) and 2.8% plus $0.15 per keyed-in transaction. The sproutPOS reader costs either $9 per month or a one-time purchase price of $299. For U.S. merchants, Beanstream charges an industry-average 2.9% plus $0.30 for all keyed-in transactions. We are currently unable to locate any mentions of a PCI Compliance fee in the company’s standard contract. Overall, these terms range from average to competitive, and the company’s use of flat rate pricing reduces the risk of misleading rate quotes by Beanstream representatives. See the Beanstream Terms and Conditions
Beanstream Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
Beanstream appears to primarily market itself through its website and through various referral partnerships. There is no evidence at this time that the company hires independently contracted sales agents, and we are unable to locate any negative Beanstream reviews that mention the company’s sales team. The Beanstream website quotes specific flat rates for swiped and keyed transactions, and there is no indication at this time that these rate quotes are misleading.
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