Nuvei Review

Created in October 2018 as a rebranding of Pivotal Payments, Nuvei is a large merchant account provider that claims to serve more than 50,000 merchants and process more than $15 billion in credit card transactions annually.

Nuvei Acquisitions & Partnerships

In late 2021, Nuvei acquired Mazooma, a bank-to-bank transfer service, and Simplex, a crypto payment firm. They also integrated with Flow in order to provide NFT purchasing and stablecoin processing and partnered with FTX, the notorious cryptocurrency exchange and hedge fund by Sam Bankman-Fried that went bankrupt and has been accused of defrauding its million-plus users. These moves were made prior to an IPO by the company, marking them for a major expansion in reach in the market.

In 2023, Nuvei completed the acquisition of Paya Holdings Inc., an Atlanta-based payment processing company, for $1.3 billion. The acquisition aimed to expand Nuvei’s portfolio and reach in the payment technology sector. However, there has been a lawsuit over the purchase, as described below. The company also partnered with Esenda in 2023 to create a payment platform for tuition.

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Video Summary

Payment Processing

Nuvei offers credit card and debit card processing for small businesses, supporting payments in over 150 currencies. Their services include EMV card swipers, POS terminals, integration with various alternative payment options such as ApplePay and PayPal, e-commerce solutions with shopping carts and virtual terminals, wireless solutions, mobile payments, data reporting and analytics, and crypto readiness. They also have a network of partnerships and claim to offer industry-specific expertise, particularly in gaming (eSports) and travel. In 2021, Nuvei expanded its services to include payment processing in Latin America.

Tech Stack Compatibility

Nuvei focuses on the flexibility of its services, allowing businesses to integrate only the necessary features without disrupting their existing technology stack. The company offers a range of platforms and integrations to meet different business needs.

Payment Performance Optimization

Nuvei aims to increase approval rates and reduce operational costs through advanced payment performance optimization techniques. They provide global pay-ins and payouts, as well as support for omnichannel and omniplatform transactions.

Personalized Integrations

Nuvei offers scalable, reliable, modular, and flexible platforms for payment orchestration, providing personalized integrations to cater to the specific requirements of businesses.

Human-Led Support

Nuvei provides 24/7 human-led support, offering assistance for complex payment stacks and emphasizing collaboration over automated systems.

Additional Features

Nuvei also offers features such as fraud risk management, data analytics, and enhanced authorizations, aiming to deliver a comprehensive payment solution for businesses.

Over 300 Nuvei Complaints

Nuvei’s recent rebranding seems to have been more of a symbolic marketing shift than a fundamental organizational change. Therefore, we consider the feedback received under the name Pivotal Payments to be relevant to this review. There’s a considerable number of negative Nuvei reviews online, including over 170 within the comment section of our Pivotal Payments review. The complaints are consistent, with many customers citing issues such as poor customer service, account problems, processing errors, terminal issues, service cancellation difficulties, unexpected charges, and high cancellation fees. If you have your own Nuvei review, we encourage you to share it in the comments below.

Nuvei on Ripoff Report

It’s worth noting that Pivotal Payments seems to have participated in Ripoff Report’s Corporate Advocacy program, allowing them to replace negative review titles with identical promotional blurbs. However, the full complaints remain accessible beneath this promotional material. This tactic, rather than providing professional rebuttals to merchant complaints, may reflect less of a commitment to customer service. Whether Nuvei intends to continue this strategy under its new name remains uncertain.

Nuvei Customer Support Options

Despite Nuvei’s claims of improved customer service, there’s limited evidence of a notable improvement in its rating. Nuvei offers 24/7 technical support by phone and customer service by phone from 8:00 a.m. to 7:00 p.m. EST, Monday through Friday.

PaymentPop Rating for Nuvei

Positive Feedback

sThere are no positive reviews published about Nuvei on the PaymentPop website.

Nuvei BBB Rating

Nuvei Technologies Corp has an average customer review rating of 1.22/5 stars and an “A+” on BBB based on 18 customer reviews. The company has received 23 customer complaints in the last 3 years, with 5 complaints closed in the last 12 months. Common themes in the reviews include poor customer service, issues with contract terms, and dissatisfaction with fee structures.

On a previous update the BBB profile had the following user review but it has since been removed.

Positive Feedback

There are no positive reviews published about Nuvei Technologies Corp on the BBB website.

Trustpilot Rating for Nuvei

Nuvei has a rating of 4.1/5 stars on Trustpilot based on 687 customer reviews, indicating a generally positive reception. The company has a high percentage of 5-star reviews (65%) and a lower percentage of 1-star reviews (19%). Common themes in positive reviews include good customer service and efficient problem resolution.

Google Maps Rating for Nuvei

Nuvie has a 3 out of 5 star rating based on 297 user reviews on Google Maps.

FeaturedCustomers Rating Analysis for Nuvei

Nuvei is featured on FeaturedCustomers with an aggregate content usefulness score of 4.8 based on 1421 user ratings. The site showcases 37 reviews and testimonials from customers, 16 case studies, and 15 customer videos. Nuvei is described as a payment technology partner for thriving brands, offering payment consulting and technology to help businesses succeed locally and globally.

Negative Feedback

There are no specific negative user reviews available to the public on FeaturedCustomers for Nuvei.

Positive Feedback

There are no specific positive user reviews available to the public on FeaturedCustomers for Nuvei.
Source: FeaturedCustomers

Variable Terms Depending on Business Needs

Nuvei’s pricing structure can vary significantly based on several factors, including the agent, franchise, sub-ISO, or partner arranging the account, as well as the business’s processing volume and type. There’s also the option of leasing equipment directly or through First Data Global Leasing, though most credit card terminals can be purchased for under $500. Long-term leases, however, could cost businesses significantly more, making them a potential pitfall to avoid.

While Nuvei has begun offering free equipment and equipment rental programs to reduce reliance on lease contracts, businesses may still encounter agents offering long-term leases.

Virtual Terminal and Payment Gateway Pricing

Apart from its brick-and-mortar payment processing, Nuvei provides e-commerce solutions, including a virtual terminal and payment gateway. Services encompass standard e-commerce payment processing and acceptance of ACH, Apple Pay, and Google Pay. However, specific pricing details are not disclosed. Typically, additional fees like gateway fees, technical support fees, batch fees, and transaction rates apply to these services.

Nuvei Early Termination Fee

Previously, Nuvei enforced a liquidated damagesearly termination fee. However, the standard early termination fee is now a flat $395 for businesses processing up to $25,000 per month and $495 for those processing over $25,000 per month.

Nuvei Standard Contract

Nuvei’s standard contract typically involves a three-year service agreement with an automatic one-year renewal, though some clients have reported agreements of up to five years. Additionally, a PCI compliance fee of $139.80 has been noted, along with other fees like a chargeback fee of up to $35 per incident and a $25 monthly fee.

While Nuvei does offer month-to-month contracts, this is subject to agent discretion. Reports suggest that Nuvei agents often promote 48-month, non-cancellable equipment leases, which may not be competitive compared to other merchant account options.

Business owners are strongly advised to thoroughly understand the pricing and terms of their Nuvei merchant account agreements before signing. Additionally, exploring our list of the best merchant accounts is recommended.

Several legal actions have involved Nuvei and its predecessor, Pivotal Payments:

• In 2018, a $9 million class-action settlement was approved against Pivotal Payments for allegedly violating the Telephone Consumer Protection Act. The settlement, related to unauthorized telemarketing calls, has concluded, pending any appeals.
• In 2019, Breeders’ Cup filed a lawsuit against Nuvei (then Pivotal Payments), alleging breach of contract. This lawsuit stems from a sponsorship agreement termination dispute.
• In late 2021, a numberof law firms announced investigations into Nuvei for potential class-action lawsuits, alleging misleading investors.
• A class-action lawsuit was filed against Nuvei for alleged violations of the Securities Act and the Civil Code of Quebec, involving securities acquired between September 17, 2020, and December 7, 2021.
• Nuvei Corp is also facing a lawsuit for allegedly failing to pay shareholders of Paya Holdings Inc. after acquiring the company.

Outside Sales Agents

Nuvei does not appear to use any deceptive advertising or rate quoting in its official materials, but the company has suffered considerable damage to its reputation due to its marketing strategy.

The company relies very heavily on outside independent sales agents, sub-ISOs, telemarketing, franchises, and strategic partnerships to sell its services. It is likely that Nuvei pays varying commissions based on the rates and fees that agents set during the activation of the merchant account and equipment lease. Many clients report that agents misrepresent their pricing, terms and conditions, and lease agreements to persuade the business to accept an account. Nuvei’s internal policies appear to be doing a poor job of regulating its resellers’ marketing practices, as evidenced by its recent class-action settlement. This does not compare favorably to our list of best credit card processors.

Efforts to Improve

A representative of Nuvei stated in an email to us that the company has implemented a “sales compliance” position so that all sales channels meet the company’s “internal standards,” but did not elaborate on the policies that define the standards. He also stated that Nuvei will buy back an equipment lease if the company cannot provide service to the client, or if there was a sales misrepresentation issue. As of this update, we have seen some evidence to indicate that Nuvei’s efforts have resulted in reduced client complaints regarding sales and marketing tactics, which has improved its rating in this section to a “C.” If you suspect that the company is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.

Nuvei ranks as an average credit card processing provider. While the company’s rebranding aimed to refresh its image, it seemingly did not encompass substantial structural changes. As a result, businesses engaging with Nuvei should anticipate service quality and pricing similar to what Pivotal Payments previously offered. Given that Pivotal Payments consistently ranked among the worst merchant account providers in the industry, Nuvei faces significant challenges in establishing itself as a trusted provider under its new name.

For Nuvei to improve its reputation and rating, it must distance itself from Pivotal’s legacy by prioritizing transparency, competitive pricing, and customer satisfaction. Proactively addressing previous criticisms can help the company foster a positive image while positioning itself to compete effectively with more highly regarded merchant service providers. Businesses considering Nuvei should be aware of this background and carefully review its terms to ensure they align with their specific needs.