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Company Overview
Paynada is a merchant account reseller based out of Plano, Texas. The company recently operated under the name TranzVia and we will consider complaints from both companies in this review. According to comments left on a Better Business Bureau complaint made by TranzVia employees, it is likely both companies are resellers of Fiserv merchant accounts. Paynada heavily utilizes a surcharge model and advertises little to no fees for their merchant accounts.
Paynada Point Of Sale (POS)
Paynada’s current website offers very little information detailing what kind of POS systems they offer beyond what they refer to as a “wide variety of terminals and POS Systems.” We can assume they offer Clover products on some level, since Fiserv prefers them for all of their merchant accounts. It is also possible Paynada partners with other POS providers. In addition to Fiserv, they also partner with EPX/NAB and offer Payanywhere, multiple types of POS devices, and a proprietary POS system called MPOS that is available in Spanish and English.
Location and Ownership
The exact details of Paynada’s corporate structure are complicated and unclear at times. There are at least 3 credit card payment companies that have been located at 6509 Windcrest Dr # 160 Plano, TX 75024.
These businesses include Paynada, TranzVia, and Merchant Pay Network. We can directly confirm the connection between the first two companies, but it may be possible Merchant Pay Network was only a tenant at this location.
Currently the TransVia holding company lists its address as 333 E Bethany Dr STE J120, Allen, TX, 75002, which also serves as the current location of Paynada.
James Mincey is listed online as the president of Paynada and Justin Muntean reports that he is the CEO on LinkedIn. Paul Nee is also likely to be involved in some capacity with the company at some point according to public information on the TransVia holding company. According to Paynada representatives, Paul Nee has not been with the company since 2018.
Paynada does not disclose its partner banks. TranzVia is a registered ISO of Wells Fargo Concord, CA.
Table of Contents
- Costs & Contract: Does not openly advertise rates and fees, but we found…
- Complaints & Service: We’ve located several online complaints, mainly concerning TransVia, with most detailing withheld funds and…
- BBB Rating: Does not maintain a BBB profile, but TranzVia has an “A+” rating and has received 4 complaints and 5 reviews in the past 3 years regarding…
- Sales & Marketing: Appears to heavily utilize…
Paynada Reviews and Complaints
Here's What Their Clients Say
Serious Complaints under TranzVia
Paynada has very few direct complaints associated with the current name, and that’s not surprising considering the company name is likely a recent incarnation. TranzVia, however, does have several serious accusations, including some that the company is a ripoff and dishonest in their business dealings. Complaints on the Better Business Bureau page have a similar theme with a similarly lengthy response from TranzVia calling their accusations inaccurate or false.
One reoccurring complaint that is a hallmark of shady credit card processing companies is the continuation of charges after a contract period has ended. TranzVia representatives akin this to not cancelling a cell phone or other service and continuing month to month, but this is a gross technicality in our opinion.
Paynada representatives also reached out to say that terms and agreements are dictated by their partner banks, and that they are doing much more to make sure customers are aware of the termination guidelines.
Equipment Term Concerns
There are several very detailed complaints concerning POS functionality and pricing. Some complaints entail having to swap out POS systems multiple times and still not being able to use the devices in the nature the sales team claimed they would be able to. Others detail being charged outrageous rates on equipment or different terms than what was initially offered by TranzVia. There are even reports of merchants being locked into non-cancellable equipment contracts. Considering the overwhelming use of outside sales teams used by Paynada and TranzVia, this could be explained by poorly-trained and pushy sales staff, however the combative tone and responses from TransVia does not inspire confidence.
Paynada responded to these claims by stating they no longer run call-center focused operations and are working with their merchants on a much closer level than when operating under TransVia.
Paynada Lawsuits
We have found evidence of several lawsuits aimed against TranzVia, however we are unable to locate details and settlement outcomes. These lawsuits include at least one violation of the TCPA (Telephone consumer protection act) and possibly a personal injury claim.
Paynada has responded to these lawsuit allegations, claiming: “the TCPA suite was not against
TranzVia but the third party lead generation company. TranzVia was cleared during discovery.”
Paynada Customer Support Options
Paynada does not appear to offer any dedicated customer service options. The barebones website does not include a customer service phone number, or a contact outside of the generic email address.
We were able to locate a two customer service contact numbers for Paynada:
(972) 590-8944 – General Contact
(888) 801-0080 – After Hours Support
Paynada BBB Rating and Report
Our Better Business Bureau Profile Assessment
Four Customer Complaints
Paynada does not currently operate a BBB page, but TranzVia still maintains a profile.
According to the Better Business Bureau TranzVia has received 4 complaints and 5 reviews in the past 36 months. Currently it holds a “A+” rating and is not accredited by the Better Business Bureau.
Of the 4 complaints, 1 was due to advertising and sales, and 3 concerned a product or service. TranzVia has successfully resolved none of these complaints.
What Merchants Say
TranzVia has also received 3 negative reviews in the past 36 months. The most recent negative review echoes the same issues with customer service and cancellation that we’re seeing consistently in reviews.
I have sent several letters to cancel my account they have continued to take money out of our account when I provide proof that I canceled months ago they say they will only refund 30 days back. I put a hold on them by the bank and apparently it expired after 6 months from the bank so they started hitting my bank account again and I caught it after the 1st month and they hit it again they day I called them to see why they were charging and the guy was rude and basically are committing fraud because I have sent the cancellation letter many times with prof to when I sent it the first time.
A “D” Performance Overall
Due to the negative and combative nature of TranzVia’s customer responses we have adjusted Better Business Bureau’s rating to a “D” at this time.
Paynada Fees and Rates
A Closer Look at the Contract
Lacking Concrete Figures
Paynada does not clearly advertise its credit card processing rates. There is one mention of a 3.85% customer service fee applied to all transactions, however no details are offered. The surcharge model they employ is not new to the credit card processing world, and they do claim to offer ‘traditional processing’, though even less information is available for that service. Payanda also advertises a cash discount program that is commonly seen alongside the surcharge pricing system. Payanda reportedly also offers all traditional forms of processing including card present, moto, and e-commerce. They also claim to offer all pricing types as well including flat rate, tiered, interchange plus, surcharge and cash discount.
A helpful Paynada representative had this to add: “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. We want to be flexible to meet our merchant’s needs.” If any recent customers of Paynada can verify these terms, please comment below.
What About Equipment Costs?
While Paynada’s pricing presents itself as straightforward and simple, there is zero information concerning POS systems and terminal costs and contracts. This is more concerning when you take into account several online complaints concerning equipment lease terms and POS systems being sent to business owners that weren’t designed for their type of business. Paynada representatives have also added that they “offer free placement, rental, loaner, purchase, and lease through FDGL.”
Negotiate Contract Pricing
We have not been able to locate a Paynada merchant account contract at this time. Business owners who have recently signed up for payment services through Paynada are encouraged to leave a comment below describing their experience. Business owenrs are again encouraged to negotiate pricing and contract terms and to read all contracts thoroughly before signing in these cases.
Paynada Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Major Evidence of Independent Sales Teams
According to job listings on various job websites, it appears that Paynada heavily utilizes outside sales teams. It’s also interesting to note that some of the listings mention both TranzVia and Paynada interchangeably. Independent and outside sales teams are known to employ pushy and manipulative sales tactics. More so the complaints indicating a lapse in what merchants are being sold versus the service they’re receiving is a major red flag.
Paynada Contract Terms
Paynada does not directly advertise their contract rates beyond their claim that merchants pay nothing. This should come as a huge warning sign to all merchants, and we strongly recommend reading all legal documentation and contracts thoroughly before signing. If any of our readers has a recent example of a Paynada contract, please comment below.
Paynada comes with some signage requirements.
Paynada Review Summary
Our Final Thoughts and Opinions
Bottom Line
Paynada was brought to our attention from user reports of the non-cancellable equipment contracts that have been confirmed to be used under their previous name, TransVia. Paynada’s attempt to separate itself from the negativity of the previous brand is understandable, however the extremely barebones website, little contract information, and lingering scathing reports does not invoke any new degree of confidence in their services. The overuse of outside sales teams and reports of merchants not getting the POS systems they were promised solidifies our initial suspicions. While we are hopeful and optimistic Paynada steps up its service quality, we cannot recommend them as a payment processor at this time.
A representative from Paynada has contacted CPO to express their concern for our current rating and wanted to reaffirm their distance from the TransVia model. It was explained the transition to Paynada from TransVia was to reestablish a new company culture while providing better service for their clients. While we welcome our processors to provide any clarity to their operations, more time will be needed to get a clear picture of the new operating culture. We look forward to providing an updated review in the future as the Paynada brand becomes more established.
Sean
The worst credit card company you can Ever deal with liars thieves show many hidden fees the sales rep will come sell you stuff it’s not even existed they tell you they don’t choice so many things and they will give you the equipment for free the POS system but they will charge every single thing they can chores and overcharge and on top of that the worst customer service ever