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SignaPay, established in 2006, is a merchant account provider based in Irving, Texas. The company appears to be a large ISO of Cynergy Data but may also be partnered with Chase Merchant Services, First Data (now Fiserv), and TSYS for its processing networks as well as Clover and Mynt as POS systems. SignaPay acquired PayHub in 2014.
SignaPay offers a range of payment processing solutions, including credit card processing, debit card processing, and ACH processing. They also offer mobile payments and e-commerce solutionsSignaPay processes all major debit and credit cards for most business types. Their services include EMV card readers/swipers, NFC contactless payments, POS solutions, mobile solutions, access to virtual terminals, the PayHub+ payment gateway, and recurring billing.
Point-of-Sale (POS) Systems
SignaPay provides POS systems that can be customized to meet the needs of specific businesses. These systems can help businesses manage inventory, track sales, and streamline operations.
SignaPay’s virtual terminal allows businesses to accept payments over the phone or through mail order. This service is ideal for businesses that do not have a physical location or that offer services remotely.
Gift Card Programs
SignaPay offers gift card programs that allow businesses to create their own branded gift cards. These programs can help businesses increase sales and customer loyalty.
Merchant Cash Advance
SignaPay offers merchant cash advance programs that provide businesses with the capital they need to grow. This type of funding is ideal for businesses that need cash quickly and cannot qualify for traditional bank loans.
SignaPay’s payment gateway allows businesses to accept online payments securely. This service is ideal for e-commerce businesses that need a secure and reliable payment processing solution.
Location & Ownership
SignaPay’s corporate headquarters is located at 4100 W. Royal Lane, Suite 150, Irving, Texas 75063, and the company is a registered ISO of Chesapeake Bank, Kilmarnock, VA; Commercial Bank of California, Irving, CA; Esquire Bank, Jericho, NY; Synovus Bank, Columbus, GA. John R. Martillo is listed as the founder and CEO of SignaPay.
Table of Contents
- Costs & Contract: Offers variable contract terms through…
- Complaints & Service: Complaints number over 15, most of which are in the comment section of…
- BBB Rating: Has an “A+” rating across two profiles and has received 15 complaints and 2 reviews in the past 3 years. The company has…
- Sales & Marketing: Appears to hire independently contracted agents and has…
SignaPay Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Most Common Complaint
Low Complaint Total
We have found over 15 negative SignaPay reviews in the comment section below, some of which accuse the company of being a ripoff or a scam. These SignaPay reviews have been posted with regularity over the past few years, which indicates average performance for the company in this category. None of these SignaPay complaints have received a public response from a company representative. Nearly all complainants mention hidden or excessive fees charged by SignaPay.
SignaPay Lawsuits and Fines
In November of 2015, SignaPay was sued by Priority Payment Systems for copyright infringement. In the matter of Priority Payment Systems, LLC v. SignaPay, Ltd. alleges that the company misappropriated trade secrets after accessing confidential data from the plaintiff’s merchant management systems. Priority Payment Systems asserts that SignaPay used its proprietary information to create their own version of the software.
2019 saw a class-action suit brought against SignaPay by Terry Fabricant. The case was settled out of court and little information is available about it; however, Fabricant is known to bring credit card processors to court over allegations of excessive robocalling.
SignaPay Customer Support Options
The company’s website lists several dedicated support phone numbers, but it’s likely that merchants receive phone support from one of SignaPay’s backend processors. SignaPay’s support options, therefore, do not qualify it as a top-rated payment processor for customer service at this time.
SignaPay Customer Service Number
- (800) 944-1399 – Toll-Free Customer Support
Despite SignaPay’s low complaint total, the consistent complaint rate in the last couple of years and the content of the complaints has lowered its grade to a “B” in this category.
SignaPay BBB Rating and Report
Our Better Business Bureau Profile Assessment
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.
Over 10 Complaints
As of this update, the Better Business Bureau maintains two profiles for SignaPay. The page for the company’s Irving, Texas, headquarters shows an “A+” rating and accreditation since 2008, while the page for the company’s Minnesota location shows accreditation since 2012 and awards the company an “A+” rating. For the sake of simplicity, we will combine the figures found in both profiles. SignaPay is showing a total of 15 complaints. Only 8 of these 15 complaints were resolved by the company to the satisfaction of the merchant. The remaining 7 were resolved to the dissatisfaction of the merchant or received no final response.
What Merchants Say
In addition to the 15 complaints filed on SignaPay’s BBB profile, the company has also received 2 informal reviews. Both reviews are positive. One previous review is from a client who describes being charged for equipment they did not order and bad customer service:
To any and all business owners seeking to use this company for credit card processing stay completely away . They charged our account for equipment we did not ask for , Every transaction they have processed through them there has always been an issue with receiving our funds they have held our money without any reason and used every excuse as to why it was with held escalated the situation with Upper management and they were worse than the people below them . They have caused issues with our Bank and our funds for the last time . Reporting them to the Attorney General and FEDERAL level since their upper management doesn’t have the ability to provide customer service to their customers.
To the company’s credit, the issue behind this review was addressed and resolved. However, to avoid a situation like this, merchants should understand what steps to take to cancel their accounts without incurring such costs.
An “A” Rating Overall
Given the company’s relatively low complaint total, resolution ratio, and attentiveness to complaints and reviews filed against it, we agree with the BBB rating of an “A.”
SignaPay Fees and Rates
A Closer Look at the Contract
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Monthly & Annual Fees
1.00% - 4.99%, variable
SignaPay’s offers services through First Data (Fiserv), Priority Payment Systems, or TSYS. The terms and conditions of each agreement vary. However, they are very transparent.
All of these contracts include a 3-year agreement that automatically renews for at least one year. The agreements through First Data (Fiserv) and Priority Payment Systems include a $495 termination fee, while the TSYS agreement does not explicitly list a termination fee. The First Data (Fiserv) agreement charges an annual fee of $99, an annual PCI compliance fee of $99, and an IRS reporting fee of $2.95 per month. The Priority Payment Systems agreement charges a $25 monthly minimum, an annual fee of $89, and an IRS reporting fee of $2.95 per month.
The TSYS agreement only lists a monthly PCI compliance fee of $6 and an IRS reporting fee of $2.95 per month. Due to the company’s use of independent resellers, it is possible that some of these terms will vary depending on the agent setting up the account and the client’s business type, size, and time in business.
As of March 2021, SignaPay has partnered with equipment company Valor. It appears this will make major changes to the type and cost of equipment available to businesses through SignaPay, though it is unclear exactly what those changes will be at this time.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, SignaPay also dedicates a portion of its website to advertising its virtual terminal and payment gateway services through PayHub+. However, pricing is not disclosed on either of those merchant services. One unique aspect of the PayHub+ gateway is that it allows businesses to charge a service fee to online transactions so that processing costs can be offset. Additional SignaPay rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Cash Discount Program
SignaPay has launched a service called PayLo that allows businesses to offer a discount to customers that pay with cash or, to put it another way, surcharge customers who pay with cards. These surcharges are meant to offset traditional per-transaction fees, theoretically saving a large amount of money for participating merchants. This program comes along at a time when many other processors are beginning to experiment with similar services, so we have yet to see how it actually pans out for participating merchants.
Company Contract Terms
Overall, the company’s terms are slightly less competitive than industry averages and aren’t favorable when compared with the cheapest merchant accounts. We therefore award SignaPay a “C” in this section. We also encourage merchants to check out our list of the providers of the best merchant accounts.
SignaPay Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
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Uses Independent Resellers
Discloses All Important Terms
SignaPay appears to utilize independent resellers to market its services. This practice can often result in an elevated complaint rate for a company, as it is difficult for any business to monitor the conduct of independent sales entities. In the case of SignaPay, we are able to locate a handful of recent SignaPay reviews describing misrepresentation of terms and fees by sales representatives. Complainants claim to not have been informed about the company’s cancellation fee, PCI compliance fees, and downgrade fees before signing up. This does not compare favorably to our list of best credit card processors. If you, too, suspect that SignaPay is charging you undisclosed fees, we recommend seeking a free third-party statement audit.
As of this SignaPay review, SignaPay’s client application is available for download on the company’s website (available in the section above). We advise all business owners to bear in mind that this “application” appears to be, for all intents and purposes, a binding contract that the company will enforce. It is fairly standard for credit card processors to present contracts as “applications” in the credit card processing industry, but rarely is such a document freely available for review. Businesses are encouraged to look this application over and take note of where some fees appear to be disclosed and where others are actually listed. This may prove helpful when reviewing other contracts or applications.
SignaPay Review Summary
Our Final Thoughts and Opinions
Signapay, a small merchant account provider and credit card processing provider, has garnered a few dozen reviews complaining of excessive fees and hidden contract terms. The company’s contract of three years with a one-year automatic renewal while also including a $495 cancellation fee, are unfavorable to business owners. SignaPay’s complaint rate indicates that the company may offer decent customer service but is unable to please complainants who feel that they were duped into a long-term contract. We encourage you to carefully research all contract terms before signing and to compare the company’s pricing to the top overall merchant account providers.
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Customer & Employee ReviewsWhat Others Are Saying About SignaPay