Paynet Systems Review
Merchant Maverick's Rating: (4 out of 5)
Last Updated: April 30th, 2010.
Overview:
If you've done your research on Paynet Systems, you'll know that they're a subsidiary of Pipeline Data Incorporated, and if you happened to read my review of Charge.com, you'll also know that they too are owned by Pipeline. Judging by my negative findings on Charge.com, I figured I'd get more of the same with Paynet, but fortunately, I was wrong.
Although Paynet has been around since 1999, they've managed to keep the disgruntled customers to a minimum. The true test however will be within the next few years. Pipeline Data pushed to restructure Paynet after its purchase in 2006. Besides a few unhappy merchant's, it looks like they're pretty good for now.
I think their testimonials section definitely needs to be updated with some new merchants.
I like that they have a Facebook page, Twitter account and industry related blog. Both the Facebook page and Twitter profile look like they're active, and so long as they allow for merchants to express their opinions on those profiles, then I think they're serving their purpose. The Paynet blog also has a ton of information, and is frequently updated, so kudos on that one.
Paynet Systems gets a 4 out of 5.
Click Here To Get Started With Paynet Systems
Date Established:
1999.
Location:
Alpharetta, Georgia.
Domain Name(s):
- www.paynetsystems.com.
- www.gopaynet.com.
Parent/Partner Company:
Along with Charge.com, Paynet Systems has been acquired by Pipeline Data Inc. (OTC:PPDA).
Type:
Registered ISO/MSP.
Acquiring Bank(s) (Acquirer):
Wells Fargo Bank.
Payment Processor(s):
Pipeline Data.
Payment Gateway(s):
SecurePay, SkipJack or Plug'n Pay.
Do you need help setting up your payment gateway with your website? Click here.
Trust Symbols:
You can find the Paynet Systems BBB profile here. As of this post they have an "A-" rating with about 12 complaints in the past 36 months.
Negative Reviews:
Paynet has mixed reviews on ePinions, and only one complaint on RipOffReport.com as of this review. I do like that Paynet took the time to post a rebuttal to the ROR (RipOffReport) complaint.
Common Complaints:
- Bad post-approval customer service.
- Withholding of funds. This is usually the third-party processor or the bank's fault.
Verifiable Testimonials/References:
Even though most of Paynet's testimonials have the first and last name of the person in reference, they do not include that merchant's business name making it tough to track them down. I did attempt to contact the ones that I was able to obtain contact info for, but didn't hear back from them.
Security/Privacy:
No third-party security (i.e. McAfee, Verisign or Truste).
Customer Service:
I haven’t dealt with these guys personally so user comments in this area would be great.
Contract Duration:
6-months.
Cancellation Fee:
$75.
Interchange-Plus Pricing:
Paynet does offer interchange-pass-through/interchange-plus pricing for merchant that can provide at least 1-month of processing statements, or are new merchants that anticipate $20K+ in monthly processing volume.
Seasonal Downtime:
Once you've been up and running for at least 6-months, you can then suspend and re-open your account as needed.
Product/Service Offering:
Online/Internet (e-Commerce), Retail, Mobile/Wireless, Phone/Mail.
Product/Service Specialty:
They offer a broad range of services.
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June 25th, 2010 - 10:15
After first transaction, could not get through to customer support. Needed to know if the funds were really going to be in my business account within 48 hours (at 47 hours-business hours) and no funds in my account. Processing with iphone and the receipt did not get to the recipient either! Just called customer service, got put on hold twice, and twice the line was disconnected. We are not starting out very well.
September 10th, 2010 - 09:54
I just tried to use paynet systems for a client and i ran the charge through the first time and it kicked me off the system. So i tried again and the same thing happened. The client ended up paying cash. The next day I get my batch saying it went through twice so I called customer service and they reversed the charges. I check my bank account and they had already deposited the money into my account minus the service fees of over $35.00. The next day they had taken out the money including the service fee. So now I am out $35.00. When I called, they told me the app was having issues and it’s their fault but they will not refund my money to me. So, I am canceling my service with them and am expecting additional charges to do that. Do not go with this company in my opinion.