Payment Advisors Review: Fees, Complaints & Lawsuits
Founded in 2014, Payment Advisors is a merchant account provider that specializes in serving high-risk business types. Payment Advisors claims that it is partnered with 15 different banks and is capable of placing new CBD merchants, marijuana dispensaries, online firearms vendors, remote tech support, payday loans, and other extremely hard-to-place merchant types. Federal banking regulations create difficulties for these sorts of merchants, making Payment Advisor’s banking network an asset to those companies.
Payment Advisors Payment Processing
Payment Advisors processes all major debit and credit cards with a focus on high-risk businesses. Their services include: credit and debit card processing, e-check processing, ACH processing, check cashing, cashless ATM processing, chargeback control assistance, offshore processing and aggregator solutions, and “0% processing”.
Payment Advisors Location & Ownership
Payment Advisors is headquartered at 125 Remount Rd C1, Charlotte, North Carolina 28203. Steve Duniec is the president of Payment Advisors.
Payment Advisors Review Table of Contents
- Costs & Contract: Payment Advisors appears to offer variable contract terms depending on each merchant’s business type and processing history.
- Complaints & Service: Payment Advisors complaints number fewer than 10 on public complaints forums.
- BBB Rating: Payment Advisors does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: It is unclear whether Payment Advisors hires independent resellers, but the company has not received any complaints.
Payment Advisors Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Total
We are able to locate only 1 negative Payment Advisors review, and there is no evidence that the company is a scam or a ripoff. This lone complaint describes poor customer service from an executive at the company. Payment Advisors is a small organization that has only been serving a niche market since 2014, so its client base is unlikely to be very large. Even so, any high-risk company that maintains a nearly clean complaint record is impressive due to the increased likelihood of fund-holds and account closure that these types of businesses face.
Payment Advisors Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Payment Advisors. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Payment Advisors Customer Service Options
Payment Advisors lists a phone number and email address on its website, but it is unclear whether these channels are intended for customer service.
We have located multiple Payment Advisors customer service numbers:
(704) 651-6850 – General Customer Service
(866) 302-8143 – Fax
Payment Advisors also offers a dedicated email support address at [email protected] and a support form on its website.
This falls short of our expectation of top-rated payment processors for great customer service. Overall, we will reward the company’s spotless record with an “A” rating, but we would also warn merchants that there is not much public feedback about Payment Advisors to base this rating on.
Payment Advisors Online Ratings
Here's How They Rate Online
No BBB Profile
The Better Business Bureau does not maintain a profile for Payment Advisors at this time. We therefore will not factor a BBB rating into this review.
Payment Advisors Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Early Termination Fee||Undisclosed|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||Undisclosed|
Variable Contract Terms
There is no publicly available information about the standard Payment Advisors contract, but it’s likely that the company’s pricing will vary dramatically from merchant to merchant. Payment Advisors focuses primarily on high-risk industries, and it’s common for high-risk merchants to pay higher rates, endure six-month rolling reserves, and adhere to very strict chargeback limits. We cannot find any complaints about Payment Advisors’ contract terms, which suggests that most of its users are satisfied. However, it is entirely likely that merchants could pay monthly minimum fees, PCI compliance fees, and early termination fees through the company.
Expect Higher Prices
Based on its area of focus, merchants should not expect Payment Advisors’ pricing to compete with the cheapest merchant accounts. If you have any information about the standard Payment Advisors agreement, please share it in the comment section below.
Payment Advisors Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Unknown|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Inside/Outside Sales Team
Payment Advisors appears to market itself via online advertising and referral relationships. The company has partner-oriented materials on its website that suggest that it utilizes ISO, sub-ISO, or independent reseller relationships, but there is no hard evidence that it maintains an outside sales team. We are unable to locate any Payment Advisors reviews that describe unethical sales tactics by the company or its management team, and the Payment Advisors does not feature any deceptive rate quotes or guarantees.
Payment Advisors Rate Quotes
The Payment Advisors website advertises “0% Processing,” which appears to be some sort of cash discount or zero-fee program. This type of pricing plan surcharges customers to compensate for the cost of merchants’ transaction fees, which means that it isn’t necessarily deceptive of the company to advertise 0% processing. Merchants should ensure that they understand the full scope of the plan before signing up for it. If you suspect you are being overcharged by Payment Advisors, you can double-check your bill with a third-party statement audit.
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