PaySimple Review

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Review of: PaySimple

Reviewed by:
Rating:
3.5
On September 14, 2012
Last modified:October 4, 2012

Summary:

PaySimple has a strong small business focus and offer a processing solution in the form of a virtual gateway terminal that can also be used for e-commerce. Their payment software, called “the system” is the only solution they offer so potential clients looking for a more traditional credit card terminal should look elsewhere.

PaySimple

PaySimple was founded in 2005 and is headquartered out of Denver, Colorado. They are a registered ISO/MSP of First National Bank of Omaha. They have a strong small business focus and offer a processing solution in the form of a virtual gateway terminal that can also be used for e-commerce. Their payment software, called “the system” is the only solution they offer so potential clients looking for a more traditional credit card terminal should look elsewhere.

PaySimple is accredited with the Better Business Bureau and has an A rating with them. Over the past three years, they’ve had a total of six complaints filed against them with three closed within the past 12 months. All of the complaints were resolved with a response that the Better Business Bureau felt was satisfactory. Three complaints cited advertising/sales issues, two cited problems with product/service, and one cited billing/ collection issues. Six complaints over the past three years is a very low number and it’s surprising to see that they have an A rating instead of an A+. PaySimple does not allow anyone to read the complaints filed against them so the quality of the complaints instead of the quantity might explain why their rating is an A instead of an A+. Other complaint boards had few complaints filed and most cited PaySimple’s risk department holding their clients funds. With so much fraud in the credit card processing industry, this is unfortunately a common problem.

As stated above, PaySimple offers only one processing solution with their virtual gateway terminal. While this does keep things “simple” it also might be a little too simple. The problem is, whenever e-commerce/telephone order merchants are using the same system as retail swiped merchants, the rates and pricing suffer. Swiped rates are almost always lower than keyed rates, but when you get a bundled package like PaySimple offers, they rates have to be averaged together and the result is a rate that is a lot higher than a business could find elsewhere. Also, even though the virtual terminal is PaySimples one focus, which leads to a great end user experience with good support, it also seems like they’re potentially losing customers who want a more traditional solution.

PaySimples rates and fees for credit and debit card processing are unusually high. For one, their virtual gateway terminal comes with a $34.95 monthly service fee. $34.95 monthly is about $30 more than any small business should be paying for their monthly service fee. Most merchant service providers that have a high monthly fee make up for it in lower transaction fees, unfortunately PaySimple does not follow that trend. They offer a 2.39% and $0.29 transaction fee.

   

 

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