Paymetric Review

Clean Complaint Record

We are currently unable to locate any negative reviews about Paymetric. Given the scope of its large enterprise clientele and the positive tone of its public reviews, this is a good sign that the company doesn’t employ any unscrupulous sales practices such as advertising deceptive rates. However, it is worth noting that Paymetric’s parent company, WorldPay, has over 400+ complaints online.

Paymetric Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Paymetric. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Paymetric Customer Support Options

Paymetric provides a phone number and automated form on the contact section of its website. However, only its phone number is dedicated to customer support. Merchants are provided 24/7 phone support. However, merchant account providers with a great track record of customer service typically offer more comprehensive support options.

No Red Flags

Though there is no evidence to suggest that merchants are having negative experiences through the company, the lack of clear, comprehensive customer support channels other than 24/7 phone support is the basis for the company getting a “B” rating in this category.

Low Complaint Volume

Paymetric is not currently accredited with the Better Business Bureau. As of this review, the company has an “A-” rating with the BBB and has had 1 complaint filed against it in the last 36 months. The lone complaint filed against the company relates to an advertising or sales issue. Paymetric has not received any informal reviews, although it should be noted that these reviews are not subject to verification by the BBB.

An “A” Performance Overall

In keeping with our policy that “A” ratings should typically be reserved for companies with 0 complaints. However,we agree with the BBB’s rating at this time given Paymetric’s low complaint total. Merchants should be aware, however, that there are reasons to be skeptical of the BBB’s reviews.

Unclear Pricing

The standard contract terms for Paymatric are not readily available online. The most relevant insight into the company’s pricing structure is found in examining its parent company. WorldPay advertises rates of 2.90% plus $0.30 for swiped transactions and 3.30% plus $0.30 for those that are keyed-in. The company’s qualified rate is slightly lower at 2.70% plus $0.30. Based on a few reports, it appears that merchants are more likely to experience higher rates and longer service agreements by signing up directly with WorldPay instead of through resellers, who are afforded the right to alter the terms and conditions of merchant agreements. This means that merchants electing to use Paymetric as a merchant account provider could receive a rate even lower than WorldPay’s qualified rate.

Merchants considering a WorldPay merchant account through the company directly or through a reseller should read the company’s contract carefully because the standard service agreement is for three years with automatic one-year renewals if written notice is not given within 90 days of the service expiration. The contract includes an early termination fee of up to $295. Additionally, the company appears to charge a PCI Compliance fee of $15-$25 per month, which is above average for the industry. Merchants are also reporting an annual fee of $69 for what looks like an IRS 1099 reporting fee.

Since Paymetric integrates its payment processing services through cloud-based platforms, merchants are not likely to be subjected to long-term equipment leases. Instead, they pay the cost of the cloud-based platform that they integrate the company’s payment processing solutions, which is not determined by Paymetric.

A “C” Overall

Given the lack of access to Paymetric rates and fees, it is difficult to evaluate the company in this category. Going off of WorldPay’s standard contact and knowing that merchants choosing Paymetric will not incur costs like equipment leases, we give the company a slightly better grade than WorldPay. Paymetric receives a “C” in this category.

Paymetric Sales Tactics

Paymetric does appear to hire independently contracted sales agents to market its services. The company’s website advertises a partnership program by which other businesses can sign up to sell their services. This is a common hiring practice within the credit card processing industry that often results in a sales team composed of poorly trained or unregulated agents.

No Misleading Quotes

To its credit, Paymetric does not appear to list deceptive rate quotes in its official materials. However, the company does not provide a readily accessible merchant agreement or schedule of its rates and fees. If you suspect that the company is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

A Niche Processing Solution

Paymetric does not provide traditional merchant accounts in the sense that its services rely upon being integrated into cloud-based platforms such as SAP Certified Solutions and Oracle Validated Solutions. While this makes Paymetric a viable option for large scale enterprises operating through those cloud-based platforms, it is not a particularly reasonable option for smaller to medium-sized businesses. Furthermore, the lack of available information on its pricing and contract terms makes it difficult to assess. The dearth of complaints against the company as well as the abundance of positive reviews reflects well upon its service to its large-scale clientele – albeit a niche within the industry.