Paystone Review

Clearly Disclosed Rates and Fees

The Paystone website clearly discloses its rates and fees across the multitude of options it offers merchants. Pricing for retailers, restaurants, e-commerce, and non-profit merchants are each explicitly listed. As are fees for merchants who choose to use Talech’s POS system. Merchants choosing alternative POS systems through Clover or Poynt. 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, a $15 monthly PCI compliance fee, it is unclear if Paystone charged an early termination fee.

Monthly equipment lease ranging 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 that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. 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 ride 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 2 $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.