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Paystone Review

Phillip Parker
Phillip Parker

I was tired of watching unethical merchant services companies take advantage of unsuspecting business owners, so I built this website and wrote hundreds of reviews to expose their shady business practices.

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Paystone Overview

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Rating

4.75/5
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4.75/5
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Formerly Known as Zomaron

Headquartered in Ontario, Canada, Paystone is a merchant account provider that offers in-person, wireless, fundraising and online payment solutions aimed at retailers, restaurants, and non-profit organizations. The company 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 of Canada for its processing network. The company also advertises Talech as a POS solution.

Acquisition of DataCandy and Consequent 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.

Paystone Location and 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 has received fewer than 10 public complaints.
  • BBB Rating: Paystone has an “A+” rating and has received 2 complaints 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.
  • Rates & Fees: How Merchants Got The Best Rates With Paystone.
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Paystone Rates, Fees, and Costs

Paystone Rates, Fees, and Costs

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

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.

 

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Paystone BBB Rating Summary

BBB Summary

Product & Service Complaints 0
Billing & Collection Complaints 2
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 10 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 2 complaints in the last 3 years which both have to do with billing or collection disputes. Each of the 2 complaints was either resolved to the merchant’s dissatisfaction or did not receive a final evaluation from the merchant.

An “A” Performance

In light of the company’s low complaint volume, we agree with the BBB’s rating.

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Truth In Marketing & Advertising

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.

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, it’s 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 employers 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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Sales & Marketing Example

Our Opinion Of Paystone

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Clear Pricing for Merchants Across All Industries

Paystone’s commitment to offering clear pricing of its rates, fees, and other costs as well as 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.

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Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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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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