PaymentCloud Review

Pros

• No application or account setup fees
• Reasonable rates and fees
• No monthly minimum for low-risk merchants
• Free credit card terminal available
• Few public complaints

Cons

• No publicly disclosed pricing

What Is PaymentCloud?

PaymentCloud Inc. is a merchant services provider that serves low, medium, and high-risk businesses. The company specializes in providing merchant accounts to mid and high-risk businesses. PaymentCloud’s merchants are mostly based in the US.

The company offers fair pricing and contract terms, as well as a minimum of additional recurring fees, and has built an excellent reputation within the payments industry. In fact, other providers, such as Stripe and Dharma Merchant Services, now refer businesses that have been turned down for an account to PaymentCloud.

PaymentCloud earns an enviable score of 4.5 out of 5 stars, qualifying it for our list of the best high-risk merchant account providers.

Why We Recommend PaymentCloud

Products & Services

Like most high-risk merchant account providers, PaymentCloud is not a direct processor. Instead, PaymentCloud partners with numerous banks and processors to maximize your odds for initial approval and ongoing account stability. PaymentCloud is a registered ISO/MSP of BMO Harris Bank, Chesapeake Bank, Esquire Bank, Merrick Bank, and several others. Partnered processors include EMS (Electronic Merchant Services), Elavon, EVO Payments, Global Payments, PaySafe, and more.

Determining the best combination of bank and processor for your specific industry and business situation is one of the primary services PaymentCloud provides. Let’s take a closer look at more of the products and services PaymentCloud offers.

PaymentCloud Fees, Rates & Pricing

No pricing information can currently be found on PaymentCloud’s website. This practice is common among many merchant account providers, especially those serving high-risk sectors. Prices are highly variable and will differ from one merchant to the next. The processing rates and account fees you’ll incur will depend on your business’s type, processing history, sales volume, credit history, and other factors.

Although specific rates are not disclosed, PaymentCloud offers both tiered pricing and interchange-plus pricing models. Regardless of what you’re initially offered, we strongly encourage you to obtain an interchange-plus quote, if possible. Most merchants will save money in the long run with interchange-plus, and you’ll also have a better idea of how much your provider charges you over the interchange costs that are part of any credit or debit card transaction.

With PaymentCloud, rates and fees are negotiable. Below, we’ve gathered some sample pricing you might encounter, including a few costs that are simply ranges or averages. Use our information as a jumping-off point for understanding how pricing works with PaymentCloud. Also, keep in mind that interchange-plus rates are the amount you pay per transaction on top of the raw wholesale cost.

Sales & Advertising Transparency

Your first impression of PaymentCloud will likely come from its website, which has a professional appearance and is easy to navigate. Unfortunately, you won’t find specific pricing disclosures. However, you’ll find more information about credit card terminals and POS systems than was previously available. You’ll also find detailed explanations of accepted industries and why those particular business types are classified as high-risk. PaymentCloud’s social media presence has gradually been increasing as well.

In speaking with PaymentCloud about some issues with the website, I learned that a complete redesign is on the horizon, so we’ll keep an eye out. However, what we’d like to see is more pricing transparency. While we’re slightly more lenient in this regard for high-risk providers due to the inevitable rate variation, we’re still looking for good educational materials about pricing structures, the types of fees you’ll encounter — anything that publicly indicates PaymentCloud is open and honest about costs, even for high-risk merchants.

Like many other merchant service providers, PaymentCloud relies heavily on independent sales agents. Independent agents in the processing industry have a well-deserved poor reputation for high-pressure sales tactics and deception regarding contract terms and fees. That said, there are currently no patterns of complaints about the company’s sales practices to be found in online PaymentCloud reviews posted by users. That indicates that PaymentCloud provides good supervision and tracking of independent agents.

Contract Length & Early Termination Fee

PaymentCloud doesn’t publicly disclose the Merchant Application or Terms and Conditions sections of its contracts. Different contracts are likely used depending on which processor and bank you’re set up with, so expect some variation in contract terms. High-risk merchants need to carefully read and understand every word of the contract, including the fine print!

Low-risk accounts are set up on month-to-month plans with PaymentCloud. You should also receive a copy of a signed waiver of any early termination fee (ETF) that comes with the standard contract from your back-end processor. The ETF is a fee (usually about $300-$600) that you’d have to pay if you breach your agreement by closing your account before the end of the contract term.

High-risk merchants are typically required to sign long-term contracts with any merchant account provider. Apparently, some high-risk merchants are eligible for month-to-month plans with certain processors in PaymentCloud’s network, so it doesn’t hurt to ask if this is possible. Otherwise, the standard term for a high-risk account with PaymentCloud is two years (lower than the three-year industry standard). You can expect an automatic renewal clause that extends the contract for successive one-year periods.

We don’t like ETFs, but as a high-risk merchant, you’ll probably have this fee in your contract. However, you may still be able to get the ETF waived or lowered with PaymentCloud. Just be sure you understand the conditions of implementing this waiver, as some other portion of your deal may be sacrificed in return. If the ETF remains in place, follow the instructions for closing your account to the letter to avoid this penalty if you need to cancel.

Customer Service & Technical Support

Your dedicated account manager is your main point of contact with PaymentCloud. This person acts as your ongoing advocate and negotiator. Having a single point of contact within the company is particularly useful for high-risk merchants, as they often experience a higher rate of technical problems, chargebacks, and other issues than low-risk merchants.

If your account manager isn’t available, you can also reach either the West Coast or East Coast office between 7 AM and 6 PM Pacific Time. For after-hours problems or issues with your bank, processor, gateway, etc., you can use the direct 24/7 tech support lines for those parties. Authorize.Net, in particular, is known for good-quality tech support, which is a big reason PaymentCloud prefers this gateway for its merchants. PaymentCloud itself also provides a general tech support email address that can be used to raise support issues, but you may not hear back until the next business day.

By way of self-help resources, PaymentCloud has recently added an FAQ to the website. The descriptions of individual industries and their common high-risk issues are also helpful. However, we’d still like to see these resources greatly expanded in the future. With a wealth of specialized knowledge and experience in the high-risk and eCommerce sectors, the PaymentCloud website could easily become an invaluable information hub for these merchants.

PaymentCloud Merchant Services Reviews & Complaints

Negative PaymentCloud Reviews & Complaints

PaymentCloud is not accredited by the BBB but has a B+ rating. The company has received six complaints, with five of them being filed within the last twelve months. Unfortunately, all six complaints erroneously accuse the company of withholding funds from transactions. PaymentCloud has responded in good faith to all of these complaints but was unable to resolve them due to the complaining merchants’ stubborn refusal to accept that the company doesn’t have control over this situation.

Let’s be clear: PaymentCloud doesn’t have your money. In fact, it doesn’t get paid either while your transaction is being held. Your back-end processor has your money, and you’ll have to contact that company directly to resolve the issue. Please read our article on account holds, freezes, and terminations to learn how this process works.

On Trustpilot, PaymentCloud has an average rating of 4.4 out of 5 stars based on 406 reviews. While there are a fair number of low reviews, fully 82% of the merchants who responded gave the company a 5-star rating.

Overall, PaymentCloud has much less negative feedback than the average merchant services provider, and we found no sign of common problems to watch out for. Scattered complaints with the company’s pricing appear to result from merchants not understanding that high-risk payment processing is inherently much more expensive than it is for low-risk businesses, regardless of which provider you sign up with.

Positive PaymentCloud Reviews & Testimonials

We’ve received a steady stream of (mostly) positive feedback about PaymentCloud from our readers since this review was first published. One commenter praised the company even though it couldn’t place his business, which is almost unheard of in the credit card processing world. While it’s apparent that the company actively solicits testimonials from its merchants, the endorsements we’ve received have all been thoughtful and well-written.

PaymentCloud reviews from merchants typically mention the company’s expertise, transparency, and persistence in assisting high-risk merchants. Customer support is described as prompt, thorough, and easy to work with.

Final Verdict

PaymentCloud offers dependable service at a reasonable price. With strong praise from customers and recommendations from Dharma Merchant Services and Stripe, we have no problem recommending PaymentCloud for your high-risk business. The company’s main strength is its hands-on advocacy and guidance provided for merchants both during and after onboarding.

PaymentCloud works tirelessly to present high-risk businesses in the best possible light to underwriters while maintaining a sense of transparency that keeps merchants in touch with the reality of their situations. Because PaymentCloud works closely with so many banks and back-end processors, you’ll already have a better chance of approval than with many competing merchant account providers.

PaymentCloud earns an overall score of 4.5 out of 5 stars. However, we’d still like to see more pricing transparency for low-risk merchants and more extensive educational materials on the PaymentCloud website. PaymentCloud is an excellent provider for high-risk and eCommerce merchants, but we always recommend that you shop around and compare quotes from several providers before making a decision.

Be sure to check out our favorite offshore merchant account providers if you’re unable to land a domestic high-risk merchant account.

Common Questions About PaymentCloud

The Merchant Maverick Seal of Approval 🏆

PaymentCloud	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see PaymentCloud for yourself.

The Merchant Maverick Seal of Approval 🏆

PaymentCloud	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see PaymentCloud for yourself.

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