Based in Guaynabo, Puerto Rico, PayTech Corporation (paytechco.com) is a small but growing merchant account provider that provides payment processing solutions for businesses located in the U.S. and in Puerto Rico. The company was founded in 2004 and has since acquired offices in Texas, Florida, and the U.S. Virgin Islands. PayTech’s traditional payment solutions are provided through partnerships with Vantiv, Global Payments, First Data, and TSYS. The company is headquartered at 1353 Ave Luis Vigoreaux, PMB 531, Guaynabo, Puerto Rico 00966-2715. Its website does not list an acquiring bank, but it is likely that the company has multiple such partnerships. Candido Alfonso is listed as the CEO of PayTech Corporation.
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
PayTech appears to primarily market its services through telemarketing and through its website. The company has announced its specific intention to cater to the Latino business community, citing its Puerto Rico base of operations and bilingual staff as valuable assets. There is currently only one PayTech negative review that cites deceptive sales practices by the company’s agents. This complaint, which does not appear to be especially reliable, was filed on Ripoff Report and received a professional rebuttal from the company. Although we are not inclined to factor this complaint into the company’s rating for this category, we also are unable to find reliable information elsewhere about how PayTech markets its services to merchants. We will therefore award the company an “A” at this time.
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
There is very little public information about PayTech’s costs and contract terms, and there are currently no complaints about excessive or undisclosed fees imposed by the company. PayTech resells the merchant accounts of multiple providers, meaning that its contract terms are likely to be similar if not identical to those in a TSYS, Global Payments, First Data, or Vantiv contract. The standard contracts for these companies can vary but are generally known to be multiyear agreements with early termination fees. PCI compliance and other costs may also vary between these providers.
PayTech’s proprietary software and web solutions are likely to come with their own rate structures, which are not available for review on the PayTech website. If you have any knowledge of the standard PayTech contract, please share that information in the comment section of this review.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||No|
|Most Common Complaint||N/A|
Because PayTech is fairly small and has a relatively generic business name, it is difficult to locate complaints that have explicitly been filed against the company. The few complaints that are available are of questionable reliability and may be related to end-user problems rather than merchant issues. At this time, there is not a significant enough body of complaints to draw any solid conclusions about the the company’s customer support and complaint history. We are therefore awarding PayTech an “A” in this category. Merchants should note that PayTech prefers to conduct its customer support via a ticket submission system rather than via live communication.
Key Points - BBB
|Product & Service Complaints||0|
|Billing & Collection Complaints||2|
|Advertising & Sales Complaints||2|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
PayTech is not an accredited business of the Better Business Bureau and is currently showing an “F” rating due to its response to four complaints in the last three years. Of these complaints, two were related to billing and collection disputes, while two had to do with advertising or sales issues. PayTech resolved one of these complaints successfully, failed to resolve another, and did not respond to the BBB regarding the other two complaints. Given the fact that PayTech managed to resolve one complaint through the BBB, it appears that the company is aware that the profile exists and is seemingly uninterested in resolving the other issues. Despite PayTech’s low complaint volume, we are inclined to adjust its BBB rating to a “C-” in light of its resolution rate.
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About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
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