PaymentCloud Overview
In this review of PaymentCloud, we’ll take a detailed look at the company and its role in the U.S. credit card processing industry. We’ll begin with the company’s background, including its history, partnerships, acquisitions, and mergers. We’ll then cover the services it provides, such as credit and debit card processing, hardware options, mobile payment solutions, and e-commerce tools. We’ll explain how PaymentCloud supports high-risk businesses through its banking partnerships and examine both its strengths and challenges. This includes a look at customer complaints, legal issues, and government actions, if any. We’ll also review customer support, with information on how to contact the company for different needs. To assess client satisfaction, we’ll highlight PaymentCloud’s online ratings and customer feedback. In addition, we’ll analyze its fees and contract terms, focusing on what high-risk merchants can expect. Finally, we’ll touch on employee feedback and the sales practices used to promote their services.
About PaymentCloud
PaymentCloud offers specialized payment processing solutions tailored for small to medium-sized businesses across the United States, particularly those categorized as high-risk. These industries, which include health supplements, money services, adult entertainment, and online sales of tobacco and alcohol, often struggle to secure payment processing services. This struggle stems from heightened financial risks like customer chargebacks, fraudulent transactions, legal challenges, or stringent government regulations.
Products & Merchant Services
Processor Partnerships
The company excels in providing customized solutions to meet the unique needs of these businesses, which frequently face barriers in acquiring traditional credit card processing services. By partnering with a diverse network of banks and processors that are open to various high-risk business types, PaymentCloud effectively functions as a broker.
Traditional Merchant Accounts
In addition to its focus on high-risk sectors, PaymentCloud also caters to more conventional industries such as the restaurant and retail sectors, demonstrating its versatility and broad expertise in the merchant services field.
Merchant Accounts and Placement
Navigating the merchant account setup process can be complex, but dedicated guidance ensures that businesses establish the necessary accounts efficiently. This service includes assistance with documentation, compliance requirements, and integration with payment processing systems.
Fraud & Chargeback Prevention
Protecting businesses from fraudulent activities and chargebacks is crucial. Tools designed for fraud and chargeback prevention monitor transactions in real-time, flag suspicious activities, and provide mechanisms for disputing chargebacks.
Check Processing
ACH and eCheck payment solutions streamline the process of accepting electronic check payments. These services provide a secure and efficient way to handle non-card transactions, reducing processing times and improving cash flow.
Merchant Funding
Merchant funding services offer a variety of business loan and funding options tailored to different needs. Whether for expansion, inventory purchases, or managing cash flow, these financial solutions provide businesses with the necessary capital. Options often include merchant cash advances, small business loans, and other funding mechanisms.
Payment Integrations
Integration with popular e-commerce platforms like Shopify, WooCommerce, Magento, , and NMI ensures that businesses can seamlessly incorporate payment processing into their online stores.
Mobile POS
The “Paysley” app is a versatile mobile point-of-sale solution that allows businesses to invoice customers, collect card payments, and perform other POS functions from a mobile device.
Contactless Payments
Contactless payment options allow customers to make payments without physically handing over their cards. Utilizing technologies like NFC (Near Field Communication), these payments are faster and more secure.
Online Invoicing
Online invoicing features enable businesses to send invoices via text or email, obtain online approvals, and request deposits. These digital invoices streamline the billing process, reduce paper use, and expedite payment collection.
On-the-Spot Verification
Tools for on-the-spot verification and fund transfer validation provide businesses with immediate confirmation of payment authenticity.
Crypto Payments
Supporting cryptocurrency payments allows businesses to accept and process digital currencies like Bitcoin and Ethereum.
Credit Card Surcharging
Credit card surcharging enables businesses to pass the cost of credit card processing fees directly to customers at the time of sale.
Customer Reviews & Sentiment
"here's what they said when i tried to cancel their account which I NEVER USED: This letter is in response to your request to terminate the above-referenced Merchant Account. According to Section 1.16 of the Merchant Agreement, in the event the Merchant terminates the Agreement early, all..."
Clean Complaint Record
Our research indicates an increase in the number of negative PaymentCloud reviews, mainly concerning fund holds, customer service issues, and other challenges commonly faced by processors working with high-risk businesses. However, PaymentCloud seems to be proactively addressing these new complaints, which has not yet impacted our rating of the company. Businesses in need of specialized merchant accounts, such as gun merchant accounts, adult merchant accounts, or nutraceutical merchant accounts, are likely to find PaymentCloud’s services and customer support satisfactory. We encourage those with personal experiences or reviews of PaymentCloud to share their insights in the comments below.
PaymentCloud Lawsuits
In January 2020, PaymentCloud was involved in a lawsuit with another merchant processor, Merchant One, over an alleged breach of contract concerning the referral of high-risk accounts. This case was resolved out of court. It’s important to note that lawsuits in business sectors, especially in high-risk account processing, are not uncommon. This incident doesn’t necessarily reflect on the overall quality or reliability of PaymentCloud’s services.
Industry Scores & User Ratings
| PaymentPop | 1.5 |
|---|---|
| BBB Rating | 3.78 |
| Trustpilot | 4.7 |
| Google Maps | 4.3 |
| Average Rating | 4.26 |
PaymentPop Rating for PaymentCloud
Negative Feedback
My funds have been frozen for over a month while the underwriter has had plenty of time to review all the transactions, bank statements and my travel business. No updates, no feedback, nothing. Representatives from PaymentCloud and Risk analysts from EMS Data have no idea what’s going on with the bank underwriters. Meanwhile assets are just sitting in a bank account somewhere accruing interest. I dont know what to do!
Positive Feedback
Have been with Paymentcloud for a couple of months now and I am beyond happy with them! Special shout out to my agent Brandon Conlan, that really knows what he is doing. He was very helpful from the beginning and is continuing to do so as we are going on. Very happy and definitely the right choice. Will continue to be their customer even with non-high-risk business in the future.
PaymentCloud BBB Rating
PaymentCloud has a 3.78 out of 5 star rating based on 18 user reviews on the Better Business Bureau website.
Negative Feedback
If you want them calling your clients from random phone numbers and demanding their credit card information in order to verify your payments, and actually release the funds to you, then this is the payment processor for you!
Positive Feedback
Great experience and smooth set up. Very friendly and informative customer service. The equipment arrived in a timely manner as well. Once it arrived the set up and pairing with my phone was seamless.I don’t know how I’ve been doing so long with it and looking forward to drawing my sales
Trustpilot Rating for PaymentCloud
Overall, PaymentCloud’s reviews on Trustpilot appear to be genuine with most of the customer reviews reflecting a positive experience. In fact, many positive reviews name the companies employees who assisted the reviewer.
Positive Feedback
Set up is long but customer representatives are very helpful to get you through the process. And very friendly. Strongly recommend this service
Negative Feedback
So it’s all good at first. You upgrade to develop a more detailed website to meet their standards. You invest more than you planned.
At the VERY end, you get a message: sign here for a ridiculous monthly fee that NOBODY breathed a word about when you started..
Google Maps Rating for PaymentCloud
PaymentCloud has a 4.3 out of 5 star rating based on 201 user reviews on Google Maps.
Positive Feedback
Payment Cloud is one the efficient company in terms of credit card processor. Their team and services are extremely efficient, experienced and are able to handle many activities issues at the same time. I am really grateful and thankfull to Hove my account Manager.
Negative Feedback
I never used PaymentCloud’s services, yet they billed me for months without authorization. Their salespeople rushed my account live months before I told them to, likely because of their salespeople make huge payouts when they trick people into agreements.
Processing Rates & Fees
Custom and Transparent Pricing Model?
There is very little publicly available information about PaymentCloud’s standard contract terms currently. The company does not disclose its pricing or fees on its website, and there are no client reviews that specifically address rates or fees. PaymentCloud caters to a diverse range of businesses, including those considered high-risk, indicating that the company’s contract terms may vary based on the merchant’s processing history, risk level, chargeback rate, and sales volume. It is typical for companies in high-risk sectors to incur higher per-transaction fees, thus, standard-risk merchant accounts might find more economical solutions by selecting a cost-effective merchant account.
Virtual Terminal and PaymentCloud Pricing
Payment Cloud also highlights its virtual terminal and payment gateway services on its website. The company utilizes Authorize.Net as its payment gateway partner. Standard rates and fees for using Authorize.Net typically include a transaction fee of 2.90% plus $0.30, a monthly payment gateway fee of $25, and a batch fee of $0.10.
Advice Against Leases on Processing Equipment
A section of the PaymentCloud website indicates that the company provides equipment leases, which means that equipment lease agreements might be part of PaymentCloud’s standard merchant account documentation. Equipment leases can be non-cancellable, extend up to four years, and cost significantly over their duration. Consequently, merchant accounts and businesses are generally advised to buy rather than lease equipment when feasible.
No Significant Complaints
Due to the sparse details about PaymentCloud’s contract terms, we currently give the company an “A” rating. According to PaymentCloud’s website, the company does not impose an early termination fee. However, merchants are encouraged to thoroughly examine and understand all the documentation in their contracts. If you have any information regarding PaymentCloud’s standard contract, please share your insights in the comment section below this review.
Employee Reviews & Sales Practices
Working at PaymentCloud
PaymentCloud promotes numerous positions online, mostly related to marketing and sales. The company promotes that it hires full-time sales positions with salary and benefits as well as independent contractors that are paid solely on commission and residual. Glassdoor appears to be the only website that has recorded employee reviews with 29 people rating the company at an average of three stars out of five. Overall, there are no reviews that suggest serious issues with PaymentCloud’s employment policies. If you have worked at PaymentCloud, please tell us about your experience in the comment section below.
Average Reported Salaries
| Position | Average Salary (Per Year) |
|---|---|
| Senior Account Executive | $62,000 |
| Inside Sales Account Executive | $78,000 |
| Administrative Coordinator | $54,000 |
| Sales Account Executive | $57,000 |
| Relationship Manager | $57,000 |
| Account Manager | $64,000 |
| Administrative Assistant | $60,000 |
| Executive Assistant | $56,000 |
| Operations Associate | $56,000 |
| SEO Specialist | $64,000 |
| Content Marketer | $57,000 |
| Digital Marketer | $69,000 |
Employee Training and Sales Tactics
The employment of independent sales agents in the credit card processing industry is frequently associated with customer dissatisfaction, primarily due to the potential for miscommunication or misrepresentation of terms, especially regarding rates and fees. In the case of PaymentCloud, there seems to be a notable exception to this trend. While there is a single complaint found that points to a possible misrepresentation of rates and fees by PaymentCloud’s sales team, this incident appears to be an outlier rather than a common occurrence.
This remarkably low number of complaints, particularly in an industry where such issues are not uncommon, suggests that PaymentCloud may be implementing more stringent controls and oversight over its independent agents than is typical in the industry. This could involve rigorous training programs, strict adherence to ethical sales practices, and close monitoring of customer interactions to ensure transparency and accuracy in the information provided. Such measures would not only reduce the likelihood of misrepresentation but also enhance overall customer satisfaction and trust in the company.
Bottom Line
PaymentCloud serves as a capable provider of credit card processing solutions, catering to both high-risk and conventional business sectors across the United States. The company stands out by assisting businesses that face difficulties in obtaining merchant services due to their risk profiles, leveraging strategic alliances with banks and processors to deliver tailored solutions. While PaymentCloud has encountered some customer complaints and a lawsuit—issues not uncommon in the industry—the company maintains a proactive approach to resolving these concerns and continues to garner positive feedback overall.
PaymentCloud offers a comprehensive suite of services, including fraud and chargeback prevention, mobile and contactless payment options, and robust integration capabilities with platforms like QuickBooks. This extensive service range underscores the company’s commitment to addressing the diverse needs of its clients. PaymentCloud’s responsive customer support further enhances its reputation, providing clients with the assistance they need to navigate the complexities of payment processing. The combination of flexible services and dedicated support highlights PaymentCloud’s dedication to accommodating a broad client base and contributing to their operational success.
Overall Rating
Pros and Cons of PaymentCloud
Pros
Cons
Contact PaymentCloud
| CEO | Shawn Silver |
|---|---|
| Headquarters | 16501 Ventura Blvd Ste 300 Encino, CA 91436 |
| Customer Service | (800) 988-2215 |
| Additional Support Channels | Online Contact Form |
| Website | paymentcloudinc.com |