Payment Systems Corporation Overview
Updated 12/19/18: The Payment Systems Corporation website is no longer active and appears to have gone out of business. In March 2017, an informant contacted us with the following allegations about Payment Systems Corporation:
The informant stated that Payment Systems Corporation was previously owned by three people at varying percentages, and that roughly seven independent companies were created in the wake of its collapse. Every Payment Systems Corporation location closed except for the company’s Orlando and Dallas locations, which were subsequently acquired by i3 Verticals. i3 Verticals is therefore responsible for handling the complaints of former Payment Systems Corporation merchants.
The informant also stated that the former owner of Payment Systems Corporation, Matthew Wiltsey, now runs a new payment processing company called Lava Network Solutions (lavanetworksinc.com). This company is supposedly a new company with an entirely new staff rather than a rebranding or DBA of Payment Systems Corporation. However, at the time of this update, the Lava Network Solutions website is unavailable and it is unclear whether the company is still active.
The informant also stated that TransMerit Merchant Services is owned and operated by a former owner and regional manager of Payment Systems Corporation. They are allegedly locked in a legal dispute with Payment Systems Corporation and do not work with Payment Systems Corporation’s former principals in any way, although they do retain a large number of Payment Systems Corporation’s old employees.
Finally, the informant stated that Merchant Club of America is owned by another former Payment Systems Corporation owner, but that the company does not operate in partnership with Payment Systems Corporation at this time. As with TransMerit, Merchant Club allegedly retains a large number of former Payment Systems Corporation employees.
Our independent research confirms or supports most of the informant’s claims. If you have any extra information to add, please share that in the comment section below this review.
Payment Systems Corporation (paysysco.com, paysysmerchant.com) is a merchant account provider headquartered in Los Angeles, California. Founded in 2007, the company offers point-of-sale equipment, e-commerce and mobile payment solutions, check services, fraud and risk management, and virtual terminals. Payment Systems also offers tailored solutions for merchants in the beauty, automotive, e-business, retail and restaurant industries. Payment Systems Corporation appears to be an ISO of First Data, but the company also appears to resell Northern Leasing equipment leases. Payment Systems is a registered ISO/MSP of Wells Fargo Bank, N.A. in Walnut Creek, California with corporate headquarters at 515 S. Flower St. Suite 1200, Los Angeles, California 90071.
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