A Faith-Based Credit Card Processor
Founded in 2001, Cornerstone Payment Systems is a merchant account provider that claims to put “Christ at the cornerstone of our business.” The company places an emphasis on its Christian affiliation and advertises that it does not process credit card transactions for businesses that it deems morally objectionable. According to this source, Cornerstone’s definition of morally objectionable transactions may include sales of pornographic content or donations to Planned Parenthood. For this reason, businesses that may qualify as morally objectionable by Cornerstone’s standards should not expect to be approved for merchant accounts through the company.
Acquisition of Crowd-Funding Platform
Cornerstone Payment Systems acquired the crowd-funding platform Move Your Mountain in January of 2020. Move Your Mountain was founded in 2014 as a platform that shares the same values as Cornerstone Payment Systems. Unlike other crowdfunding platforms, Move Your Mountain does not impose deadlines on fundraising campaigns. Crowd-funding campaigns hosted by Move Your Mountain are also free of set-up charges thought a donation fee and processing fee are taken from each donation by the company and its backend process, WePay.
Location and Ownership
The Cornerstone Payment Systems website states that the company is headquartered at 307 N Public Square, Centerville, TN as well as sales offices in Mobile, AL and Alpharetta, GA. Cornerstone Payment Systems is a DBA of Providence Payment Systems, LLC, and it appears that Cornerstone Payment Systems at one point maintained another DBA called Cornerstone Platinum. Cornerstone Payment Systems is a registered ISO/MSP of Deutsche Bank AG, New York. The company appears to utilize TSYS, WorldPay, Paya, and First Data as its backend processors as well as NMI and Clover as POS solutions. Nathan Loan is the owner, while Nick Logan is the president and CEO of Cornerstone Payment Systems.
Cornerstone Payment Systems Review Table of Contents
- Costs & Contract: Cornerstone Payment Systems appears to offer variable contract terms depending on each business’s profile and processing history.
- Complaints & Service: Cornerstone Payment Systems has received fewer than 10 public complaints.
- BBB Rating: Cornerstone Payment Systems has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
- Sales & Marketing: Cornerstone Payment Systems appears to hire independent sales agents but has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Cornerstone Payment Systems