Redstone Payment Solutions Review

Redstone Payment Solutions Overview

Redstone Payment Solutions May Have Overcharged You

If you accepted credit cards through Redstone Payment Solutions or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.

First Data Reseller

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‘s merchant services. The company also advertises Clover as a POS solution.

Headquartered in Houston, Texas

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., Concord, California. Larry Petru is listed as the president and CEO of Redstone Payment Solutions.

Redstone Payment Solutions Review Table of Contents

  • 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 3 complaints and 3 reviews in the past 3 years.
  • Sales & Marketing: Redstone Payment Solutions appears to hire independent sales representatives and has received some complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Redstone Payment Solutions
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Products & Services Offered

Types of Businesses Served

  • Retail
  • MOTO
  • Mobile
  • E-commerce
  • Gas station

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Redstone Payment Solutions Rates, Fees, and Costs

Key Points

Swiped Rate 2.69% + $0.19
Keyed-in Rate 3.69% + $0.19
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
Early Termination Fee $495
Monthly Minimum Fee $40
Equipment Lease Cost $4,000+
Equipment Lease Terms 48 Month (locked)

Exorbitant Early Termination Fees

According to the Redstone Payment Solutions Program Guide, the standard Redstone Payment Solutions contract is a 3-year agreement with automatic renewal for one to three years. Though no rates specified, as a reseller, they may resemble First Data’s. Under a typical First Data contract, merchants who 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. Merchants 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.

After the initial term and a Liquidated Damages early termination fee. This fee is equal to either $495 or a merchant’s average monthly costs multiplied by the number of remaining months in the contract, whichever is greater. Multiple merchants 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 that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. 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 complainants have taken to online forums to 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 merchants are requesting to pay a $295 termination fee rather than the one in the contract. Clearly, merchants are more likely to see savings with a top budget merchant account provider.

Additional Rates and 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.

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Response from Redstone Payment Solutions

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Redstone Payment Solutions Complaints & Customer Reviews

Key Points

Total Online Complaints 30+
Live Customer Support Yes
Most Common Complaint Termination Fees

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 complaints has lowered the credit card processor’s grade more so than the number of complaints.

Redstone Payment Solutions Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Redstone Payment Solutions. Dissatisfied merchants 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 dedicated phone number for customer support. However, these channels are not enough to qualify it as a top-rated merchant account provider for customer service.

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Response from Redstone Payment Solutions

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Redstone Payment Solutions BBB Rating Summary

Key Points - BBB

Product & Service Complaints 2
Billing & Collection Complaints 1
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery 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.

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. Of its 4 merchant complaints,1 is regarding a billing and collection dispute and 2 have to do with product and service problems. All 3 complaints have been resolved to the merchants’ satisfaction.

What Merchants Say

In addition to those 3 complaints, Redstone has also received 3 negative reviews on its BBB profile, which describes poor customer service:

Terrible, terrible customer service. Every time we call, we get the runaround. “Wrong department, you need to call this number.” No, we don’t handle that, you’ll have to call someone else.” “That isn’t our fault.” “Not our problem” Several times over the many years we’ve been using them, we’ve had chargebacks. Every time, they’ve sent the notice to the wrong address. Our physical location is rural. We don’t get mail here. We have asked them EVERY time to change the address to our PO Box. Our statements come to our PO Box. I don’t understand why anything else from them wold not come to the same address. We found out about the most recent one when trying to reconcile our bank account where they had removed funds without notifying us because, once again, they sent it to our physical address and we never got it. We only found out about it by contacting our bank. When we called Redstone, after being transferred and referred to multiple other departments (who all claim it was a different department’s fault), we were basically told it’s already been closed so tough #@*! We are looking for another processing company and would not recommend these crooks to anyone for any reason!

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.

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Response from Redstone Payment Solutions

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates 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 merchants. In this case, we are able to locate multiple Redstone Payment Solutions complaints 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.

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.

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Response from Redstone Payment Solutions

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Redstone Payment Solutions Marketing Example

Redstone Payment Solutions logo

Our Opinion of Redstone Payment Solutions

An Average Option

Redstone Payment Solutions rates as an average merchant services 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, merchants are advised to compare the company’s pricing to top-rated merchant accounts to obtain the best deal.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,567,184 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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18 Reviews Leave Your Review for Redstone Payment Solutions Below

  1. Kim Shrom says:

    Great rates and customer service. Good overall experience compared to other processing companies.

    1. CPO Admin says:

      Hi Kim,

      Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!

  2. Robert G says:

    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.

  3. Matthew says:

    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.

  4. Lisa says:

    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!!!

    1. Jim says:

      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.

  5. J says:

    likes to spam callers. if they’re already doing that, how are they like when they have you as a customer? avoid.

  6. tracy says:

    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

    Are you with Redstone Payment Solutions? Learn how to resolve this complaint.

  7. Stan Conley says:

    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.

    1. Bob Williams says:

      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

  8. 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!

  9. Roberta says:

    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.

  10. Matt says:

    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 –

  11. The Blind Guy says:

    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.

  12. Amos' BBQ says:

    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

  13. Rich says:

    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.

  14. Joe Mullinax says:

    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

  15. 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.

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