In this review of Paynada, we will look at the company’s operations and reputation. Our analysis covers this processor’s rates, fees, and contract terms. We will highlight common testimonials and complaints as well as examine industry ratings, marketing tactics, and employee reviews. We will also discuss the functionalities and offerings of Paynada’s Point of Sale systems, focusing on their partnerships and the variety of POS systems they provide.
The article also addresses Paynada’s mobile processing solutions for businesses needing on-the-go payment options. For online merchants, we will discuss Paynada’s eCommerce payment solutions, emphasizing their integration capabilities and security measures. We will also look into the company’s complex corporate structure, connections with other credit card payment companies, and insights into their leadership and partnerships.
Below you will find the pros and cons of Paynada’s services, comparing pricing and customer support against potential additional fees and complex fee structures. This piece includes an examination of customer reviews and complaints, reflecting users’ experiences with the company. We investigate allegations and lawsuits to present a balanced view of Paynada’s operations.
To bring transparency to the merchant services offered by Paynada, we highlight concerns about equipment terms and challenges clients face regarding POS functionality and pricing. This review also examines Paynada’s customer support options, providing contact information and assessing the effectiveness of their support systems.
Lastly, we compare Paynada’s processing costs with industry standards, offering a perspective on their contract pricing and negotiation strategies. The article concludes with an evaluation of Paynada’s employment practices and sales tactics, aiming to inform potential employees and clients alike.
About Paynada
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.
Paynada Homepage
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.
LLC Filing Naming Both Companies
Pay Nada is listed as an alternate name in the Tranzvia LLC filing.
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
Paynada Customer Reviews
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Recent Lawsuits
Yes
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 Lawsuits
We have not located any lawsuits specifically naming Paynada as a defendent.
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.
Paynada Customer Satisfaction Ratings
Online Ratings Summary
BBB Rating
A
Google Maps
4 Stars
BBB Rating Analysis for Paynada
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 appears to be the only other reliable source for customer reviews regarding Paynada with 25 total published. The majority of customer reviews are positive in tone with the few complaints mirroring those found in the comment section of our review.
Paynada Fees, Rates & Contract
Rates & Fees Summary
Cancellation Penalties
Unclear
Monthly & Annual Fees
Unclear
Processing Rates
Unclear
Equipment Leasing
Yes
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.
Paynada Employee Reviews & Sales Practices
Jobs & Marketing Summary
Uses Independent Resellers
Yes
Telemarketing
Yes
Misleading Marketing
Yes
Discloses All Important Terms
No
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 Review Summary
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.
Please note that we only suggest providers that adhere to strict ethical standards and offer top performing support at extremely competitive pricing. We may earn revenue if choose one of our recommendations.
Reader Comments, Testimonials & Complaints
6 User Reviews
George Michael
Honestly hands down the best experience I’ve had with a cc company. The sales person has been great fully managing anything that has come up, unlike most companies where they disappear after the sale is through. I haven’t really had any issues with my equipment at all, just some questions. Aside from that, I’ve saved major money switching to Paynada, so much we’re looking to expand a second location!
Phillip CPO
Hi George,
Please reply with your business name and location to authenticate your testimonial. Thank you!
Alex
Portobellos
Don’t do business with these miserable people, 10 days have already passed without depositing daily sales and I called almost 3 times a day and they only say maybe the next day
Aislinn Willander
Paynada
Alex, thank you for bringing your situation to our attention. After taking a close look at your account, we have some detailed (albeit private) information to provide that we believe will resolve this issue and prevent it from occurring again in the future. Please contact us at [email protected] or 888-801-0080 and we will be glad to assist you.
Sean
Grill 36
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
DAVE
You are so right; I have a complaint. Trying to send back the machine, no one will ever give me the address. i call 3 times, they are pushing me around. Don’t know who to speak to, it has been a month I contact this company, and my problem cannot resolve. I will never recommend this company to anyone. I rate this company 0 star.
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George Michael
Honestly hands down the best experience I’ve had with a cc company. The sales person has been great fully managing anything that has come up, unlike most companies where they disappear after the sale is through. I haven’t really had any issues with my equipment at all, just some questions. Aside from that, I’ve saved major money switching to Paynada, so much we’re looking to expand a second location!
Phillip CPO
Hi George,
Please reply with your business name and location to authenticate your testimonial. Thank you!
Alex
Don’t do business with these miserable people, 10 days have already passed without depositing daily sales and I called almost 3 times a day and they only say maybe the next day
Aislinn Willander
Alex, thank you for bringing your situation to our attention. After taking a close look at your account, we have some detailed (albeit private) information to provide that we believe will resolve this issue and prevent it from occurring again in the future. Please contact us at [email protected] or 888-801-0080 and we will be glad to assist you.
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
DAVE
You are so right; I have a complaint. Trying to send back the machine, no one will ever give me the address. i call 3 times, they are pushing me around. Don’t know who to speak to, it has been a month I contact this company, and my problem cannot resolve. I will never recommend this company to anyone. I rate this company 0 star.