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A Worldpay Subsidiary
Founded in 2000, Paymetric is a merchant account provider that specializes in integrated payment solutions for large scale enterprises, namely SAP Certified Solutions and Oracle Validated Solutions. By integrating payment solutions through those cloud-hosted platforms, the company is able to lower operational expenses, streamlines payment processing, and ultimately reduce interchange costs. The mechanism by which the company integrates its payment processing services makes them a provider that exclusively serves e-commerce merchants. As a WorldPay company, Paymetric relies on its network for payment processing.
Location and Ownership
Paymetric is headquartered at 300 Colonial Center Parkway Suite 130, Roswell, GA. The company is a division of WorldPay, which is in turn owned by Fidelity National Information Services. Charles Drucker is the CEO of WorldPay and Gary Norcross is the chairman, president, and CEO of Fidelity National Information Service.
Paymetric Review Table of Contents
- Costs & Contract: Paymetric offers undisclosed contract terms through WorldPay.
- Complaints & Service: Paymetric has received fewer than 10 public complaints.
- BBB Rating: Paymetric has an “A-” with the Better Business Bureau at this time. The company has received 1 complaint in the last 3 years.
- Sales & Marketing: Paymetric hires independent sales agents but has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Paymetric.
Paymetric Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
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.
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.
Paymetric Online Ratings
Here's How They Rate Online
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||1|
|Guarantee & Warranty Complaints||0|
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.
Paymetric Fees, Rates & Costs
A Closer Look at The Contract
|Virtual Terminal Rate||1.00% - 4.99%|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$295|
|PCI Compliance Fee||$15 - $25 Per Month|
|Equipment Lease Terms||N/A|
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 Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
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.
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