Beanstream Internet Commerce Review

Merchant Maverick's Rating: (5 out of 5)

Last Updated: March 10th, 2011.

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Overview:
If you're looking for a Canadian merchant account, then Beanstream Internet Commerce looks like a nice fit. They've been in business since 2000, so with over a decade of experience, I'd expect them to know what they're doing. I'd also expect them to have quite a few complaints, but that's not the case.

Beanstream has had 0 complaints with the BBB in the past 36 months, and I personally was only able to find one bad comment about them on the web which is from 2006, so I'm not sure relevant it is anymore. They do, however, seem to have a great overall reputation within the online community. If you run some searches in forums like Webmaster World and WebHosting TALK, you'll find some positive stuff, so check 'em out.

You can find them on LinkedIn, but it would be nice to see a blog or forum on their site as well.

They have a great "Featured Clients" section where you can obviously see that they have some high-end clientele.

Beanstream Internet Commerce gets a 5 out of 5.

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Date Established:
2000.

Location:
Victoria, British Columbia (Canada).

Domain Name(s):

• www.beanstream.com.
• www.lmlpayment.com.

Parent/Partner Company:
Beanstream is a wholly owned subsidiary of LML Payment Systems, Inc. LML purchased Beanstream back in 2007.

Type:
Registered ISO/MSP.

Acquiring Bank(s) (Acquirer):
Wells Fargo Bank.

Payment Processor(s):
First Data, Global Payments, Chase Paymentech, TD (Toronto-Dominion), TSYS (Vital) or Elavon (NOVA).

Payment Gateway(s):
Beanstream uses their own self-branded payment gateway.

Do you need help setting up your payment gateway with your website? Click here.

Trust Symbols:
The Beanstream Internet Commerce BBB profile has a "A+" rating as of this review, with 0 complaints in the last 36-months.

Negative Reviews:
I only found 1 negative comment and that was from 2006, so these guys are pretty damn good in my book.

Common Complaints:
None.

Verifiable Testimonials/References:
One look at the Beanstream "Featured Clients" page, and you'll see a nice list of high-profile clientele.

Security/Privacy:
No on-site security features (i.e. McAfee, Security Metrics etc...). The security issue really depends on what kind of information the merchant account provider is collecting from you. If they require you to fill out a full digital application with sensitive info like SSN numbers, then they should definitely have some third-party security in place. Sometimes, and in the case of Beanstream, the application only requires some basic info, then the real application is taken care of by fax or later on through a secure online app.

Customer Service:
Have you worked with Beanstream Internet Commerce before? Feel free to leave us your user review.

Contract Duration:
No contract duration. Your contract will be month-to-month.

Cancellation Fee:
No cancellation fee.

Interchange-Plus Pricing:
Beanstream does not offer interchange-plus pricing, but for all you Canadian merchants, they have a bundled pricing structure which is basically a flat-fee that you pay each month. U.S. merchants will be placed under a tiered-pricing model, which you know that I generally don't recommend, but I think with a company like Beanstream, you'll get the kind of service necessary to help you understand your true costs prior to signing up, and help understanding your statements once you're signed up.

Seasonal Downtime:
You will be able to temporarily deactivate your account with Beanstream for $10/month.

Product/Service Offering:
Online/e-Commerce, Direct Payments (Debit/Deposit), Online Debit Cards INTERAC.

Product/Service Specialty:
Online Credit Card Processing.

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