We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.
All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.
Update: Payfirma has been acquired by Merrco Payments Inc. In this review, we examine the company’s rates, fees, contract terms, and common complaints to give a clear picture of its services and reputation. We look at industry ratings, employee feedback, and marketing tactics, along with Payfirma’s payment processing solutions such as point-of-sale systems, e-commerce tools, mobile payment options, and security measures. Our review also covers Payfirma’s analytics and reporting features, the quality of customer support, and the impact of the recent Visa and MasterCard lawsuit settlement. This balanced overview helps businesses understand what Payfirma offers and how it operates under Merrco Payments.
About Payfirma
Payfirma Homepage
Payfirma is a merchant account provider headquartered in Vancouver, British Columbia. The company appears to resell the merchant services of Chase Paymentech and First Data (now Fiserv). Payfirma was acquired by Toronto-based payment processor Merrco Payments in February 2018 and now operates as a wholly-owned subsidiary of Merrco though it retains its independent branding.
Products & Merchant Services
Payment Processing
Payfirma offers payment processing for most major debit and credit cards across various business types. Their services include chip and PIN card readers, POS terminals, virtual terminals, e-commerce solutions, mobile payment options, and recurring billing.
Point of Sale Solutions
Payfirma provides a range of point-of-sale (POS) solutions to meet the diverse needs of businesses. These include traditional countertop terminals and tablet-based POS systems, equipping merchants with the necessary tools for secure and efficient transactions in physical retail settings.
E-commerce Payment Solutions
For online businesses, Payfirma offers e-commerce payment solutions that integrate easily into websites. Their secure payment gateway enables merchants to accept online payments, ensuring a user-friendly and secure checkout experience. Payfirma’s e-commerce solutions also support multiple currencies, allowing businesses to serve a global audience.
Mobile Payment Processing
Payfirma recognizes the importance of mobile commerce and offers mobile payment processing services for businesses on the move. Using mobile card readers and compatible applications, merchants can accept payments via smartphones or tablets.
Security and Fraud Prevention Measures
Payfirma emphasizes security and fraud prevention, utilizing advanced encryption and tokenization technologies to protect sensitive customer data. They also offer fraud prevention tools to help businesses detect and prevent fraudulent transactions.
Analytics and Reporting Features
Payfirma provides robust analytics and reporting features that enable businesses to monitor their payment processing activities and gain valuable insights. These tools help merchants track sales, identify trends, and make informed decisions to optimize their payment strategies.
Customer Reviews & Sentiment
Overview of Payfirma Reviews
Our examination reveals a small number of negative Payfirma reviews, with no allegations suggesting the company engages in scam or ripoff practices. Customer complaints primarily concern undisclosed rates and fees, delays in fund transfers, challenges in canceling services, and a significant early termination fee associated with a four-year contract. Additionally, feedback from Payfirma employees highlights concerns regarding the company’s corporate culture and strategic direction, though these comments have less impact on merchant experiences. We encourage you to share your Payfirma experiences in the comments below to contribute to a broader understanding of the company’s services.
Assessing Payfirma’s Customer Support
Payfirma provides a comprehensive suite of customer support options, including live chat, a dedicated phone line, an email address, a customer support form, and a self-help portal. These resources aim to efficiently address and resolve client issues in-house, reflecting Payfirma’s commitment to customer satisfaction.
Industry Scores & User Ratings
Online Ratings Summary
BBB Rating
N/A
Payfirma BBB Rating
Payfirma is not an accredited business with the Better Business Bureau. As of this review, the company has an “A+” rating with the BBB and has had 1 complaint filed against it in the last 36 months.
What Merchants Say
The company also has had 0 informal reviews posted to its BBB profile in the last 36 months. Before that period the BBB documented 1 review, which was negative in tone. The review described hidden fees:
Signed up with PAYFIRMA 3 months ago. Their representative assured us that their pricing is as follows: “Our pricing is very simple. We charge $19/month to use our PAYHQ platform and we simply markup up the credit card rates by 0.50% on the raw costs of the card type” In the past 3 months we have not had a chance to process any credit card transactions yet, but as it turned out we we were charged $144.90 in addition to the disclosed monthly $19.00 fee. When we asked PAYFIRMA about these charges, they said they can fix the set up so that only $19.00 is charged, but they cannot refund the fees that were already charged. We realize that we should’ve examined the fine print on the contract, however payfirma’s representative should have disclosed all the fees, not just one. Obviously, all he cared about was the sale, never heard from him after signing. We never got to process card transactions with PAYFIRMA, but I am certain that if we had, there would be more hidden fees turning up every step of the way. So far we got charged $201.90 and PAYFIRMA is intending to charge a $295 cancellation fee for absolutely no services provided by them. I hope this review helps others, seeking merchant services, turn to a better company than PAYFIRMA.
Clients seeking to avoid this experience should diligently review contracts to better which fees they could incur.
An “A” Performance Overall
Given the company’s complaint total, we agree with the BBB’s rating at this time. Business owners should be aware, however, that there are reasons to be skeptical of the BBB’s rating system.
Processing Rates & Fees
Payfirma Pricing
Currently, the Payfirma website does not display its rates or fees. However, in a previous review, the site advertised rates averaging 1.99% plus $0.25 per transaction alongside a flat monthly fee, depending on the service. The Payfirma Chase MPA Setup Guide lists additional fees, including a $40 monthly minimum fee for businesses processing under $2,500 monthly, a $99 mobile card reader, a $5 fee per extra user, and an unspecified setup fee. Another document below outlines additional costs in its standard Chase Paymentech contract, such as a $300 early termination fee, an annual fee ranging from $10 to $89.95, application fees starting at $25 for Visa and MasterCard, and a monthly admin fee of at least $10. This document also details tiered pricing.
Payfirma Fees Clarifications
According to a company representative’s comment on this review, Payfirma boards most clients with First Data (Fiserv) and does not charge annual or PCI Compliance fees. Early termination fees are only applicable if businesses lease credit card equipment through Payfirma, with lease agreements through First Data (Fiserv) being non-cancellable.
Virtual Terminal and Payment Gateway Pricing
Apart from storefront payment processing, Payfirma also offers virtual terminal and payment gateway services. However, pricing for these services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates, usually apply to these e-commerce services.
Negotiate Your Terms
While these contract terms appear slightly better than average, their competitiveness may vary depending on enforcement. Many terms are negotiable based on business size, type, and tenure. Some provisions in the provided document may be outdated. It remains unclear if the previously listed pricing or the company’s Chase Paymentech model is still relevant.
Seemingly Satisfactory Contract Terms
Although the company’s advertised terms offer transparency regarding service costs, they may not be the most cost-effective in the industry, particularly compared to the cheapest merchant accounts available. At present, only one complaint about Payfirma’s contract terms is located, suggesting overall client satisfaction.
Payfirma offers access to a virtual terminal and payment gateway
Lawsuits & Legal History
No active class-action lawsuits or Federal Trade Commission (FTC) complaints have been identified against Payfirma. Clients seeking non-litigious resolutions for their disputes with the company are advised to contact appropriate regulatory bodies.
Employee Reviews & Sales Practices
Payfirma Sales Approach
Payfirma appears to offer referral and reseller programs and employs both in-house and external sales teams to market its services. We are currently able to locate only one Payfirma review that mentions unethical sales practices by the company’s agents. This complaint describes nondisclosure of fees and misrepresentation of rates, but it was filed in 2012 and is the only Payfirma review of its kind. That said, if you suspect that Payfirma’s sales team has added undisclosed fees to your account, we recommend seeking a third-party statement audit.
Previous Rate Quotes
At the time of an earlier update, the Payfirma website advertised a rate of “1.99% + $0.25 per transaction” but disclosed in smaller font that “this rate can go up the fancier a card gets (ex. reward and corporate cards.)” Therefore, businesses should not assume that the rate quote of 1.99% plus $0.25 is a flat rate; in fact, it is more likely to be the company’s “Qualified” transaction rate, while the company charges higher rates for “Mid-Qualified” and “Non-Qualified” transactions. This rate quote seems to have been removed from the credit card processor’s website since then.
Payfirma Competitors
Compare Payfirma to competitors that earned top marks.
Payfirma is recognized as a dependable credit card processing provider, demonstrating commendable performance according to existing evaluations and data. The company benefits from a notably low rate of customer complaints and a collection of favorable online reviews, which reinforce its credibility in the payment processing arena. However, some aspects of Payfirma’s contract, particularly terms that could lead to unforeseen expenses for business owners, have slightly diminished its overall rating. These terms might include long-term contracts, early termination fees, or other clauses that could impose additional financial burdens on merchants.
As Payfirma continues to expand its operations and cement its standing within the payment processing industry, its rating could fluctuate. New feedback and user experiences will play critical roles in shaping the company’s reputation over time. For business owners considering Payfirma for their processing needs, it is advisable to undertake a thorough comparison of what Payfirma offers against the services provided by the highest-rated merchant accounts in both the U.S. and Canada. This comparative analysis will help ensure that they choose a service that not only meets their immediate needs but also offers favorable terms and robust customer support, aligning with the best practices in the industry.
Contact Payfirma
Contact & Customer Support
CEO
Fern Glowinsky
Previous CEO and Co-founder
Michael Gokturk
Headquarters
1185 West Georgia Street, Suite 740, Vancouver, British Columbia V6E 4E6
