PayKings Review

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.

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.

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.

PaymentPop Rating for PayKings

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.

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:

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.

Google Maps Rating for PayKings

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

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.

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.

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.