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.Are you a decision maker with Beanstream? Claim this review.
Types of Businesses Served
Our unbiased reviews are supported, in part, by helping you find highly rated merchant accounts. You can learn more here.
Beanstream Rates, Fees, and Costs
|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 ConditionsAre you happy with your Beanstream fees? Tell us about them before your go!
Beanstream Complaints & Customer Reviews
|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 BBB Rating Summary
Key Points - BBB
|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.
Truth In Marketing & Advertising
|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.
Beanstream Marketing Example
About Phillip Parker
Thank you for reading my review. I hope that it has helped you with your research.
Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.