SignaPay Review

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.

Payment Processing

SignaPay provides a variety of payment processing solutions, including credit card, debit card, and ACH processing. They support mobile payments and e-commerce transactions, handling all major debit and credit cards for various business types. Their services include EMV card readers and swipers, NFC contactless payments, POS systems, mobile solutions, access to virtual terminals, the PayHub+ payment gateway, and recurring billing.

Point-of-Sale (POS) Systems

SignaPay offers customizable POS systems to meet the specific needs of businesses. These systems assist in managing inventory, tracking sales, and streamlining operations.

Virtual Terminal

SignaPay’s virtual terminal enables businesses to accept payments over the phone or via mail order, making it suitable for those without a physical location or those providing remote services.

Gift Card Programs

SignaPay provides gift card programs that allow businesses to create branded gift cards. These programs are designed to boost sales and enhance customer loyalty.

Merchant Cash Advance

SignaPay offers merchant cash advances, providing businesses with quick access to capital. This funding option is ideal for those who need cash urgently and cannot secure traditional bank loans.

Payment Gateway

SignaPay’s payment gateway facilitates secure online payments, making it an excellent choice for e-commerce businesses requiring a reliable payment processing solution.

Low Complaint Volume

Our investigation has revealed more than 15 negative reviews of SignaPay in the comments section below, with some customers alleging the company’s involvement in fraudulent or deceptive practices. These reviews have been posted intermittently over the past few years, indicating a moderate level of dissatisfaction with the company’s performance in this aspect. Notably, SignaPay has yet to provide public responses to any of these complaints. The majority of grievances center around allegations of undisclosed or excessive fees levied by SignaPay.

Customer Support Channels

SignaPay offers several dedicated support phone numbers on its website, although merchants seeking assistance may interact with one of SignaPay’s backend processors. Consequently, while the company provides avenues for support, its reliance on third-party processors diminishes its standing among the best merchant accounts for customer service.

PaymentPop Rating for SignaPay

Positive Feedback

There are no positive reviews published about SignaPay on the PaymentPop website.

SignaPay BBB Rating

SignaPay has an average customer review rating of 1/5 stars on the Better Business Bureau (BBB) website, based on10 customer reviews. The company has also received 12 customer complaints in the last 3 years, with 8 closed in the last 12 months. The common themes in the reviews and complaints include issues with billing and collection, and dissatisfaction with the services provided.

Positive Feedback

There are no positive reviews published about SignaPay on the Better Business Bureau website.

Trustpilot Rating for SignaPay

SignaPay has a 3.6 out of 5 star rating based on 55 user reviews on Trustpilot.

Yelp Rating for SignaPay

SignaPay has a 2.3 out of 5 star rating based on 7 user review on Yelp.

ComplaintsBoard.com Rating Analysis

SignaPay has received numerous complaints on ComplaintsBoard.com. The common issues reported by customers include technical glitches, unresponsive customer support, hidden fees, and unexpected charges. These problems have led to disrupted payment processing, financial strain, and overall dissatisfaction with SignaPay’s services.

Positive Feedback

There are no positive reviews published about SignaPay on the ComplaintsBoard.com website.

Source: ComplaintsBoard.com

SignaPay Pricing Breakdown

SignaPay provides services through First Data (Fiserv), Priority Payment Systems, or TSYS, each with varying terms and conditions, transparently outlined.

All contracts involve a 3-year commitment automatically renewing for at least one year. The First Data (Fiserv) and Priority Payment Systems agreements entail a $495 termination fee, while the TSYS agreement doesn’t specify a termination fee. The First Data (Fiserv) agreement also includes an annual fee of $99, an annual PCI compliance fee of $99, and a $2.95 monthly IRS reporting fee. Conversely, the Priority Payment Systems agreement features a $25 monthly minimum, an $89 annual fee, and a $2.95 monthly IRS reporting fee.

The TSYS agreement specifies only a $6 monthly PCI compliance fee and a $2.95 monthly IRS reporting fee. Due to the involvement of independent resellers, terms may vary based on the agent setting up the account and the client’s business specifics.

Valor Partnership

In March 2021, SignaPay partnered with equipment company Valor. While the full extent of this collaboration’s impact on equipment availability and costs remains unclear, significant changes are anticipated.

Virtual Terminal and Payment Gateway Pricing

Alongside storefront payment processing, SignaPay advertises virtual terminal and payment gateway services through PayHub+, with undisclosed pricing. Notably, PayHub+ enables businesses to impose service fees on online transactions, offsetting processing costs. Additional rates and fees, encompassing gateway and technical support fees, batch fees, and transaction rates, typically apply to these e-commerce services.

Cash Discount Program

SignaPay introduced PayLo, permitting businesses to offer cash discounts or surcharge card payments, aiming to mitigate traditional per-transaction fees. This initiative coincides with similar industry experiments, yet its efficacy for participating merchants remains to be seen.

Company Contract Terms

SignaPay’s terms, slightly less competitive than industry averages, don’t align favorably with the cheapest merchant accounts. Consequently, SignaPay receives a “C” rating in this aspect. Merchants are encouraged to explore our list of the providers of the best merchant accounts.

In November 2015, SignaPay became embroiled in a lawsuit filed by Priority Payment Systems for alleged copyright infringement. The case, Priority Payment Systems, LLC v. SignaPay, Ltd., revolves around accusations that SignaPay unlawfully accessed and utilized confidential data from Priority Payment Systems’ merchant management systems to develop its own software. Additionally, a lawsuit was initiated against SignaPay in 2019 by Terry Fabricant. Although the details of the settlement remain undisclosed, Fabricant is known for litigating against credit card processors over allegations of excessive robocalling.

Third-Party Resellers

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.

Public Disclosure

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, a small merchant account and credit card processing provider, has amassed a number of complaints, with several dozen reviews citing excessive fees and unclear contract terms. The company’s standard three-year contract includes a one-year automatic renewal clause and a $495 cancellation fee, which many business owners find restrictive and unfavorable. While Signapay’s complaint rate suggests it provides decent customer service, it appears unable to satisfy clients who feel deceived into binding long-term contracts.

Given these issues, it’s crucial for prospective clients to thoroughly research all contract terms before committing to Signapay. Business owners are encouraged to scrutinize the fine print and ensure clarity in the terms, particularly regarding cancellation policies and renewal clauses. Additionally, comparing Signapay’s pricing to that of top-rated merchant account providers can help businesses identify more transparent and competitive solutions that align with their financial goals.