Is Paynada Really “Zero-Fee”? What to Know First

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Paynada

Rating
B
4/5
full starfull starfull starfull starempty star

Pros and Cons of Paynada

Pros

Competitive Pricing
Reliable Customer Support
Robust Processing Options
Invoicing Options
Level 3 Pricing Available

Cons

Potential High Rates
Undisclosed Equipment Pricing
Undisclosed Fees
Term Contracts Possible
ETFs Possible

Overview

In this review of Paynada, we’ll examine the company’s operations, services, and reputation by covering key areas such as rates, fees, contract terms, and industry ratings, while highlighting customer testimonials and common complaints. We’ll look at Paynada’s Point of Sale (POS) systems, their business partnerships, and the range of in-store payment options they provide, along with mobile and eCommerce payment solutions designed for online merchants. Our review also explores the company’s corporate structure, leadership, and ties to other payment firms, as well as their marketing tactics and employee feedback. We’ll weigh the pros and cons of Paynada’s services by analyzing pricing, customer support, hidden fees, and equipment terms, while also addressing legal issues and customer complaints that have affected their reputation. Finally, we’ll compare Paynada’s pricing to industry standards and evaluate their sales practices and employment environment to give businesses and potential employees a clear understanding of what to expect when working with Paynada.

About Paynada

Screen Capture of Paynada Homepage
Paynada Homepage

Paynada is a merchant account reseller based out of Plano, Texas. Not to be confused with PayAnywhere, the company heavily markets “Zero-Fee Processing” on its website wherein a merchant’s processing fees are passed along to the customer via a surcharge added to the customer’s bill. Based upon all available information, the company primarily markets and resells the processing services of Fiserv and its Clover Point-of-Sale hardware line along with offering processing through EPX.

Tranzvia LLC Connection

We have been contacted by a Justin Muntean, Paynada’s CEO, stating that an earlier update to this review was erroneously stating that Paynada once operated under the name of “TranzVia,” or that both brands may share ownership and/or leadership. It should be noted that TranzVia’s online reviews are largely negative in nature. Muntean a has disavowed the connections between the companies and also stated that TranzVia ceased operations in 2019. However, we have obtained evidence suggesting that the companies may, in fact, share a connection, either past or present, and that TranzVia appears to still be in operation. Below you will find two screen captures connecting the companies. We have refrained from listing all of of our evidence publicly so as to protect our sources.

Please note that, despite the evidence below, at this time we have elected to treat Paynada as a wholly separate entity for the purposes of this review and the rating assigned to Paynada.

Products & Merchant Services

Paynada appears to primarily market Clover’s point of sale hardware and Fiserv’s other processing services, which include:

  • Point-of-Sale Systems
  • Countertop Payment Terminals
  • Mobile Payment Terminals
  • Mobile Processing App and Card Reader
  • eCommerce Solutions and Payment Gateways
  • Virtual Terminal
  • Invoicing
  • Level Three Processing for B2B Transactions

Customer Reviews & Sentiment

Low Complaint Volume

Overall, Paynada appears to have a relatively low complaint volume for its apparent market share and time in business. There are a few reviews complaining of charges post-contract expiration, deposit issues, and difficulty with customer support. However, the low number and infrequent nature of these complaints do not raise concern with this reviewer.

Paynada Customer Support Options

Paynada’s customer support offerings appear limited, with no dedicated options listed on their basic website. Contact options are restricted to a generic email address.

Industry Scores & User Ratings

Online Ratings Summary
BBB RatingN/A
Google Maps4
Average Rating4

Paynada BBB Rating

Paynada has an “A” rating from the Better Business Bureau (BBB).

Negative Feedback

There are no negative customer reviews available for Paynada on the BBB website.

Positive Feedback

There are no positive reviews published about Paynada on the Better Business Bureau website

Google Maps Rating for Paynada

Paynada has a 4 out of 5 star rating based on 37 user reviews on Google Maps.

Positive Feedback

Seamless process, save tons of money our rep is very professional and transparent. Took about 3 days to get going and haven’t had any issues. Night and day difference

Negative Feedback

I had a terrible experience with this place. There were hidden fees that were never disclosed upfront, and the lack of communication was also frustrating. When I brought up the issues, they refused to take any accountability. It’s clear they don’t value their customers or care about providing transparent service. I will never be coming back and would not recommend this place to anyone.

 

Processing Rates & Fees

Rates & Fees Lack Public Transparency

Paynada does not explicitly disclose its credit card processing rates, leaving potential clients with limited information. While there’s a mention in an employee review of a 3.85% customer service fee applied to all transactions, details regarding this fee are scarce. Although the company heavily promotes “zero-fee” rate pricing, the CEO of Paynada has stated to us that they also offer dual pricing, Flat Rate, and Interchange-plus. The company’s lack of public transparency around its pricing indicates to us that the pricing a merchant recieves is highly dependent upon his or her knowledge of how to negotiate merchant processing costs. The surcharge model promoted by Paynada is a growing trend in the credit card processing industry due to its high profitability at the expense of the consumer. Additionally, Paynada promotes a cash discount program often associated with surcharge pricing.

Contract Length and Cancellation Fees

Term agreements and early termination fees are possible with Paynada; however, Justin Muntean has stated to us that, “We also offer low ETF’s or no cancellation fees for the majority of our merchants.” This statement reinforces that pricing and contract terms with Paynada are highly negotiable. Due to this, we highly recommend that business owner gain a full understanding of how to negotiate merchant service pricing before engaging with Paynada.  A Paynada representative mentioned, “We offer a standard 3-year processing agreement with a low ETF of $295. Depending on a merchant’s situation, we can also offer month-to-month terms and seasonal terms.”  If you have any any information on the terms that Paynada offered you, we welcome you to share it in the comment section below.

Equipment Costs

Again, all front-facing information that Paynada presents lacks information about costs associated with POS systems and other hardware. A representative has stated that equipment can be both bought or leased. In general, we advise businesses to avoid leasing equipment as that costs often balloon far beyond purchasing hardware outright.

 

Lawsuits & Legal History

We have not located any lawsuits specifically naming Paynada as a defendant.

Employee Reviews & Sales Practices

Marketing and Sales Ethics

Although we have not located any examples of unethical marketing or sales strategies. As we have noted above, Paynada provides very little publicly available information regarding it pricing and contract terms. This indicates that the company heavily relies on its sales team to negotiate profitable deals for the company, which may result in high pricing for unsuspecting business owners.

Independent Sales Positions

According to job listings on various websites as well as the “Partners” pageon the Paynada website, evidence suggests that Paynada heavily utilizes outside independent sales positions. These types are positions are often paid on commission-only terms and suffer from considerable turnover due to the competitive nature of the merchant services industry.

Employee Sentiment

Review on employee review forums are mixed with some reporting high job satisfaction, while others complain primarily of leadership and culture problems along with problems selling the product.

Paynada Competitors

Compare Paynada to competitors that earned top marks.

Bottom Line

As of this update, we have increased Paynada’s score to 4-stars due to maintaining a history of low and infrequent complaints. Additionally, that company has made efforts to provide additional information to us that was unavailable on its only website. Factors that have caused us to refrain from issuing a 5-star rating include:

  • Lack of transparency regarding pricing.
  • Lack of transparency regarding contract terms.
  • A negotiation-centric pricing model.
  • Apparent heavy reliance on independently contracted sales positions.

If you have any experience with Paynada, please share it below to help us maintain an accurate review.

Read Actual User Reviews

All user reviews have been moved to our partner, PaymentPop.com

Contact Paynada

Contact & Customer Support
CEOJustic Muntean
PresidentJames Mincey
Headquarters825 Watters Creek Blvd #330, Allen, Texas
Phone888-801-0080
Websiteyoupaynada.com