Redstone Payment Solutions: Reviews & Complaints
(855) 777-1007 Company Overview
Founded in 2009, Redstone Payment Solutions is a merchant account provider serving most standard-risk business types. Redstone appears to be a reseller of First Data (now Fiserv) merchant services. The company also advertises Clover as a POS solution.
Redstone Payment Solutions Payment Processing
Redstone Payment Solutions processes payments for most major credit and debit cards. Their services include e-commerce, MOTO, wireless, pay at the pump, cash advance, 24/7 customer support, online reporting, credit card terminals and point-of-sale solutions through Clover, same-day merchant account approvals, EBT, fleet cards, gift and loyalty cards, JCB and Diners cards, check processing, PCI compliance, and fraud protection.
Point-of-Sale Systems
The company offers point-of-sale (POS) systems designed to fit the requirements of different industries, such as retail, hospitality, and e-commerce. These systems help businesses efficiently manage transactions, inventory, and customer data while simplifying the checkout process.
Mobile Payments
Understanding the growing need for mobile payment solutions, Redstone Payment Solutions equips businesses with the ability to accept payments using smartphones and tablets. This capability allows merchants to process transactions on the go and meet customer demands for convenience.
Online Payment Gateways
For online businesses, Redstone Payment Solutions offers secure and dependable online payment gateways that facilitate smooth and safe transactions. These gateways provide e-commerce merchants with the tools to process payments swiftly and securely, ensuring a positive shopping experience for customers.
Fraud Prevention
Security is a crucial aspect for Redstone Payment Solutions, and they offer various fraud prevention tools to help safeguard businesses against fraudulent transactions. These features include address verification and robust encryption to protect sensitive customer information.
Location & Ownership
The company is headquartered at 10406 Lake Rd., Suite 200, Houston, Texas 77070. Redstone Payment Solutions, LLC, is a registered ISO/MSP of Woodforest National Bank, Houston, TX, and Pathward, N.A., Sioux Falls, SD. Larry Petru is listed as the president and CEO of Redstone Payment Solutions. Gary Petru is also listed as president of Redstone Payments on LinkedIn, and Tim Petru is listed as owner.
Table of Contents
- Costs & Contract: Offers a three-year contract with…
- Complaints & Service: Complaints number more than 30 on…
- BBB Rating: Has an “A+” rating with the Better Business Bureau and has received 1 complaint and 11 reviews in the past 3 years. It has been…
- Sales & Marketing: Appears to hire independent sales representatives and has received some…
Redstone Payment Solutions offers many standard payment processing services
Redstone Payment Solutions Customer Reviews
Here's What Their Clients Say
Key Points |
|
|---|---|
| Total Online Complaints | 30+ |
| Live Customer Support | Yes |
| Most Common Complaint | Termination Fees |
| Recent Lawsuits | No |
Moderate-to-High Complaint Total
We are currently able to locate approximately 30 negative Redstone Payment Solutions reviews on this and other non-BBB consumer protection websites, and some of these complaints describe the company as a scam or a ripoff. Common themes among complainants include high early termination fees of $3,000-$5,000, nondisclosure of contract length, fund-holds, and unavailable customer service. The content of these Redstone Payment Solutions complaints has lowered the credit card processor’s grade more so than the number of complaints. If you have your own Redstone Payment Solutions review to make, please do so in the comments below.
Redstone Payment Solutions Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Redstone Payment Solutions. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Redstone Payment Solutions Customer Support Options
The Redstone Payment Solutions website lists a 24/7 dedicated phone number for customer support.
Redstone Payment Solutions Customer Service Numbers
- (855) 777-1007 – Toll-Free General Customer Service
- (800) 311-1225 – Sales
Other Support Options
- Customer support form
However, these channels are not enough to qualify it as a top-rated merchant account provider for customer service.
Redstone Payment Solutions Online Ratings
Here's How They Rate Online
Online Ratings Summary |
|
|---|---|
| BBB Reports | 12 |
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.
Under 5 BBB Complaints
Redstone Payment Solutions has been an accredited business of the Better Business Bureau since 2011 and holds an “A+” rating at the time of this review. The company’s profile is currently showing 1 complaint in the last 36 months.
What Merchants Say
Redstone has received 11 reviews on its BBB profile, 1 of which was negative and 10 positive. The most recent negative review describes poor customer service and unexpected fees:
The local sales agent was quite persistent to get my business, and upon his learning of the poor customer service I received with other providers, he was very assuring that this would be different. I signed up in January and within 1-2 months, I was being charged for fees not included in my quote, and was promised a refund, which never occurred. After several follow-up attempts since to determine how these ongoing extra charges would be resolved, and inquiring into what appeared to be rates overall higher than expected, my issue was never resolved. I only received excuses and untimely email responses, and many times the promise to reply was broken. Fortunately the cancellation process was somewhat easy (I did share the details of my experience with Redstone), although I had to provide proof via earlier email correspondence that any cancellation fees would be waived. In the middle of Summer as an AC company, cancelling with Redstone and finding another provider was certainly not a welcome nor timely task.
Reviewing options for a merchant account that provides top-shelf customer service can help avoid situations like this.
An “A” Performance
Given the content of the complaints, the volume of complaints, and the company’s resolution ratio, we have slightly adjusted the BBB’s rating at this time.
Redstone Payment Solutions Fees, Rates & Costs
A Closer Look at The Contract
Key Points |
|
|---|---|
| Cancellation Penalties | Yes |
| Monthly & Annual Fees | Yes |
| Processing Rates | Variable |
| Equipment Leasing | Yes |
Exorbitant Early Termination Fees
According to the Redstone Payment Solutions Program Guide, the standard Redstone Payment Solutions rates and contract involve a 3-year agreement with automatic renewal for one to three years. Though no rates are specified, they may resemble First Data (Fiserv) rates since they are a reseller. Under a typical First Data (Fiserv) contract, businesses that process up to $50,000 each month will receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Businesses whose monthly charges exceed $50,000 will receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19.
The contract also features a Liquidated Damages early termination fee. This fee is equal to either $495 or a client’s average monthly costs multiplied by the number of remaining months in the contract, whichever is greater. Multiple business owners report being charged thousands of dollars upon cancellation, confirming that the company does enforce this fee.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Redstone Payment Solutions also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Contract Complaints
Interestingly, some Redstone Payment Solutions reviews on online forums request the right to “only” pay a standard early termination fee of $295 or less. It is a bad sign for a company’s contract terms when clients are requesting to pay a $295 termination fee rather than the one in the contract. Clearly, businesses are more likely to see savings with a top-rated budget merchant account provider.
Additional Rates and Fees
In terms of Redstone Payment Solutions fees, some complaints also mention a monthly minimum fee of $40, but we have not found any specific details regarding the company’s transaction rates. If you have any knowledge of these costs, please share that information in the comment section below this review. We also encourage merchants to check out our list of the providers of the best merchant accounts.
Redstone Payment Solutions equipment is leased through Fiserv’s Clover program
Redstone Payment Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
Key Points |
|
|---|---|
| Uses Independent Resellers | Yes |
| Telemarketing | Yes |
| Misleading Marketing | No |
| Discloses All Important Terms | No |
Several Sales Complaints
Redstone Payment Solutions appears to utilize telemarketing and independent sales agents to market its services. This hiring practice can often produce an untrained, unregulated sales team, which is in turn linked to elevated complaint rates among clients. In this case, we are able to locate multiple Redstone Payment Solutions reviews that mention persistent sales calls and nondisclosure of contract terms by the company’s sales agents, specifically with regard to the company’s contract length and early termination fee. This does not compare favorably to our list of best credit card processors.
Sales Agent Issues
It appears that these issues may stem from the conduct of independent sales agents, as the company itself does not engage in deceptive advertising strategies in its official materials and even provides its program guide online for anyone to view. If you suspect that Redstone Payment Solutions is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
Our Redstone Payment Solutions Review Summary
Our Final Thoughts
Redstone Payment Solutions rates as an average credit card processing 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, but for now, businesses are advised to compare the company’s pricing to top-rated merchant accounts to obtain the best deal.
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How Did Redstone Payment Solutions Treat You?19 Responses
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Cyn
This company is ripping off small business’s. I just paid a garage for fixing my car over the phone with my bank card and was told that there is a fee. I’m thinking an ATM type fee. NO! the fee was $104.00!!! Apparently the fee is 3.78% of the bill which they charged me. The garage explained to me that since they are a small business they cannot afford to eat the fee.
Needless to say I have worked things out with the garage and unfortunately they have lost my business.
How is a small business supposed to survive like that!
Kim Shrom
Great rates and customer service. Good overall experience compared to other processing companies.
CPO
Hi Kim,
Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!
Robert G
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.
Matthew
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.
Lisa
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!!!
Jim
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.
J
likes to spam callers. if they’re already doing that, how are they like when they have you as a customer? avoid.
tracy
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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Are you with Redstone Payment Solutions? Learn how to resolve this complaint.
Stan Conley
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.
Bob Williams
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
Max Mitchell
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!
Roberta
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.
Matt
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 –
The Blind Guy
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.
Amos' BBQ
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
Rich
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.
Joe Mullinax
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
Debbie Davis
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.