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…
|No set-up fee
|Early termination fee up to $495
|24/7 support in English and Spanish
|Three year contract with auto-renewal
|Services for low and high-risk businesses
|Complaints about hidden fees
|Interchange plus pricing available
|Public pricing not disclosed
|Offers a cash discount program (PayLo)
|Uses independent sales agents
SignaPay Customer Reviews
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 Online Ratings
Here's How They Rate Online
SignaPay Rating Analysis
SignaPay has an average customer review rating of 2.33/5 stars on the Better Business Bureau (BBB) website, based on 6 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.
Scam artists. These guys are playing a shell game and I got played. Do not let them into your office. Stupidly, I gave out way too much information and now I have had to cut up all my debit cards and cancel current checking account to keep from mounting charges for services I do not have. Biggest mistake in my 25 years of small business operation. – Review from October 30, 2023
I sold my business at the end of June 2023. They charged my account $59.44, which should not have been charged. I contacted the person who handled my account and he said that they were going to refund the money to my account, but they never did. – Complaint from September 19, 2023
There are no positive reviews published about SignaPay on the Better Business Bureau website.
Source: Better Business Bureau
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.
I had to return the credit card machine, but they still charged me $825. It’s so frustrating! I don’t understand why they would do that. I called their customer service, but they were no help at all. They just kept saying that it was my fault and that I should have read the fine print. But honestly, who reads all that stuff? I thought returning the machine would be a simple process, but apparently not. I’m really disappointed with SignaPay and I won’t be using their services again. – Complaint from A. Daniel
I signed up for the service in June, but not even a week later, I called to cancel the service. The person I talked to said it’s fine, they see that I’m not using the service and they will cancel my account. Recently, I realized that they never canceled the account. It’s been almost a year now and I’ve been getting charged. I called SignaPay’s customer service and they told me they can’t give me a refund, even though their system shows that I never used their services. – Complaint from A. Schaden
There are no positive reviews published about SignaPay on the ComplaintsBoard.com website.
SignaPay Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees
|1.00% - 4.99%, variable
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 Employee Reviews & Sales Tacitcs
Should You Work For Them?
|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.
Copyright © 2024 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.