Variable Pricing
Paynet Systems employs a pricing strategy that highlights qualified rate tiers prominently on its website, while relegating the non-qualified, card-not-present rate to less visible sections. This structure indicates that “Swiped” rates, applicable to qualified swiped Visa/MC/Discover network transactions, are differentiated from most rewards, corporate, government, and international card types, which are billed at non-qualified rates. Similarly, “Manually Keyed Rate” applies to qualified manually keyed transactions with verified addresses and CVV2 information, with all other transactions falling into the non-qualified category of 3.50% and $0.30.
This nuanced pricing suggests variability in rates and fees based on numerous factors, potentially leading to charges as high as 3.50% plus $0.30 for both swiped and keyed-in transactions. Client feedback has highlighted instances of unexpected or higher-than-quoted monthly fees. The presence of a PCI compliance fee remains unconfirmed, and a clause within the merchant agreement outlines a monthly lease fee for credit card terminals. Further details on Paynet’s terms can be reviewed here.
Virtual Terminal and Payment Gateway Pricing
Paynet Systems extends its offerings to include virtual terminal and payment gateway services, though specific pricing details remain undisclosed. Expected additional costs for these e-commerce services include gateway fees, technical support fees, batch fees, and other transaction-related charges.
Paynet Systems Contract Terms
Paynet Systems provides service agreements ranging from three to six months, accompanied by a $75 early cancellation fee, significantly lower than industry standards. The company applies a variable monthly minimum fee based on the service utilized, with an annual processing cap of $5,000, beyond which a non-qualified rate of 3.50% plus $0.30 is imposed. Additionally, Paynet promotes a smartphone processing service offering a $10 monthly service fee waiver for the initial six months.
Businesses are advised to thoroughly review Paynet Systems’ contract terms against those offered by more competitively priced merchant account providers to ensure clarity on pricing structures and avoid unforeseen fees. For options potentially offering better terms, we recommend exploring our curated list of the best merchant account providers.
