Overview
Redstone Payment Solutions (redstonepaymentsolutions.com) is a merchant account provider serving most standard risk business types. Redstone appears to be a reseller of First Data‘s merchant services. Founded in 2009, the company is headquartered at 10406 Lake Rd., Suite 200, Houston, Texas 77070. Redstone Payment Solutions, LLC, is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California. Larry Petru is listed as the president and CEO of Redstone Payment Solutions.
Key Points
- Sales & Marketing: Redstone Payment Solutions appears to hire independent sales representatives and has received some complaints about its sales practices.
- Costs & Contract: Redstone Payment Solutions offers a three-year contract with a liquidated damages early termination fee.
- Complaints & Service: Redstone Payment Solutions has received more than 30 public complaints.
- BBB Rating: Redstone Payment Solutions has an “A+” rating with the Better Business Bureau and has received 18 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Redstone Payment Solutions
Response from Redstone Payment Solutions
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Redstone Payment Solutions Bottom Line
Redstone Payment Solutions rates as an average merchant account provider according to our rating system. The company has a low complaint rate that is roughly proportionate to its size and time in business, but the content of these complaints seems to indicate that it charges a very high early termination fee. Additionally, the company has seen an increase in complaints in the last year or two, which is a negative trend. Redstone Payment’s overall rating may improve or diminish as more information is confirmed about its contract terms.
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Hi, I’m Phillip Parker and I believe that the merchant account industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. I created this website to help you avoid the bad players, save money on fees, and get peace of mind with your merchant account. If you would like to help support my work, check out my cost analysis service. I can evaluate your statement and tell you exactly how much you're overpaying for your merchant account. Get more information here.
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Great rates and customer service. Good overall experience compared to other processing companies.
Hi Kim,
Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!
Should’ve stayed with our other charge card service.
The salesman on the phone quoted a fantastic rate. I told him I would be selling the business in about a year. I knew the buyer had their own vendors and likely wouldn’t need my merchant credit card processing provider. I expressed that objection to the Redstone salesman, saying I didn’t want to pay any cancellation or early termination fees because of this, so we probably shouldn’t sign up with a new provider (Redstone). The Redstone salesman told me that would be no problem; I wouldn’t have to worry about any termination fees.
About two months ago, after a heated conversation about their promises, they cut us off, and we couldn’t do any charges. Now, they want $4000.00 in fees. They are telling me to pay or they’ll destroy my credit rating. I deeply regret having any relationship with Redstone. I’m old and trying to retire. I’ve worked very hard for anything I have. Redstone doesn’t keep their word. I don’t recommend them and if I had it to do over, I wouldn’t have anything to do with them. If I could give them fewer stars, I would.
One of the worst processing companies out there. How this website gave them 3 out of 4 stars is beyond me. They have a $4,000 cancellation fee. They have rates that are over 4%. Stay far far away from this company.
Wow….Redstone has taken a lot of money from people…including me!!! In order to talk to anyone on the phone you have to go through numerous telephone prompts to push 1 for…. Push 2 for… And so on and so on. When you do finally get to talk to someone they are extremely rude and want to talk over you the entire time you are trying to discuss your complaint with them!! I’m not one to write a negative review but I have nothing good to same about this company!!! I called them to discuss an early cancellation of my contract and they said it would be almost $1700.00. They also said I would have to send in a written letter of cancellation. Just a few days after this conversation they decided just to withdraw the money from my account without me even knowing. I would not recommend them to anyone!!!
My account was also slammed by Redstone for $ 1,656.00. I was not able to contact Customer Service for problems with my machine. I made 30-40 calls with the same response and being rerouted to the beginning of the recording every time. I finally made contact (via email) and did receive a call back. I ONLY wanted to inquire about the termination process and was threatened by them. Redstone reps are extremely rude – just plain nasty!! I was told if I terminated service they would charge me $ 1,656.00. At NO TIME did say, indicate, tell them to discontinue service. As a matter of fact I told them I did NOT want to discontinue service, but Redstone (behind my back & without my authorization) slammed my account for
$ 1,656.00 and “THEY” discontinued their service with me. If anyone calls or mentions Redstone Payment Solutions don’t walk away…..RUN!!! Take my advise – use any other processor than this one.
likes to spam callers. if they’re already doing that, how are they like when they have you as a customer? avoid.
after being with them for 3 1/2 years when I went to cancel the auto renew puts you in a contract perpetually so you have to pay a fee. $500 for 8 months of contract I am not using. The variable rates for charges are impossible to keep up with or argue. So glad Paypal & Square are showing what credit card processing fees SHOULD look like. All these behind the scenes fees should be an embarrassment to credit card companies. Good riddance
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Why?? Why would anyone do business with this company?!? I do believe the testimonies above regarding good service and such. However, it is so very clear that these guys would never fully disclose their early cancellation fee or NO ONE would sign up! We cancelled four months shy of our agreed upon term and we were charged an early termination fee of $2,600.00!! Seriously? This is clearly a good reason to not sigh up with Redstone. You never know what might happen and if you go out of business, or get a significantly lower rate and cancel with them, they put it to you. When they (or any other processor) tells you the cancellation is $495.00 simply ask them to show you in writing and to explain any other “stipulation” that could cost you more at cancellation. There are just to many otherprocessors out there who have a great product, service and no cancellation fee to mess with these guys.
Are you kidding me? Fine print there as so many unknowns that they hide. If your not a scientist in the way this works they rip you off
My business has used Redstone Payment Solutions for years and we have always received consistently stellar customer service. Every department from their technical support team to their merchant funding program has been practically effortless to work with. We get regular solicitations from other processors promising to save us money. I have used several processors in the past and the customer service has usually been a nightmare until we switched to RPS. I have absolutely no intention to ever switch again!
Higher rates than competitors prompted me to contact Redstone. They reduced my rates but not enough to make a difference. Then I received a letter telling me my rates would be going up and if I disagreed that I could terminate their service contract. I got what I hope is a better company but Redstone won’t let go. Rude, aggressive acct manager has called me several times because I let them charge me the minimum of $40. Now they have charged my acct $700 for acct closure. This is a low class company with low class tactics.
This Company is to be avoided- as customers for several loyal years- they use every means
to try and hold back payments for monthes and tie up your money of which you have no
recourse – you will be imprisoned –
An absolute rip off. Do not do business with these guys seemed very helpful at first but once I told them I was going somewhere else for my processing they billed me $495 for cancellation fees I had not received any equipment nor had I processed even 1 transaction. I told them not to send me any equipment they did anyway (which I refused) to try to justify the cancellation fees.
Redstone got me for $4300 dollars. I don’t know if I’ll be able to recoup it or not as it just happened yesterday
Redstone Payment solutions is quite the scam. Our original contract was with Woodforest whom Redstone acquired. When the switch took place our business account was a nighmare. Deposits werent matching, debit cards werent being credited. If you call them, they say they will look into it and call you back. They never call back. We were losing hundreds of dollars every month. We finally switched companies only to find out that Redstone had deducted 4995.00 out of our bank account as a termination fee. We never signed a contract with Redstone. Woodforest said their termination fee was $495.00. These people need to be looked in to.
I signed up with Red Stone in January of 2010. I must say I have switched merchants before but this was the smoothest, easiest , convenient and pleasant experience I have had. The agent was punctual, professional, she did not try to sell me new equipment I did not need but saved me 1500 $$ a year. I stayed with this company in spite of other merchants wanting my business because I had NO problems and if I had a question I called my agent and she always returned my phone call promptly. I would recommend Redstone for any new or existing business needing these services.
A Satisfied Customer
Joe Mullinax
Our RV dealership had signed on with Redstone Payment Solutions of Houston, Texas for our credit card processing in April of 2009 for a three year contract which ended in April 2012. In August 2012 our business had decided to change our credit card processing to another company whose fees and cost of doing business with were less than those of Redstone’s. The new credit card processing company would reimburse us for the usual and customary termination fee of up to $295. On November 9, 2012, our accountant was reconciling our monthly business for September and found that the amount of $3365.00 had been withdrawn from our account by Redstone Payment Solutions. The last credit card transaction through Redstone was on August 28, 2012. I contacted Redstone Payment Solutions and initially spoke with Sarah Feurguson who referred me to a man by the name of Jason, who is in charge of determining termination fees. Jason indicated to me that our account automatically renewed for an additional 3 years. There was no indication that an automatic renewal was pending as of April 2012 in any statements from December 2011 through April 2012, only that there were new upcoming fees that would be implemented soon. Evidently it is not a business practice of Redstone Payment Solutions to advise their customers of additional 3 year contract renewal. In talking to Sekurecard Services, in their credit card process experience they have never seen such extremely excessive termination fees slammed on a business for “liquidated damages” or a contract renewal without advance notification. Good Times Unlimited requests a settlement to address the formal complaints with a return of funds to our account in the amount of $3070 resulting in a termination fee paid to Redstone Payment Solutions of $295.