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Paymentsense Merchant Services 2023: Reviews & Complaints
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Paymentsense is a very large merchant account provider that claims to service over 70,000 businesses in the UK. Paymentsense is the UK branch of First Data (now Fiserv), the largest payment processor in the United States. Paymentsense provides conventional countertop and e-commerce payment solutions as well as mobile payment apps for UK merchants. In 2018, the company launched Connect — a cloud-based technology that facilitates its payment processing network.
2023 Refund Issue
Paymentsense made headlines in 2023 when an internal report revealed that UK businesses using Paymentsense lost over £48 million to refunds. It should be noted that while this story created a relatively large media buzz and was associated with the Paymentsense name, Paymentsense is not responsible for this issue but is simply reporting on it. These refunds came because of the policy of individual businesses and not because of anything done by Paymentsense.
Paymentsense Payment Processing
As part of Fiserv, Paymentsense offers payment processing on all major debit and credit cards for most types of businesses. Their advertising particularly focuses on enabling merchants to take payments in person, over the phone, and online. For in-person payments, they offer Ingenico card readers in portable, mobile, and countertop options. For online payments, they offer e-commerce shops, their own payment gateway, and the ability to pay by email. Their phone option uses their proprietary virtual terminal.
For businesses that operate online, Paymentsense provides e-commerce solutions that can help streamline the payment processing process. These solutions include online payment gateways, shopping cart integrations, and secure payment processing.
Merchant Cash Advance
Paymentsense offers merchant cash advance services that allow businesses to access cash quickly and easily. This service provides businesses with a lump sum payment in exchange for a percentage of their future credit card sales.
Integration with Point of Sale Systems
Paymentsense’s service can be integrated with a variety of point of sale (POS) systems. The company’s processing solution can smoothly interact with existing POS software, making it easy to synchronize sales data with payment information.
Mobile Payment Solutions
In recognition of the increasing shift towards mobile commerce, Paymentsense offers mobile payment solutions. These services accommodate businesses that operate beyond traditional brick-and-mortar settings, allowing for the processing of payments on the go.
Payment Gateway for E-commerce
For businesses that operate online, Paymentsense provides a secure payment gateway. This tool facilitates e-commerce transactions, enabling businesses to accept credit card payments on their websites safely.
Card Machine Options
Paymentsense offers different types of card machines to suit various business needs. From countertop models for fixed point of sale to portable and mobile card machines for more flexible operations, the company provides diverse hardware solutions for payment processing.
Location & Ownership
Founded in 2008, Paymentsense is located at The Brunel Building, 2 Canalside Walk, London W2 1DG. Jan Farrarons and George Karibian are the co-founders of Paymentsense.
Table of Contents
- Costs & Contract: Appears to offer multi-year contracts through First Data (Fiserv) with…
- Complaints & Service: Complaints number more than 600 on…
- BBB Rating: Does not have a profile with…
- Sales & Marketing: Hires independent sales representatives and has…
Paymentsense Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||600+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
More Than 600 Complaints
We are currently able to locate more than 600 negative Paymentsense reviews, including in the comment section below this Paymentsense review and elsewhere. Complainants report issues that are typical of First Data (Fiserv) and its resellers, including undisclosed fees, higher-than-expected rates, long-term equipment leases, and poor customer service. These complaints have been posted very frequently and are loaded with consistent grievances, indicating that these issues may be systemic at Paymentsense. If you have your own Paymentsense review to make, please do so below.
Some Reviews Are Not Reliable
Paymentsense currently has a 4.7 out of 5 rating based on 7,004 reviews on Trustpilot.co.uk, a customer review website. Despite that rating, 13% of those reviews, an excess of 850, give the company 1 or 2 out of 5 stars. This figure is not especially meaningful, though, given the fact that Trustpilot allows businesses to pay a fee in order to exert some control over their profiles. A survey of available Paymentsense reviews on Trustpilot reveals that at least some reviews have been flagged for review by Paymentsense and are currently unavailable. The company’s ability to report comments and subject them to review greatly reduces the credibility of this profile in our opinion, and we are not inclined to lend much credence to the company’s rating.
Mixed Reviews From Business Owners
On UK Business Forums, another consumer protection website, users have mixed reviews of Paymentsense. Some commenters praise the company’s locked-in rate guarantee, low rates, and customer service, while others bemoan its long-term equipment lease commitments and unexpected fees. Paymentsense is rarely described as a cheap merchant account provider.
Paymentsense Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Paymentsense. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Paymentsense Customer Support Options
Paymentsense provides phone and email support for its customers, which likely helps to mitigate complaints regarding poor customer service.
Paymentsense Customer Service Number
- 0800 103 2959 – Toll-Free General Customer Service
Other Support Options
- Customer service email at [email protected]
Paymentsense Online Ratings
Here's How They Rate Online
Trustpilot Rating Analysis
Paymentsense has an average customer review rating of 4.8 out of 5 stars on Trustpilot, based on 7,284 customer reviews. The majority of reviews are positive, with 81% of them being 5-star ratings. Common themes in the reviews include appreciation for helpful customer service and efficient problem resolution.
Woke up this morning to see these have taken £131 out my bank account haven’t dealt with these for more then a year so was surprised to see them still taking money out my account with out any authorisation.
– Review from November 15, 2023
Kevin was extremely helpful and sorted the problem with our credit card terminal. He had all the patience. Thanks once again for such good customer service.
– Review from November 20, 2023
I’ve been with PS for around 15 years. I get that there are cheaper alternatives. I don’t swap to another company because, I’ve had great customer service. I love the App, think the instant transfer option is really reasonable at 1% I’ve got next day transfers which I requested and they sorted that really quickly. I would like to have next day include weekend and bank holidays but it doesn’t so 4 stars overall very happy.
– Review from November 14, 2023
Paymentsense Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
Discounts for Paying Annually
Paymentsense does not disclose all of its pricing details on its website or in its merchant agreement, but it does list its monthly fees for online payments via a payment gateway and virtual terminal-enabled phone processing. These fees can be paid annually or monthly, but businesses receive a discount for paying for a year upfront. Both types of payment plans cost £9.95 per month (£8.29 if paid annually) for businesses processing up to £50,000 per year, £14.95 per month (£12.45 if paid annually) for businesses processing between £50,000 and £250,000 per year, and £19.95 per month (£16.62 if paid annually) for businesses processing between £250,000 and £1.2 million per year. Client reviews reflect a rate of 0.20% for swiped transactions and 0.20% plus 50p for those keyed in. Each per-transaction fee is in addition to the cost of monthly payment plans.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Paymentsense also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company offers 3 different plans to facilitate online payments determined by a business’ yearly processing revenue. The Starter Plan is available to business owners processing up to £50,000 per year at a cost of £8.29 per month. The Regular Plan serves businesses processing up to £250,000 a year for a monthly fee of £12.45. Lastly, businesses processing up to £1.2m a year qualify for the Advanced Plan which has a monthly see of £16.62. According to the company’s terms and conditions, its payment gateway plans do not enforce an early termination fee and are in effect month-to-month agreements.
Multi-Year Contracts Are Possible
According to client comments available online and responses from company representatives, the standard Paymentsense contract includes an agreement of 18 to 60 months, with locked-in rates decreasing as the contract length increases. The company’s specific transaction fees vary depending on a client’s business type, size, and time in business as well as the terms presented by the sales agent. Most complaints about the company’s contract terms mention that although Paymentsense rates are locked in over the life of a contract, the company may introduce unexpected minor monthly charges over time, such as statement fees, 24-hour terminal replacement fees (£1.89 per month, according to some reports), or PCI compliance fees (£5.94 per month, according to some reports).
Termination Fees May Apply to Leased Equipment
Most reviewers also indicate that Paymentsense charges an early termination fee for the cancellation of its equipment leases, which can range from a £120 plus VAT to Liquidated Damages. Business owners are encouraged to inquire about these terms before signing up for service. We have seen an influx of complaints about five-year leasing agreements that ultimately cost far more than the retail cost of the equipment, and we continue to recommend that businesses purchase used equipment rather than buy new equipment whenever possible. Paymentsense claims to not charge an early termination fee on its actual client accounts, but the cost of canceling a terminal often exceeds most common ETFs. When it comes to providers that do not charge this kind of fee, we encourage merchants to check out our list of the providers of the best merchant accounts.
Merchant Feedback Is Not Encouraging
Given the company’s size and diverse customer base, it is difficult to determine exact figures for the standard Paymentsense contract at this time. However, the rate and volume of Paymentsense complaints we have received about the company’s pricing suggest that there is a high potential for undisclosed fees through this provider. If you suspect that undisclosed fees have crept into your monthly statement, we recommend seeking a fee reduction audit from an independent third party.
Paymentsense Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
Resellers and Telemarketers
Paymentsense appears to primarily market itself through independent sales agents and telemarketing efforts. The use of independent sales agents is a practice that is commonly linked to business complaints within the credit card payments industry, and Paymentsense’s reputation appears to suffer from its use of this practice. We have found dozens of negative Paymentsense reviews that mention aggressive or misleading sales tactics by Paymentsense representatives, discrepancies between promised rates and actual rates, and incomplete disclosure of contract length. This does not compare favorably to our list of best credit card processors.
Some Paymentsense complaints also state that Paymentsense sales agents promised clients that the company would pay the business’ cancellation fees with their previous providers, only to have Paymentsense deny this guarantee and refuse to follow through on it. These Paymentsense reviews have been posted with regularity and are similar to the complaints that have been filed against Paymentsense’s U.S. partner, First Data (Fiserv).
No Tricky Quotes
To its credit, Paymentsense does not engage in deceptive advertising strategies in its publicly available marketing materials. This is not enough to qualify it as a top-rated UK merchant account provider, but it does somewhat mitigate the Paymentsense complaints from business owners.
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