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Paynada Credit Card Processing 2023: Reviews & Complaints
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Paynada is a merchant account reseller based out of Plano, Texas. Not to be confused with PayAnywhere, 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.
Mobile Processing with Paynada
For businesses on the go, Paynada provides mobile processing solutions. Using a simple card reader and their mobile app, businesses can accept payments from anywhere, at any time. This provides added flexibility, making it an ideal solution for businesses like food trucks, pop-up shops, or service providers working on location.
Paynada’s eCommerce Payment Solutions
For businesses operating online, Paynada offers a secure eCommerce payment gateway. This gateway allows businesses to accept online payments from a variety of methods including credit cards and electronic checks. The eCommerce solution is designed to integrate seamlessly with a business’s website, providing a smooth and intuitive checkout experience for customers.
Paynada’s Secure Payment Processing
Security is a top priority for Paynada. The company uses advanced encryption and tokenization technologies to ensure that every transaction is secure. Additionally, Paynada’s services are fully compliant with Payment Card Industry Data Security Standards (PCI DSS), ensuring that businesses using their services are adhering to these important standards.
Location & 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 is also the former location of Paynada. The current location of Paynada is 825 Watters Creek Blvd #330, Allen, TX 75013.
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 2 complaints and 0 reviews in the past 3 years regarding…
- Sales & Marketing: Appears to heavily utilize…
Paynada Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Serious Complaints under TranzVia
There are very few negative Paynada reviews 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 feature of negative Paynada reviews is the continuation of charges after a contract period has ended, a hallmark of shady credit card processing companies. TranzVia representatives say this is akin to not canceling 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. If you have your own Paynada review to make, please do so in the comments below.
Equipment Term Concerns
There are several very detailed complaints concerning POS functionality and pricing. Some complaints detail 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 clients 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 do not inspire confidence.
Paynada responded to these claims by stating they no longer run call-center-focused operations and are working with their clients on a much closer level than when operating under TransVia.
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.
Paynada Customer Service Numbers
- (972) 590-8944 – General Contact
- (888) 801-0080 – After Hours Support
Other Support Options
- Support form
Paynada Online Ratings
Here's How They Rate Online
BBB Rating Analysis for Paynada
Paynada has an A- rating from the Better Business Bureau (BBB). However, it is important to note that this business is not BBB accredited. As of the latest information, Paynada has no customer reviews or complaints filed on the BBB website.
There are no negative customer reviews available for Paynada on the BBB website.
There are no positive reviews published about Paynada on the Better Business Bureau website.
Source: Better Business Bureau
Paynada Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Unclear|
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 owners are again encouraged to negotiate pricing and contract terms and to read all contracts thoroughly before signing in these cases.
Paynada Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
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. Moreso, the Paynada reviews indicate 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 clients pay nothing. This should come as a huge warning sign to all businesses, 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.
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