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Payzium Review | Expert & User Reviews
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Note: As of November 2021, the Payzium website appears to be down. We cannot find any indication at this time that the company is still in business, so we will no longer be updating this profile. If you have any information about the status of Payzium, please let us know in the comments below.
A Merchant Processor
Payzium is a merchant account provider that specializes in debit and credit card processing for brick-and-mortar and e-commerce businesses. It was founded in early 2014.
Payzium Payment Processing
Pazyium processes payment for most major debit and credit cards. Its services include equipment leasing, gift card acceptance, loyalty programs, a virtual terminal, a payment gateway, an online shopping cart, and sales reporting for restaurants, nonprofits, retailers, the hospitality industry, healthcare, trade professionals, and other business types.
Payzium Location & Ownership
Payzium lists its address as 848 N. Rainbow Blvd. #1900, Las Vegas, Nevada 89107, but there are numerous references in its ad copy to Canadian merchants and Canadian credit card processing. It is therefore likely that the company either has recently relocated or maintains a separate base of operations in Canada. Payzium does not list an acquiring bank on its website. LinkedIn lists Maurice Verrelli as the president and CEO of Payzium.
Payzium Review Table of Contents
- Costs & Contract: Payzium appears to offer variable contract terms according to each business’s type, location, and history.
- Complaints & Service: Payzium has received no public complaints.
- BBB Rating: Payzium has no rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
- Sales & Marketing: Payzium hires independent sales representatives and has not received any complaints about its sales practices.
Payzium Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
No Complaints Found
We are unable to locate any negative Payzium reviews on any of the usual consumer protection websites, indicating that the company is not a ripoff or a scam. Payzium is still a very new company, so it may take some time before merchant feedback (positive or negative) begins to show up in public forums. To its credit, the company lists a dedicated customer support number on its website, and this number may be partially responsible for its low complaint total. Given the company’s spotless complaint record, we award it an “A” at this time.
Payzium Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Payzium. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Payzium Online Ratings
Here's How They Rate Online
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|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.
Payzium is not accredited with the Better Business Bureau and is currently showing no rating due to the fact that the BBB does not have sufficient information about the company. We will award it a default rating of “A” at this time. Despite this rating, merchants should not utilize the company’s BBB page as a resource until it has had sufficient time to accumulate customer feedback. For more information on why we adjust BBB ratings, please see our rating criteria.
Payzium Fees, Rates & Costs
A Closer Look at The Contract
|Early Termination Fee||Unknown|
|PCI Compliance Fee||Unknown|
|Equipment Lease Terms||Variable|
Little Information on Payzium Contract
There is very little specific information about the standard Payzium contract at this time. The company does not list its rates and fees online, and there are no merchant complaints that mention any contract details. Given that the company promotes a rate of “1.19%” on its website, it’s likely that it generally promotes tiered pricing, but it may offer interchange-plus to certain merchants. The complete lack of public complaints about the company’s pricing seems to indicate that the majority of Payzium’s merchants are satisfied with the rates and fees they are paying, so we will award the company an “A” for the time being. If you have any specific knowledge of the company’s contract terms (including any early termination fees or PCI compliance fees), please leave that information in the comment section below this review. We would also encourage merchants to check out our list of the providers of the best merchant accounts.
Payzium Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Unknown|
|Advertises Deceptive Rates||Yes|
|Discloses All Important Terms||No|
Inside and Outside Sales Teams
Payzium appears to primarily market its services through both inside and outside sales representatives. It is unclear at this time whether the company’s outside reps are independently contracted 1099 employees or simply remote resellers. This is an important distinction because independent agents typically receive a high number of complaints due to the fact that they receive very little oversight or training. We are currently unable to locate any Payzium complaints that describe deception or nondisclosure by the company’s sales team, indicating that the company’s reps are selling in a transparent and forthright manner. This compares favorably to our list of best credit card processors.
Somewhat Misleading Rate Quotes
The Payzium website includes rate quotes that advertise pricing “starting at 1.19%.” This is likely the company’s rate for “Qualified” transactions, and although it may technically be accurate, it makes no mention of the company’s higher “Mid-Qualified” and “Non-Qualified” rates. It is our belief that this form of rate quote is slightly misleading since it could give merchants an unrealistic expectation of the rates they will pay. We have therefore slightly lowered the company’s rating in this section to a “B.”
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