Paymently Review

About Paymently

Founded in 2015, Paymently (paymently.com) is a merchant account provider that serves U.S. merchants of all sizes in types. Like Transparent Merchant Services and Fattmerchant, Paymently offers a “membership-style” or “subscription-style” pricing plan that charges flat monthly rates instead of a percentage-based markup on a merchant’s transactions. Paymently appears to be a reseller of Vantiv‘s products and services and is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio. Scott Salaske is the CEO and founder of Paymently, which is headquartered at 101 W. Big Beaver Rd., Suite 1400 Troy, Michigan 48084. Key Points

• Sales & Marketing: Paymently does not engage in misleading sales tactics and has not received complaints about its sales team.
• Costs & Contract: Paymently offers subscription-style pricing consisting of month-to-month contracts with flat monthly fees and no percentage-based markup above interchange.
• Complaints & Service: Paymently has not received any public complaints.
• BBB Rating: Unavailable.
• Rates & Fees: How Merchants Got The Best Rates With Paymently

We are unable to locate any negative Paymently reviews at this time, and there is no evidence that the company is a scam or a ripoff. The company’s clean complaint record may be partially attributable to the fact that it has been active for fewer than two years, but it may also have to do with its policy of total disclosure regarding its pricing. Even if Paymently continues to avoid complaints related to its sales practices and contract terms, it may be some time before complaints about fund holds or customer service issues surface. In general, though, there is no reason to believe that merchants are at risk of a poor customer service experience through Paymently. Paymently offers 24/7 support to all of its users, but it’s possible that this line may be serviced by Vantiv after normal business hours.

The Better Business Bureau does not maintain a profile for Paymently at this time. We therefore will not factor a BBB rating into this review.

Paymently offers multiple pricing plans intended for merchants of different sizes. The “Lite” plan is intended for small merchants processing fewer than 100 transactions per month, and it charges a monthly fee of $59 and a per-transaction fee of interchange plus $0.20. The “Established” plan is intended for merchants processing between 100 and 200 transactions per month, and it charges a monthly fee of $79 and a per-transaction fee of interchange plus $0.10. The “Enterprise” plan is intended for merchants processing more than 200 monthly transactions, and it charges a monthly fee of $99 and a per-transaction fee of interchange plus $0.05. All plans come on month-to-month contracts with no early termination fees, PCI compliance fees, statement fees, or percentage-based markups above interchange.

Paymently also offers its payment gateway for an additional $15 per month and $0.05 per transaction and its mobile phone payment processing services for $40 per reader, $15 per month, and $0.05 per transaction. Paymently sells credit card terminals at their wholesale cost, which is by far a better option than leasing for merchants who can afford it. Overall, Paymently’s pricing structure appears to be totally transparent and free of the usual industry pitfalls. This means that merchants simply have to do the math and understand whether Paymently’s subscription plans will save them money. Generally, standard-risk merchants who process a small number of high-value transactions will benefit the most from Paymently’s pricing model, but each business is different. We cannot find any complaints about Paymently’s pricing or fees at this time, so we will assume that most of the company’s users are satisfied with the rates they are receiving.

Paymently appears to market its services via a combination of traditional marketing, referral partnerships, and inside sales representatives. There is no indication that the company employs a team of independently contracted sales reps, but we are also currently unable to verify that it doesn’t. Paymently has not received any public complaints about the conduct of its sales team. More importantly, the Paymently website provides most of the relevant details about the company’s pricing, including specific monthly fees and contract terms. There is no evidence that this information is misleadingly presented, and Paymently appears to be entirely transparent about its pricing model. We therefore see no cause for concern when it comes to Paymently’s sales and marketing tactics.

Paymently rates as a reliable merchant services provider according to all available information. The company has received zero complaints and appears to disclose all of its pricing and fee information to the general public. Paymently has only been operating for fewer than two years, so merchants should still be sure to read and review all contract terms before signing up for service. We will continue to monitor merchant feedback regarding this company and adjust our rating as warranted.