Beanstream Overview

Beanstream May Have Overcharged You

If you accepted credit cards through Beanstream or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.

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.

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Products & Services Offered

Types of Businesses Served

  • Retail
  • E-commerce
  • Subscription

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Beanstream Rates, Fees, and Costs

Key Points

EMV Rate 2.25%
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

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Beanstream Complaints & Customer Reviews

Key Points

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.

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Beanstream BBB Rating Summary

Key Points - BBB

Product & Service Complaints 1
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery 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.

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Truth In Marketing & Advertising

Key Points

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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Beanstream Marketing Example

Beanstream Logo

Our Opinion of Beanstream

Beanstream rates as a reliable merchant services provider according to our standards. The company is showing very few complaints online and appears to offer competitive pricing options for both Canadian and U.S. merchants. Even when dealing with highly rated credit card processors, merchants are advised to carefully read any contract they are given.

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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.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,567,184 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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3 Reviews Leave Your Review for Beanstream Below

  1. Retail Operations says:

    Would not trust Beanstream as far as I would throw them. First their sales people dont know what they talking about and you will get 5 different people giving you 5 different rate quotes as much as 2x the other person. Then when you go to their website and enter your social security number and bank account, their website goes down, wondering were is your personal and financial information gone to. Like others said and it happened to us, you go through 1000 pages of paperwork just to get turned down for no reason. They asked for every single piece of information you could image just short of your blood type. Had 35k of transactions perhaps more in 3 months worth of merchant statements and ZERO chargebacks and these SOBs still turned us down and wouldnt give us a reason. We asked for a fraction about 7k a month of processing volume because we were not going to trust this company. When we called to find out why, they gave us the run around, contacted the sales person another scumbag used car sales man Jay Haddow, he would not bother return calls or emails. Found out that their primary bank is Wells Fargo, another con artist company that got sued recently for fraud and put the blame on 20,000 employees, when they knew it was upper management that did all the illegal practices. The second I found out Wells Fargo was their bank, I started looking elsewhere. And guess what, despite BeanStreams BS, we got approved with their competitors the very next day, the same exact information to. So Jay, Beanstreams, Wells Fargo you know were you can stick it!

  2. mark hughes says:

    As a UK user the fraud protection side has no teeth.
    The following are not checked as standard during the gateway transaction.

    Address Verification (AVS) – Not working in the UK
    Name not checked
    Sex not checked
    Country not checked
    IP not crosschecked

    In fact the only verification I can see is that the money is in the bank account of somebody somewhere.
    It is difficult to imagine a less useful fraud prevention system.
    The team are friendly, the backend is ok but you are at massive risk of UK fraud.

    This may improve in 2015/16 but currently you need to stay well clear.

  3. mark hughes says:

    Beanstream Volusion set up for UK users is a distater waiting to happen ref fraudulent orders and chargebacks.
    This will shut your business down in 6 months as it has mine.
    Recommend you use a UK system as the advertised fraud prevention systems such as AVS currently don’t work in the UK.
    The sales ans support teams are friendly and responsive but at the end of the day if the acocunt is open to mass fraud due to poor design, week implementation and lack of understanding of the processes involved that counts for nothing.
    Digital River Beanstream is new to the UK in 2014 and there was bound to be some bedding in issues but to leave the customers open to this level of fraud is intollerable.
    My chargeback rate is 25%+ with an industry standard of 2%.
    This system is bound to improve in 2015 and to be honest I like the backend but that is completely outweighed by the system failings.

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