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Paystone Review: Fees, Comparisons, Complaints, & Lawsuits
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Formerly Known as Zomaron
Headquartered in Ontario, Canada, Paystone was founded in 2009 as Zomaron but became rebranded as Paystone in November of 2019. According to the company’s website, Paystone serves over 25,000 locations in the United States and Canada, processing $6 billion from over 50 million transactions annually. The company is partnered with Elavon of Canada and First Data (now Fiserv) of Canada for its processing network.
Paystone Payment Processing
Paystone processes all major debit and credit cards for most business types. Paystone offers in-person, wireless, fundraising, and online payment solutions aimed at retailers, restaurants, and non-profit organizations. The company also advertises Talech as a POS solution and they also offer data reporting and analytics as well as marketing automation.
Acquisitions and Rebrand
On November 4, 2019, the company (then known as Zomaron) announced its acquisition of DataCandy. The newly acquired company was a software company based in Montreal that focused on gift card and loyalty program platforms. Zomaron’s acquisition of DataCandy prompted the company to rebrand itself under its current name, Paystone. Following the rebrand, DataCandy’s previous headquarters became Paystone’s Montreal-based office. The acquisition of DataCandy was the company’s third in 2019, following that of POS West and NXGEN Canada earlier in the year. In October 2021, Paystone acquired NiceJob, a reputation marketing service. This follows the acquisition of POS West, NxGen Canada, and Swift Payments, marking a major expansion from the company into the market. In 2022, Paystone acquired Canadian Payment Services, which they say makes them the biggest processor in Canada. See our Canadian Payment Services review here.
Paystone Location & Ownership
Paystone is a registered MSP/ISO of the Canadian branch of U.S. Bank N.A. and Elavon. Paystone is also a Global Payments Direct, Inc. Partner and Registered MSP/ISO of Wells Fargo Bank, N.A., Walnut Creek, CA. Paystone is also a First Data Canada Ltd. Partner and Registered MSP/ISO of Wells Fargo Bank, N.A., Canadian Branch, Toronto, ON, Canada. The company’s headquarters are located at 3200 Wonderland Rd S, London, Ontario N6L 1R4, Canada. Tarique Al-Ansari is the president, CEO, and co-founder of Paystone.
Paystone Review Table of Contents
- Costs & Contract: Paystone appears to offer a multi-year contract through Elavon or First Data with an associated equipment lease.
- Complaints & Service: Paystone complaints number fewer than 10 on public complaints forums.
- BBB Rating: Paystone has an “A+” rating and has received 4 complaints and 2 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2010.
- Sales & Marketing: Paystone does not appear to hire independent sales agents and has received a few complaints about its sales practices.
Paystone Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||Customer Support|
Low Complaint Total
We have found only a few Paystone reviews, some of which date back to its business under the name Zomaron. However, at least 1 Paystone review explicitly accuses the company of ripping off merchants. Paystone reviews tend to focus on billing errors and costs related to long-term equipment leases, while an employee complainant mentions nonpayment of commissions, poor training, and expensive long-term contracts as the primary issues. However, similar Paystone reviews since the company’s rebrand have not been filed. Paystone’s complaint total remains low enough at this time to earn an “A” in this category, but merchants should be aware of the highly negative content of these complaints. If you have your own Paystone review to make, please do so in the comments below.
Paystone Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Paystone. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Paystone Customer Service Options
Paystone appears to offer live phone support to all of its merchants and claims that its customer service team is available 24/7.
We have located a single Paystone customer service number:
(888) 900-9192 – Toll-Free General Customer Service
However, the content of the available complaints suggests that these options do not perform at the level of top payment processors for great customer service.
Paystone Online Ratings
Here's How They Rate Online
Under 5 Complaints
The Better Business Bureau currently awards Paystone an “A+” rating overall and is showing accreditation for the company since 2010. Paystone’s BBB profile has received 4 complaints in the last 3 years. 1 of these complaints was resolved by the company to the satisfaction of the merchant. The remaining 3 were resolved to the dissatisfaction of the merchant or did not receive a final reply.
What Merchants Say
In addition, Paystone has received 2 informal reviews on its BBB profile, which are negative. One recent negative review describes unexpected fees and poor customer service:
TERRIBLE COMPANY. I stopped using their online processor (Their fees were never what I agreed with them *** ***** ** ** ****** ***** ** * **** ****** *******), after my last month of using their online processing, they kept charging me monthly are trying to send me to collections claiming I owe them for “physical products” when I don’t have anything physical from them as this was online processing.
Merchants should make sure to thoroughly review their contract terms before signing anything.
An “A” Performance
In light of the company’s low complaint volume, we agree with the BBB’s rating.
Paystone Fees, Rates & Costs
A Closer Look at The Contract
|Swipe Rate||2.60% + $0.05|
|Keyed-in Rate||2.90% + $0.25|
|Debit Card EMV Rate||0.00% + $0.05|
|Debit Card Tap Rate||0.00% + $0.085|
|Fundraising Donation Rate||3.90% + $0.25|
|Virtual Terminal Rate||2.90% + $0.25|
|Payment Gateway Fee||$25 Per Month|
|e-Commerce Software Fee||$25 Per Month|
|Talech POS Fee||$70 Per Month ($40 Per Additional License)|
|Set Up Fee||$99|
|PCI Compliance Fee||$15 Per Month|
|Early Termination Fee||Undisclosed|
|Equipment Lease Cost||$30 - $60 Per Month|
|Equipment Lease Term||Undisclosed|
Clearly Disclosed Rates and Fees
Paystone rates and fees across the multitude of options it offers merchants are clearly listed on its website. Pricing for retailers, restaurants, e-commerce, and non-profit merchants are each explicitly listed, as are Paystone fees for merchants who choose to use Talech’s POS system. The only unclear facet of its pricing is the length to which merchants are contracted under a merchant agreement with the company.
As for rates, the company charges a different set of rates for debit or credit card transactions. Debit transactions are charged 0% plus $0.05 for EMV transactions and $0.085 for tapped transactions. Credit cards are charged a swipe rate of 2.60% plus $0.05 and a keyed-in rate of 2.90% plus $0.25. Additionally, merchants are charged a one-time set-up fee of $99 and a $15 monthly PCI compliance fee. It is unclear if Paystone charged an early termination fee.
Monthly equipment through the company leases range between $30 and $60 per month. Merchants choosing the company’s most comprehensive POS solution offered through Talech are charged a $70 monthly fee for the first equipment license and $40 for any additional licenses per month.
Non-profit organizations are assessed a different fee than retail or restaurant merchants. For those merchants, fundraising donations are charged a rate of 3.90% plus $0.25. Donations can be accepted through an online payment portal, mobile terminal, or unattended kiosk. While non-profit merchants are charged a transaction rate, no monthly fee is assessed to their fundraising programs.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Paystone also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Merchants are charged a rate of 2.90% plus $0.25 for online transactions. Furthermore, the company charged a $25 payment gateway fee per month along with a $25 monthly fee for the e-commerce software which runs its virtual terminal.
Fees That Run the Gamut
Paystone’s disclosure of its rates and fees reflects a high standard of transparency from the company. Unfortunately, the only thing that is not made especially clear is the contract terms merchants are signed onto as well as the possibility of an early termination fee. The company offers a wide range of rates, on the lowest end for debit transactions and on the highest end for fundraising donations. Paystone’s fees, while all but entirely disclosed, do seem to be a bit redundant, as evidenced by the two $25 monthly fees charged to e-commerce merchants, Other fees, including those for monthly equipment lease costs and POS licenses, are fairly standard. However, the higher end of the company’s rates and fees and the non-disclosure of its standard contract length result in a “B” overall in this category.
Still, we also encourage merchants to check out our list of the providers of the best merchant accounts.
Paystone Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
Inside/Outside Sales Team
Though Zomaron appeared to utilize a combination of full-time sales reps and independent, commission-based sales reps to market its services, it does not appear that Paystone hires independent sales agents. The company’s website is devoid of any mention of an affiliate program.
This compares favorably to our list of best credit card processors.
Clearly Defined Pricing
Paystone includes pricing for the different services it offers merchants across all industries. These disclosures include the cost of its Talech POS system aimed at restaurant merchants, its standard rates and fees, its e-commerce options, and the cost of its monthly equipment leases.
Improved Performance as a New Brand
At the time of our initial review for Zomaron, the company had some complaints filed with respect to its independent reseller program and its equipment leases. However, upon review of the Paystone website, it does not appear that the company employs independent resellers. Furthermore, a section of the website exclusively dedicated to its payment terminals clearly states the monthly costs of its equipment leases. Paystone’s clear measures to address what once were concerns for Zomaron are the reason it received an “A” rating in this category.
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