Payment Nerds Review

Pros

• Month-to-month contracts available
• Competitive flat-rate pricing
• Friendly to high-risk businesses & startups
• Accept payments in multiple currencies
• Accounts come with a dedicated account manager

Cons

• Company website lacks specifics (such as pricing for hardware & add-ons)
• Free hardware may require a term commitment
• Very few user reviews
• Limited self-help resources

What Is Payment Nerds?

Payment Nerds offers merchant accounts and payment gateways for a wide range of low-risk, medium-risk, and high-risk businesses. Payment Nerds provides merchant services for businesses at any stage of growth, from startups that need basic processing services to enterprises requiring custom payment solutions.

Payment Nerds is not a direct processor. It connects merchants with acquiring banks, processors, gateways, and other payment technology based on their industry and risk profile.

Payment Nerds was founded by Shawn Silver of PaymentCloud, one of our favorite high-risk merchant account providers.

Products & Services

Payment Nerds supports in-person, online, mobile, recurring, ACH, and international payments, with features varying by merchant account and integration.

Fees & Rates

Payment Nerds publishes starting transaction rates and offers multiple pricing structures, including flat-rate and interchange-plus options.

With that being said, Payment Nerds does not disclose every fee you might incur.

Pricing Overview

Your transaction fee will vary depending on your company’s risk profile (see “Monthly Plans” below).

Note that the above transaction fee ranges apply to domestic US cards. A company rep confirmed that eCommerce transactions are charged at the same rate as in-person transactions, as long as the eCommerce sale is US-based.

Payment Nerds advertises free-terminal offers, but the associated hardware lease or service commitment may vary. Merchants can also ask about purchasing compatible equipment outright.

Monthly Plans

Payment Nerds says it does not charge a standard monthly processing fee, though gateway, software, network, bank, or add-on fees may apply depending on the account.

Notably, Payment Nerds discloses its transaction fees for high-risk merchants, which is something the vast majority of high-risk processors do not do.

The transaction fees Payment Nerds charges for low-risk businesses are competitive, while the fees for startups are higher.

Payment Nerds also offers cash-discount and credit card surcharge plans, though the website doesn’t provide pricing specifics for those plans.

Extra Costs

Certain fees, such as ACH transaction fees, are not disclosed on the company’s website. Neither are POS hardware and software fees disclosed.

Payment Nerds does not charge a setup fee, annual fee, or PCI compliance fee.

Sales & Advertising Transparency

Payment Nerds publishes starting transaction rates and explains its general contract options. However, hardware pricing, gateway fees, ACH costs, add-ons, reserve requirements, and partner-bank fees are not clearly listed. Merchants will need a customized quote to understand the full cost.

Contract Length & Early Termination Fee

Payment Nerds offers month-to-month contracts with no early termination fee as standard. This is an excellent policy, especially in the high-risk space. However, as mentioned, the company does offer a “free” terminal for new merchants, which typically means you will be on the hook for a long-term contract if you accept the equipment.

A company rep did confirm that they offer terminal leases and that the terminal lease contract length varies. We recommend you avoid leasing a payment terminal under any circumstances (from any merchant services provider, not just Payment Nerds) and opt to purchase your equipment outright or source it yourself.

Customer Service & Technical Support

According to merchant testimonials, as well as our experience with the company, Payment Nerds’ customer support agents are courteous, knowledgeable, and able to resolve problems quickly.

Payment Nerds advertises 24/7 support and assigns merchants a dedicated support contact. Depending on the issue, technical assistance may also come from the gateway, processor, or acquiring bank supporting the account.

One area where Payment Nerds is lacking is self-help resources. There is no knowledgebase and only one video on their YouTube channel, which provides a brief overview of their services.

We appreciate that the company sets all of its merchants up with a dedicated account manager to whom they can turn if/when problems arise.

User Reviews

Payment Nerds has a very limited independent review footprint. Its Trustpilot profile currently includes five reviews. The small sample is not enough to establish a reliable overall pattern.

Negative Reviews & Complaints

Though negative reviews are few, here’s what users didn’t like about Payment Nerds:

• High processing rates for startups
• No live chat support option
• Issues with completing the application

Positive Reviews & Testimonials

In addition to the handful of user reviews on third-party sites, the company does have a few testimonials posted on the “About” page of its website.

Users praised:

• High-quality customer support
• Fast approval process
• Competitive rates

Final Verdict Of Payment Nerds

Payment Nerds is a promising option for businesses that need customized merchant services, particularly startups and merchants in high-risk industries. It publishes starting transaction rates, supports multiple pricing models and integrations, and offers month-to-month contract options.

However, many costs and account terms are only available through a customized quote, and the company has a very limited independent review history. Merchants should compare offers, confirm whether hardware is purchased or leased, and review all bank, gateway, reserve, renewal, and cancellation terms before signing.