Pearl Payments Review: Fees, Comparisons, Complaints & Lawsuits

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Pearl Payments

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Developed by Swing Set Labs

Pearl Payments is a payment management software that has been developed to enable a merchant account to automate its recurring payments made by credit card or ACH deposits. Additionally, the company also allows merchants to charge one-time payments. The interface allows users to minimize the amount of time they spend on collections. In addition to automation, Pearl Payments also helps merchants keep their customer’s information up to date and notifies them of missed payments and past-due balances. Pearl Payments was developed by Swing Set Labs.

Pearl Payments Payment Processing

Pearl Payments appears to process most major debit and credit cards through an online portal. Their software also creates reports on payments processed and allows for recurring payments to be set up.

Pearl Payments Location & Ownership

Pearl Payments was developed by Swing Set Labs, which describes itself as a product incubation company powered by Bust Out. Swing Set Labs is headquartered at 514 N Third St, Suite 105, Minneapolis, MN. Pearl lists their headquarters at 5720 LBJ FWY Suite 610 Dallas, TX 75240. The Swing Set Labs headquarters shares its address with Bust Out, whose founder and CEO is Jeff Lin.

Pearl Payments Review Table of Contents

  • Costs & Contract: Pearl Payments charges 2 distinct flat fees for credit card and ACH payments.
  • Complaints & Service: Pearl Payments complaints number fewer than 10 on public complaints forums.
  • BBB Rating: Pearl Payments has an “A+” rating with the Better Business Bureau. The business is not accredited and has had 3 complaints and 0 reviews in the last 3 years.
  • Sales & Marketing: Pearl Payments does not hire independent sales agents and has not received any complaints about its sales practices.
Pearl Payments payment processing

Pearl Payments appears to offer standard payment processing services

Should You Trust Pearl Payments ?

Lawsuits, Reviews & Complaints

Complaint Summary

Total Online Complaints
<10
Live Customer Support
No
Most Common Complaint
N/A

Low Complaint Total

We are not currently able to locate even one negative Pearl Payments review. However, it should be noted that the company shares its name with another Pearl Payments and frequently gets mistakenly reviewed as the other company. The Pearl Payments reviewed in this profile is actively responding to these mistaken Pearl Payment complaint instances.

Pearl Payments Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against Pearl Payments. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Pearl Payments Customer Service Options

Pearl Payments offers limited information to contact customer support through its website. The sole means to contract the company is through a general email address at hello@pearlpayments.com, which itself is not dedicated to customer support alone. This level of service falls short of our expectations of top-rated payment processors for great customer service. While the company’s clean complaint record and legal history reflect well on the company, its limited customer support is the reason why it receives a “B” rating in this category for now.

Is the BBB Rating for Pearl Payments Accurate?

Better Business Bureau Profile

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BBB Summary

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

Low Complaint Total

We are not currently able to locate even one negative Pearl Payments review. However, it should be noted that the company shares its name with another Pearl Payments and frequently gets mistakenly reviewed as the other company. The Pearl Payments reviewed in this profile is actively responding to these mistaken Pearl Payment complaint instances.

Pearl Payments Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against Pearl Payments. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Pearl Payments Customer Service Options

Pearl Payments offers limited information to contact customer support through its website. The sole means to contract the company is through a general email address at hello@pearlpayments.com, which itself is not dedicated to customer support alone. This level of service falls short of our expectations of top-rated payment processors for great customer service. While the company’s clean complaint record and legal history reflect well on the company, its limited customer support is the reason why it receives a “B” rating in this category for now.

Under 5 Complaints

Pearl Payments is not accredited with the Better Business Bureau and currently has an “A+” rating with the BBB. The company has received 3 complaints in the last three years. 1 of the complaints related to products or services, 1 related to billing and collection, and 1 had to do with advertising and sales. 0 of these 3 complaints were resolved by the company to the satisfaction of the merchant. All 3 were resolved to the dissatisfaction of the merchant or received no final response. The company has received no informal reviews to its profile in the last 3 years.

An “A” Performance

Considering the low number of complaints and good resolution rate, we agree with the BBB’s score at this time.

How Expensive is Pearl Payments Service?

Rates, Fees, and Contract Terms

This processor offers the lowest ricing and best service we’ve seen.

Cost Summary

Flat Rate
2.90% + $0.30
ACH Payment Processing Fee
0.8% (Capped at $5)
Early Termination Fee
$495
PCI Compliance Fee
$159
Equipment Lease Terms
N/A

Different Rates for Different Payment Methods

Pearl Payments lists a flat fee of 2.90% plus $0.30 for card transactions along with a 0.8% transaction fee for ACH payments. Transaction fees for ACH payments are also capped at $5. The company’s website does not list any additional contract terms, such as monthly fees, set-up fees, contract length, a PCI compliance fee, or an early termination fee.

No Additional Equipment Necessary

According to the Pearl Payments website, its services are hosted on a virtual terminal. While the company emphasizes a focus on recurring payments, its website also states that it can process one-time payments as well. Using a virtual terminal to process one-time payments eliminates the need for a merchant to enter into a long-term equipment lease as this interface is hosted on a merchant’s computer or through an app on a compatible mobile device.

An “A” Overall

On the basis of all available information, Pearl Payments is awarded an “A” in this category. This determination has been reached due to the company’s clearly disclosed rates for credit card and ACH payments. However, merchants who are considering the service should inquire into the potential for any additional fees.

pearl payments payment gateway

Information on the Pearl Payments payment gateway

Does Pearl Payments Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

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

No Independent Sales Agents

Pearl Payments does not hire independent sales agents or operate an affiliate program. There are no Pearl Payments complaints or online reviews that make mention of any issues with the company’s inside sales practices either. This compares favorably to our list of best credit card processors.

Clear Rates

The Pearl Payments website clearly lists the fees that it charges for both credit card and ACH payments made to merchants. However, the company’s website does not list whether or not merchants utilizing the service must enter into any contract or if there are any additional monthly Pearl Payments fees, set up fees, or early termination fees.

A “B” Overall

Given the company’s clear rate disclosure along with insight into other features its service offers, Pearl Payments receives a “B” in this category. The lack of information about any additional contract terms and fees is the sole reason its grade is not higher.

pearl payments rates

The rates as advertised on the Pearl Payments website

Does Pearl Payments Deserve Your Business?

Review Summary & Our Thoughts

Customer Service Issues?

Pearl Payments is a small merchant services provider offering merchant accounts and credit card processing. Customer complaints are reporting difficult to reach customer service and unexpected fees, most of which have surfaced within the last year. We will continue to monitor this trend in negative reviews and update as new information surgfaces.  Other than these issues, Pearl Payments markets it services towards businesses that charge subscriptions, memberships, or other monthly bills along with traditional POS options. Business owners are advised to fully read their service agreement prior to setting up a merchant account.

comments

Customer & Employee Reviews

What Others Are Saying About Square

7 Responses

  • MIKE SALEH

    DO NOT SIGN-UP, BEWARE!!!!
    THEY ARE FRAUD COMPANY THAT WILL SIGN YOUR LEASE FOR MERCHANT PROCESSING MACHINE WHICH YOU CANNOT CANCEL EARLY. THEY HAD ME LOCKED ON 4 YEAR LEASE FOR A MACHINE THAT I AM NOT USING AND WHEN I CALLED TO CANCEL. THEY SAID I HAVE TO CALL THIRD PARTY TO CANCEL.

    RATES ARE HIGH, MACHINES ARE REALLY SLOW AND NEVER WORKED, AND LOCK YOU INTO PAYING FOR EQUIPMENT BY PUTTING YOU LEASING IT TO YOU.

  • Candace Farris

    BUYER BEWARE! DO NOT USE THIS COMPANY! From not paying our early termination fees as they promised they would, to charging us WAY MORE monthly than we had been paying in processing fees, to not being able to get in touch with anyone, to having to pay early termination fees again to get out of the lease with Ascentium when we finally left Pearl(after paying early termination fees when we left our previous processor that we never received reimbursement for), to being bounced from one employee to another…this company is a nightmare! We ended up being out right around $7,000 in fees and overcharges that they miraculously never could do anything about, although they were “looking into it” the entire time. When we first signed up with them they couldn’t get us a machine that would work. This was right at the beginning of the pandemic. We were charged for 6 months(including non-use fees as we weren’t processing any payments through them). Those 6 months of fees were never reimbursed although it was their fault we couldn’t process during this time! What this company does should be criminal! I should have read reviews on them before we switched. They sent a salesman to our company, we did not seek them out. They were a nightmare from the beginning.

  • Donna Irish

    I have been trying to contact them for my account for weeks. every number including customer service goes to voice mail which is ok but not if they all have full mail boxes. going to stop automatic payment see how fast they get incontact with me then.

  • Debbie Ferguson

    When I started working with Pearl Payments I did not know very much about POS companies or products. After several months I received a Clover mini. This did not work as it was too small. After several more months I finally received an EHopper. Keep in mind, each of these companies use a different credit card processing company. The EHopper was way too big so again, after several months I finally received the E500 Pax. Perfect size, works great.
    The problem is that now one cancelled the credit card processing contracts that went with the Clover and EHopper. Although I had no choice, these companies will not cancel. They are 48months term. I have called Pearl, written Pearl, left voicemails. I have been promised that it will be taken care of, but to date, I am still paying over $300 to credit card processing companies I not longer are using.

    I will be filing a complaint and cancel all business dealing with Pearl.

    DO NOT DO BUSINESS WITH THIS COMPANY! THEY WILL SELL YOU SOMETHING AND THEN IGNORE YOU!

  • Catherine McWhinnie

    Could you help me get in contact with John Sarkisian? Thanks

  • Colin Qian

    This is not an honest company. There are fees that are not disclosed at the agreement signing. They don’t honor what they promise to do like a free trial. Also I just noticed that they could alter the contents of the agreement you signed off. And the worst is their merchant support. For legitimate issues and concerns, they ignore your calls and emails, not willing to help you resolve them.

    • Colin Qian

      This is a follow-up to my review on October 19, 2019.

      I want to commend Mr. John Sarkissian, Director of Operations, for reaching out to me and trying to address my concerns. I got sold a plan that didn’t meet the goal of saving card processing fees using a second payment system at my store. There were also fees that were not communicated to me when I signed up. John was willing to address my concerns. Now I’m on a different plan that he thinks would work for me. For his efforts, I would recommend Pearl Payments. Also I really like the smart terminal they have, Poynt. It is flexible in that it has apps to allow different plans to meet different customers needs.

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Phillip Parker
Phillip Parker
Credit Card Processors
2 min read
7 Comments
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