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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. The company appears to utilize TSYS, WorldPay, Paya, and First Data (now Fiserv) as its backend processors as well as NMI and Clover as POS solutions.
In 2020, Cornerstone Payment Systems acquired Move Your Mountain.
It must be noted that since 2020 Cornerstone Payment Systems has been accused of leaking the data of at least 9 million customers.
Acquisition of Crowd-Funding Platform
Cornerstone Payment Systems acquired the crowd-funding platform Move Your Mountain in January as 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, though a donation fee and processing fee are taken from each donation by the company and its backend process, WePay.
Cornerstone Payment Systems Payment Processing
Cornerstone Payment Systems appears to process all major debit and credit cards. Their services include EMV card readers and swipers, virtual terminals, ACH processing, recurring billing, access to a payment gateway, custom payment pages, and donation services.
E-commerce Payment Gateway
Cornerstone has developed an online payment gateway that allows for secure e-commerce transactions. The gateway is compatible with major credit card brands and can be integrated with widely used shopping cart systems, allowing merchants to receive payments on their online stores.
Mobile and Virtual Terminal Transactions
The company offers mobile and virtual terminal transaction services, enabling businesses to accept card payments remotely or in situations where the card is not physically present. These services can be accessed through a mobile app or a virtual terminal, provided there is an internet connection.
Merchant Cash Advance Service
Cornerstone provides a service called merchant cash advance, which gives businesses the opportunity to access working capital quickly. Based on the volume of their credit card transactions, merchants can obtain funds to support their operations or finance growth.
Location & Ownership
The Cornerstone Payment Systems website states that the company is headquartered at 307 N Public Square, Centerville, TN, and mentions sales offices in Mobile, AL, and Alpharetta, GA. Google, and a few other sources, however, list the company at 17822 17th St, Tustin, CA 92780. 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. Nathan Logan is the owner, while Nick Logan is the president and CEO of Cornerstone Payment Systems.
Table of Contents
- Costs & Contract: Appears to offer variable contract terms depending on…
- Complaints & Service: Complaints number fewer than 10 on…
- BBB Rating: Has an “A+” rating with the Better Business Bureau and has received…
- Sales & Marketing: Appears to hire independent sales agents but has not received…
Cornerstone Payment Systems Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Most Common Complaint
Low Complaint Volume
We have located under 10 negative Cornerstone Payment Systems reviews, and some of the available reviews explicitly accuse the company of being a scam or a ripoff. Commonly cited issues by complainants include late deposits and unavailable customer support. A decent amount of these Cornerstone Payment Systems reviews are more than four years old, and among these, at least two have been publicly retracted. These will not count against its score in this category. The company has responded to some of these complaints in a professional tone, while other reviews have gone unaddressed. If you have your own Cornerstone Payment Systems review to make, please do so in the comment section below.
Account Leaks in the Millions
According to many stories over the last two years, Cornerstone Payment Systems kept sensitive information regarding its merchant accounts on an unprotected database. The information included names, email addresses, and transaction records. Most concerning of all, some of the records also showed the last 4 digits of a customer’s credit or debit card. Since this database was uncovered, representatives from the company have stated the database has been secured in the interest of protecting customer and merchant data. However, another large leak was reported after the original leak, which is extremely concerning.
Business with the Duggar Family
Cornerstone has attracted a small amount of negative online attention related to the possibility that it has processed payments for members of the Duggar family (formerly of the TLC TV show 19 Kids and Counting). According to multiple allegations in online forums, Cornerstone Payment Systems may at one point have processed donations to Duggar family operations or allowed members of the Duggar family to open sub-ISOs of Cornerstone. We are currently unable to verify whether these claims are accurate, and it is our opinion that they have little to no bearing on whether Cornerstone Payment Systems is a quality payment processor. However, the moral component of Cornerstone’s marketing strategy appears to be of some importance to its current and prospective clients, so business owners who are researching the company may find this information to be relevant.
Cornerstone Payment Systems Lawsuits & Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Cornerstone Payment Systems. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Cornerstone Payment Systems Customer Support Options
Overall, it appears that the few issues that have generated public complaints against Cornerstone Payment Systems are isolated and infrequent. The company appears to offer live customer support during normal business hours.
Cornerstone Payment Systems Customer Service Number
- (888) 506-0208 – Toll-Free Customer Support
Other Support Options
- Customer support form
- Customer service email address at [email protected]
Although we have awarded the company an “A” in this section, we do not consider it to be a top processor for customer service.
Cornerstone Payment Systems BBB Rating and Report
Our Better Business Bureau Profile Assessment
Clean Complaint Record
Cornerstone Payment Systems currently has an “A+” rating with the Better Business Bureau and is not BBB accredited. The company has received 0 complaints or informal reviews through its BBB profile in the past 3 years.
An “A” Performance
Given the company’s clean complaint record with the BBB, we agree with the BBB’s rating at this time. Business owners should note, however, that there are reasons to be skeptical of BBB ratings.
Cornerstone Payment Systems Fees and Rates
A Closer Look at the Contract
Don't Fall Into An Expensive Trap. See Who The Worst Processors Are.
Monthly & Annual Fees
1.00% - 4.99%
Cornerstone Payment Systems Contract Terms
According to a very old copy of Cornerstone Payment Systems’ terms and conditions, the company offers a contract of variable length with unspecified early termination fees and tiered pricing. According to some Cornerstone Payment Systems reviews, the company may also charge a $50 annual fee related to PCI compliance, which would be lower than industry averages. Given the fact that theCornerstone Payment Systems contract terms are not listed on its website, we have very few details about its pricing at this time.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Cornerstone Payment Systems also dedicates a portion of its website to advertising its proprietary virtual terminal and payment gateway. However, pricing is not disclosed on either of those services. Additional Cornerstone Payment Systems rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Sparse Contract Complaints
There are also very few Cornerstone Payment Systems complaints related to its pricing, so we will assume for the time being that most of Cornerstone’s merchants are satisfied with the fees they pay. Business owners should still be sure to read their agreements carefully and negotiate favorable terms whenever possible. If you have any current knowledge of Cornerstone’s contract terms, please share that information in the comment section below this review.
Cornerstone Payment Systems Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
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Uses Independent Resellers
Discloses All Important Terms
No Widespread Sales Issue
Cornerstone Payment Systems appears to market its service primarily through traditional advertising methods, independent agents, referral programs, and strategic partnerships. We have found only one Cornerstone Payment Systems review related to its sales team. This complaint vaguely describes unexpected debits from the business’ account and appears to have been caused by a simple misunderstanding. In general, there is no indication that Cornerstone Payment Systems engages in unethical sales conduct. We have therefore assigned it an “A” rating in this category.
This compares favorably to our list of best credit card processors.
No Deceptive Rate Quotes
As an additional point in the company’s favor, there does not appear to be any deceptive Cornerstone Payment Systems rates quotes in its official materials. However, if you suspect that Cornerstone is overcharging you, you can double-check your pricing with a third-party statement audit.
Cornerstone Payment Systems Review Summary
Our Final Thoughts and Opinions
According to all available information, Cornerstone Payment Systems rates as a reliable credit card processing provider for non-profits and for businesses that operate outside of Cornerstone’s “morally objectionable” realm of judgment. Despite a small amount of negative press, the company is showing very few complaints related to its actual products and services. Our rating for Cornerstone may be subject to change once more is known about its contract terms. Businesses operating in particular high-risk industries will be better off opting for a reputable high-risk merchant account provider that approves of their business types.
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