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Is PayKings the Right Processor for Your High-Risk Business?

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Maintained Since: May 24, 2019

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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.

PayKings
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5/5
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Pros

High-risk specialization
No setup fees
Multicurrency options
Flexible payment gateways
Chargeback prevention tools

Cons

Early termination fees
Potential higher rates
Contract term variability
Possible hidden charges
Transparency concerns

Overview

In this review of PayKings, we take a close look at the company’s credit card processing services with a focus on high risk businesses. We cover their offerings, including high risk merchant accounts, point of sale systems, mobile payment options, and e-commerce tools, along with insights into which types of businesses may benefit most. The review also examines customer feedback to highlight common trends and concerns, while addressing PayKings’ pricing, contract terms, and included services. By the end, you’ll have a clear picture of whether PayKings is the right partner for your business’s payment processing needs.

About PayKings

Screen Capture of PayKings Homepage
PayKings Homepage

Active since 2011, PayKings is a merchant account provider that serves both standard-risk and high-risk merchants. According to the company’s website, vape, adult, firearms, dating, travel, debt collection, pawn shop, and CBD merchants are among the high-risk industries served by PayKings. The company claims to be partnered with over 20 payment processors to ensure that it can serve almost any business type.

Products & Merchant Services

Payment Processing

PayKings processes major debit and credit cards for a wide range of business types, including those considered high-risk. Their services include POS solutions, mobile payments, e-commerce payment gateways, MOTO (Mail Order/Telephone Order) payments, surcharging and cash discounts, ACH processing, Level 2 and 3 processing, and recurring billing.

E-Commerce Payment Processing

In response to the growth of online commerce, PayKings supports e-commerce businesses with integration to many popular shopping carts and platforms. This allows businesses to securely accept online payments.

ACH Processing

For businesses looking for alternatives to traditional card payments, PayKings provides ACH (Automated Clearing House) processing, enabling direct payments from bank accounts.

Chargeback Prevention and Dispute Management

PayKings offers tools and strategies to help businesses reduce chargebacks and manage disputes effectively. This is beneficial for high-risk businesses that often face higher chargeback rates.

Payment Gateway Services

To ensure seamless and secure online transactions, PayKings offers payment gateway services with advanced security measures to protect sensitive information and facilitate safe payment processing.

Customer Reviews & Sentiment

Minimal Complaints Found

We’ve encountered only a handful of PayKings reviews, suggesting that the company maintains a positive reputation and is not associated with fraudulent practices. The limited complaints primarily revolve around vague issues such as declined accounts or unsatisfactory sales experiences. Despite operating in the high-risk sector for over five years, PayKings remarkably maintains a low complaint total, indicating ethical business practices. We interpret this scarcity of client reports as a favorable indication of the company’s integrity. If you’ve interacted with PayKings, we welcome you to share your review in the comments below.

Legal Standing of PayKings

As of our investigation, there are no ongoing class-action lawsuits or FTC complaints filed against PayKings. Clients seeking resolution for their concerns are encouraged to report them to relevant supervisory organizations.

Customer Support at PayKings

While PayKings provides email contact information on its website, the availability of a dedicated customer service channel remains unclear. Although this level of support may not match that of our top-rated payment processors renowned for exceptional customer service, it appears sufficient for addressing the needs of PayKings’ clientele.

Industry Scores & User Ratings

Online Ratings Summary
PaymentPop1
BBB RatingN/A
Trustpilot4.9
Google Maps4.7
Average Rating3.53

PaymentPop Rating for PayKings

Negative Feedback

Paykings and teir sister company Zenpayment are both clowns. Stay away from these companies. They shut down my account after I processed $15 000 in 2 weeks. That was too much for them.

They said: Sorry, we do not process for your type of business. Really? How incompetent you have to be? Just do not upload them your senstive documents and do not trust them no matter how

much they will harrass you -and they did with me- to upload my senstive information to provide me with a “rock hard merchant account”. These people are clowns.

Positive Feedback

There are no positive reviews published about PayKings on the PaymentPop website.

PayKingsBBB Rating

PayKings currently does not have a rating with the Better Business Bureau and is not BBB accredited. The company has received 0 complaints in the last 3 years.

What Merchants Say

PayKings has received 1 negative informal review and 2 positive informal reviews to its BBB profile. One of the most recent negative reviews describes a negative sales experience:

0 Stars If I could! I talked with tiffany and couldnt give me any kind of idea for rates etc, not to mention she keeps blowing me up over email for no reason when I kindly asked to be stop being emailed, so bad that I had to come here and leave a negative review.

High-risk businesses can be subject to contract terms and conditions which do not apply to standard risk accounts. Understanding how rolling reserves work is imperative to high-risk businesses entering into a service agreement.

An “A” Performance

Although the BBB has only had a profile for PayKings for a short time, we have adjusted the BBB’s rating according to our own criteria.

Trustpilot Rating for PayKings

PayKings has a 4.9 out of 5 star rating based on 139 user reviews on Trustpilot.

Positive Feedback

PayKings’ swift and simple approval process allowed our high-risk business to start processing payments quickly. Highly appreciative of their dedicated team.

Negative Feedback

I never knew a single merchant sales rep that was so unresponsive and irresponsible. I’ve had plenty of merchant accounts in the last 20 years of being in online sales. This is something. Called 5 times, emailed a bunch of times – no response. I’ve been trying to close my merchant account with them for a few months already. Can’t even find out my reserve balance. This is ridiculous. Don’t setup any merchant account with PayKings.

Google Maps Rating for PayKings

PayKings has a 4.7 out of 5 star rating based on 90 use reviews on Google Maps.

Positive Feedback

Really good and fast service, we get approve for payment processing, highly recommended their reliable services,best thing they have customer service you can always call for anything 👍 …

Negative Feedback

Absolutly horrible! This company yanked my chain for 2 months with promises and falsehoods. Changed my website over a dozen times to no avail. Thank goodness I was able to find a good company that was on top of it and approved me for CBD processing. Do yourself a favor and steer clear of this business, They will yank your chain forever. Im sure most of the feedback left here is staged and not even real. Honestly no clue how they are still in business. Stay clear of Zen Payment/PayKings

Processing Rates & Fees

Variable Contract Terms

PayKings keeps its pricing details private, with scant client feedback regarding specific rates or fees. The only disclosed rate is a starting qualified rate for high-risk businesses at 2.49%. Given its focus on high-risk sectors and partnerships with various banks, PayKings’ contract terms and pricing are likely tailored to each client’s specific business type and transaction history, with standard risk clients possibly benefiting from interchange-plus pricing.

PayKings mentions offering “POS equipment options, equipment leases, and free terminal solutions.” This could imply engagements in long-term, non-cancellable equipment leases. Businesses are generally recommended to buy a quality EMV terminal outright, avoiding the pitfalls of leasing.

Virtual Terminal and Payment Gateway Pricing

PayKings also promotes virtual terminal and payment gateway services on its website, without disclosing specific pricing. E-commerce services through PayKings may involve additional costs, such as gateway fees, technical support charges, batch fees, and other transaction-related fees.

Level 2 and Level 3 Processing Services

Beyond conventional merchant services, PayKings offers Level 2 and Level 3 processing for B2B and B2G transactions. These services utilize different interchange rates designed for corporate credit card transactions, necessitating specialized payment processing technology for the enhanced data required for these transactions.

Higher Risk, Higher Fees

High-risk merchants partnering with PayKings should brace for fees starting at 2.49%, potentially including cash reserves to mitigate the risk of chargebacks, a common concern in high-risk industries. To minimize the likelihood of fund-holds and chargebacks, high-risk businesses should be forthright about their business models and offerings with PayKings.

No Red Flags

There are no detected complaints regarding PayKings’ pricing, indicating overall client satisfaction with their services. Given the potential for diverse contract arrangements, it’s crucial for business owners to carefully review any contract with PayKings for unfavorable terms.

Business owners seeking competitive merchant services are encouraged to review our list of the best merchant accounts.

Employee Reviews & Sales Practices

Independent Sales Agents

The PayKings website currently advertises open positions for independent resellers, which is a good indicator that it currently employs a number of commission-only agents. The use of independent agents is commonly linked to high complaint rates, but in this case we are unable to locate any PayKings reviews. We will therefore assume for the time being that the company’s sales team receives adequate training and oversight.

This compares favorably to our list of best credit card processors.

PayKings Teaser Rate Quotes

PayKings rates are quoted on its website, including a quote of “Rates as Low as 1%” for standard risk merchants and “rates as low as 2.49%” for high-risk businesses. The company explicitly clarifies that its standard risk quote is a quote of 1% above interchange and that its high-risk quote is merely a qualified rate quote. While this is technically proper disclosure, it is clear that the company intends for its quotes to “tease” business owners into submitting an inquiry. Businesses should not expect that their effective rates will be anywhere near these listed rates.

No Red Flags

Given the fact that we have not found any allegations of sales misconduct, it appears that the company is generally straightforward about its pricing and fees. If you suspect that a PayKings sales agent has misled you about your rates, you can double-check your monthly bill with a third-party statement audit.

We also encourage readers to check out our list of the providers of the best merchant accounts.

PayKings Competitors

Compare PayKings to competitors that earned top marks.

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Bottom Line

Based on our assessment, PayKings has positioned itself as a reliable provider for credit card processing, particularly for high-risk merchants. The company has maintained a relatively clean complaint record, which speaks to its commitment to customer satisfaction. Additionally, PayKings seems to offer transparent and fair pricing, avoiding the excessive fees that often plague high-risk businesses. This practice reflects positively on the company and enhances its credibility in the market.

However, prospective clients should note the lack of detailed information available on PayKings’ specific pricing and fee structures. This gap in transparency makes it crucial for business owners to thoroughly compare PayKings’ offerings with those of other top-rated high-risk processors. As we continue to monitor the company and update this review as needed, merchants should ensure PayKings’ services align with their needs, offering both competitive pricing and high-quality customer service.

Read Actual User Reviews

See User ReviewsWrite a Review
All user reviews have been moved to our partner, PaymentPop.com

Contact PayKings

Contact & Customer Support
CEOKyle Hall
Headquarters433 Central Ave Fl 3, St. Petersburg, FL 33701
Websitepaykings.com/