Paynet Systems Reviewer's Comments

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Paynet Systems offers a credit card processing service that competes well with some of the higher ranked products. They have lowered their discount fee to 2.19%, which beats out most of their competition.

Average Approval Rating:

Paynet Systems approves 96% of its applicants and does not charge an application fee.

Cost Per Month*:

Paynet Systems has restructured their fee schedule to offer aggressive pricing, including no AVS (Address Verification Fees) and the monthly fee for their Internet merchant account is only $5. They also offer a super low 2.19% discount fee.

Other fees include $10/month for the payment gateway (Skipjack), $.25/transaction, $15 for charge backs and, according to their website, a $10 statement fee. Voice (or telephone) authorization is $0.50/each, which is average.

This is a good system for low volume businesses because you do not have to meet a minimum amount of transactions. So whether you do 500 or 5 transactions you will not be penalized.

Startup Cost:

There are no startup costs for Paynet Systems. This is unique in the credit card processing industry.

Account Setup Time:

Account setup can take as long as seven business days with a standard application; however, they do offer express type set-ups with a faxed signature.

Customer Service:

Paynet Systems delivers excellent customer service. When we called the company we were quickly connected to a courteous and knowledgeable sales associate. We also contacted them through their live chat option and also received helpful assistance.

Internet Based Features:

Paynet Systems offers a merchant account (Paynet Systems is an ISO/MSP of Wells Fargo Bank), a proprietary virtual terminal and a payment gateway though SkipJack. They also offer the Plug’n Play Gateway, shopping carts by Cart Manager and more.

P.O.S./Swiper Based:

Paynet Systems offers point–of–sale terminals, pin/card reader pads, check readers and more.

Summary:

Paynet Systems offers competitive pricing and is a good choice for small businesses, as it does not require a startup fee or a monthly minimum.