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Paystri Review

Paystri Overview

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Rating

4.5/5
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(978) 744 9090

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Rating:
4.5/5
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(978) 744 9090

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Formerly Known as “Merchant Consulting Group”

Founded in 2005, Paystri is a merchant account provider that serves most standard business types. The company operated under the name “Merchant Consulting Group” until 2018, when it rebranded to Paystri. Despite its baking-themed branding, the company also resells First Data and Clover products for merchants outside of the restaurant industry.

Paystri Location and Ownership

Paystri is headquartered at 201 Washington St #214, Salem, Massachusetts 01970, and is a registered ISO of Wells Fargo Bank, N.A., Concord, CA. Jonathan Arst is the CEO of Paystri. In December 2019, Pineapple Payments announced a strategic partnership and acquisition of Paystri’s portfolio. Brian Shanahan is the CEO of Pineapple Payments.

Paystri Review Table of Contents

  • Costs & Contract: Paystri appears to offer variable contract terms depending on each merchant’s business type and processing history. Alternatively, merchants can choose a month-to-month contract.
  • Complaints & Service: Paystri has received fewer than 10 public complaints.
  • BBB Rating: Paystri currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the last 3 years.
  • Sales & Marketing: Paystri hires independent sales agents and has received some complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Paystri
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Paystri Rates, Fees, and Costs

Paystri Rates, Fees, and Costs

Cost Summary

Swiped Rate 2.60%
Keyed-In Rate 3.25% + $0.15
Early Termination Fee Variable
PCI Compliance Fee $16
Equipment Lease Terms $39

Paystri Contract Terms

There is no publicly available information about the standard Paystri contract at this time. As a First Data reseller, it is likely that the company’s standard pricing is similar to that offered by First Data. First Data tends to provide a basic contract of three years with an early termination fee of up to $495 and a built-in equipment lease through First Data Global Leasing.

Paystri-On-The-Go Pricing

The company’s mobile payment processing option, Paystri-On-The-Go, appears to offer a Clover Go device with custom pricing. This plan is intended for merchants processing under $12,000 per month and charges $16 per month, 2.60% per swiped transaction, 3.25% plus $0.15 per keyed-in transaction, and $39 for the card reader.

Industry-Average Terms

We have located a few Paystri complaints that describe higher-than-expected fees, and the company’s pricing appears to be roughly standard for the industry. Given these factors, it is unlikely that Paystri’s contract terms are competitive with the cheapest merchant accounts.

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Paystri BBB Rating Summary

BBB Summary

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

Clean Complaint Record

Paystri currently has an “A+” rating with the Better Business Bureau and has been BBB-accredited since 2008. The company has received 0 complaints in the past 36 months.The company has not received any informal reviews either.

An “A” Performance

Given the company’s low complaint total, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Inside/Outside Sales Team

Paystri appears to rely on a combination of telemarketing, independent sales agents, and an in-house sales team to market its products. The use of independent sales agents is typically linked to elevated complaint rates, and we have located a handful of Paystri complaints that mention undisclosed contract terms, incomplete documentation, and misrepresented costs. We have also found a number of complaints from former Merchant Consulting Group agents that describe poor agent support and dishonest training practices.

No Misleading Quotes

Paystri does not appear to list any misleading rate quotes or unrealistic guarantees in its official materials. If you suspect that Paystri is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

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Sales & Marketing Example

Our Opinion Of Paystri

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Solid Option for Most Merchants

According to all available information, Paystri rates as a dependable merchant services provider. The company’s sales approach and contract terms appear to be about average for the industry, but its complaint total remains low. Even when dealing with companies that rate highly by our standards, we urge merchants to thoroughly examine the terms of any contract they are given and to compare its pricing to top-rated merchant accounts.

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About Phillip Parker

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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