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Paystone Review: Fees, Comparisons, Complaints, & Lawsuits

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Rating

4.75/5
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Website
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(888) 900-9192

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  • BRANDY:
    "Paystone is a terrible company to work for, they and they are only as big as they are now because they had money to through around. They thin..." Read More
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Rating:
4.75/5

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  • BRANDY:
    "Paystone is a terrible company to work for, they and they are only as big as they are now because they had money to through around. They thin..." Read More
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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.

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 1 review 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 payment processing
Paystone offers a variety of payment processing services

Is the BBB Rating for Paystone Accurate?

Better Business Bureau Profile

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BBB Summary

Product & Service Complaints 3
Billing & Collection Complaints 1
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

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. 3 of the complaints were due to a problem with a product or service, and 1 was a billing or collections issue. 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 1 informal review on its BBB profile, which was negative. One recent negative review describes unexpected fees at the end of a contract:

**************************************************. I used their POS when I started my business 5 years ago and I paid for the machine. Once I paid the machine in full, they offered a “free” upgrade, and I confirmed many times whether it’s free and they kept saying yes it’s free. So I upgraded it, only to find out that when I close my business, I have to return the machine at my own cost or otherwise, they will keep billing me! Beware businesses out there, please confirm with them when it’s free that you don’t have to return it at your own cost! Get them to do it in writing, or otherwise DO NOT upgrade ****************************** They took our machine that we paid in full, and make us return the machine that they said was free. Very *********** dishonest, very sad to see such company behaving this way. The Agent that got us set up was *************** dishonest, kept saying that it’s free when it’s not. Had we known this, we wouldn’t upgrade as the other machine worked just fine. Hope this review is helpful so no one out there will fall into their tricks like we did, and search for other companies that are more honest. Do not use Paystone!

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.

How Expensive is Paystone?

Rates, Fees, and Contract Terms

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Cost Summary

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 virtual terminal
Paystone offers a variety of e-commerce solutions, including its virtual terminal

Does Paystone Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

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 Define 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.

Does Paystone Deserve Your Business?

Review Summary & Our Thoughts

Clear Pricing for Merchants Across All Industries

Paystone’s commitment to offering clear pricing of its rates, fees, and other costs as well as its providing solutions to merchants across industries from retailers to non-profits makes the company a viable option for most merchants. The company’s use of Talech POS systems offers another comprehensive option for merchants in the retail and restaurant sectors as well. Furthermore, its in-store and e-commerce merchant contracts can be optimized to include features like online invoicing and additional POS enhancements which can aid in inventory management and other tasks. These factors make Paystone a highly rated merchant account provider.

5-Star Rated Paystone Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

Phillip’s Processor Comparisons

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What Others Are Saying About Paystone

Customer & Employee Reviews

One Response

  1. Paystone is a terrible company to work for, they and they are only as big as they are now because they had money to through around. They think about money first and about the customer second

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