Redstone Payment Solutions: Reviews & Complaints
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.
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.
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.
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 Customer Reviews
Here's What Their Clients Say
|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 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
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
|Monthly & Annual Fees||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.
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 Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|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.
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