In this review of Paynada, we will look at the company's operations and reputation. Our analysis covers their rates, fees, and contract terms. We highlight common complaints and 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, which are suitable for businesses needing on-the-go payment options. For online merchants, we discuss Paynada's secure 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.
We weigh the pros and cons of Paynada's services, comparing competitive pricing and reliable 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 merchant services, 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. Our final thoughts encapsulate the complexities of Paynada's business model, its evolution from TranzVia, and the implications for businesses considering their services.
About Paynada
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’s website provides limited details on their POS systems, mentioning only a “wide variety of terminals and POS Systems.” It is likely that they offer Clover products, given Fiserv's preference for these in their merchant accounts. Paynada may also collaborate with other POS providers. In addition to Fiserv, they partner with EPX/NAB and offer Payanywhere, various types of POS devices, and a proprietary system called MPOS, available in both Spanish and English.
Mobile Processing
For mobile businesses, Paynada offers solutions that include a card reader and a mobile app, enabling payment acceptance from any location. This flexibility is beneficial for businesses such as food trucks, pop-up shops, or on-site service providers.
eCommerce Payment Solutions
Paynada provides an eCommerce payment gateway for online businesses. This gateway supports payments via credit cards and electronic checks and integrates with existing websites.
Secure Payment Processing
Paynada prioritizes transaction security by using advanced encryption and tokenization technologies. Their services comply with Payment Card Industry Data Security Standards (PCI DSS).
Paynada Customer Reviews
Here's What Their Clients Say
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Recent Lawsuits
Yes
Concerning Complaints Under TranzVia
While there are few negative Paynada reviews under its current name, the same cannot be said for TranzVia, facing several serious accusations, including being labeled a ripoff and engaging in dishonest business practices. Complaints on the Better Business Bureau page echo these sentiments, with TranzVia often refuting the accusations as inaccurate or false.
Recurring Issues with Paynada
A prevalent concern in negative Paynada reviews is the persistence of charges post-contract expiration, synonymous with unscrupulous credit card processing companies. TranzVia representatives justify this as ongoing service provision akin to cell phone contracts, though many view it as a critical oversight. In response, Paynada attributes these terms and agreements to their partner banks, asserting initiatives to enhance customer awareness of termination guidelines.
Equipment Challenges
Specific complaints regarding Point of Sale (POS) functionality and pricing have emerged as significant concerns. Instances include multiple POS system replacements failing to meet promised functionalities, clients encountering exorbitant equipment rates, and altered terms post-purchase, with reports of customers seemingly locked in non-cancellable equipment contracts. The heavy reliance on external sales teams by Paynada and TranzVia may contribute to these issues, potentially linked to inadequately trained and overly aggressive sales representatives. However, confrontational responses from TranzVia raise doubts about their approach. Paynada indicates a shift away from call-center-oriented operations, engaging more closely with clients post-TranzVia era to tackle these issues.
Paynada Lawsuits
While several lawsuits have been filed against TranzVia, specific details and outcomes are not readily accessible. Allegations range from potential violations of the Telephone Consumer Protection Act (TCPA) to a personal injury claim. Paynada refutes these lawsuit claims, stating that the TCPA matter targeted a third-party lead generation entity, absolving TranzVia following the discovery phase.
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 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.
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.
Source: Better Business Bureau
Paynada does not explicitly disclose its credit card processing rates, leaving potential clients with limited information. While there’s a mention of a 3.85% customer service fee applied to all transactions, details regarding this fee are scarce. The surcharge model utilized by Paynada is not novel in the credit card processing industry, and though they mention offering ‘traditional processing,’ specifics about this service are lacking. Additionally, Paynada promotes a cash discount program often associated with surcharge pricing. They reportedly provide various processing methods, including card present, moto, and e-commerce, along with multiple pricing structures such as flat rate, tiered, interchange plus, surcharge, and cash discount.
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. We aim to be flexible to meet our merchant’s needs.” Verification of these terms from recent Paynada customers would be valuable.
What About Equipment Costs?
While Paynada presents its pricing as straightforward, it lacks information about POS systems, terminal costs, and contracts. This raises concerns, especially considering online complaints about unfavorable equipment lease terms and inappropriate POS systems sent to businesses. Paynada representatives state that they “offer free placement, rental, loaner, purchase, and lease through FDGL.”
Negotiate Contract Pricing
A Paynada merchant account contract was not found at the time of this review. Business owners who recently engaged with Paynada for payment services are encouraged to share their experiences. It is advisable for business owners to negotiate pricing and contract terms diligently and to thoroughly review all contracts before signing.
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.
Paynada comes with some signage requirements.
Our Paynada Review Summary
Our Final Thoughts
We advise caution when considering Paynada as a merchant services provider, largely due to ambiguities surrounding its corporate practices and associations. There is notable concern regarding its connection to its predecessor, TranzVia, and its relationship with Fiserv, which complicates its standing in the industry. Further complicating matters, Paynada’s promotional and operational tactics raise questions about transparency, especially in how they present their fees, contract terms, and the true functionality of their equipment.
Despite these concerns, Paynada maintains that its service offerings are compliant and beneficial for businesses requiring diverse payment solutions, from mobile processing to secure eCommerce gateways. However, the mixed reviews and complaints from its earlier incarnation as TranzVia, coupled with a lack of clarity on contract specifics and the true cost of services, add layers of potential risk for businesses. We strongly encourage those considering Paynada to rigorously review all available information, seek out the latest customer testimonials, and compare these findings against other top-rated payment processors.
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.
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In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
Testimonials & Complaints
How Did Paynada Treat You?
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.