Marketing
Though we found nothing misleading or deceptive, we would not say PayVector is strong in terms of marketing. Its website offers clear, compete information, including a thorough and thoughtful frequently asked question section. We also liked that the site was filled with gimmicks. It has a “What’s New” section, which aims to provide updates and news, has provided any new information since May 2015.
Although the site’s marketing message is honest and straightforward, it is clear that they are making little effort to promote themselves. PayVector is not active on social media. Its Facebook page has been disabled and it has tweeted since 2016. Its LinkedIn page is simple and offers much of the same information you can find on its website.
Honesty
Overall, we find PayVector to be honest and transparent. We found it a breath of fresh air to quickly and easily find PayVector’s Information about pricing and their merchant account partners. Additionally, all of its terms and conditions were available on its site. Though not the easiest read, it does hit all of the basics.
Sales
PayVector has a white-label management platform that allows merchant acquirer and independent sales organizations (ISOs) to sell its payment gateway services as their own. In addition to allowing acquirers and ISOs customize the gateway to match its brand, the white-label platform also allows them to set their own prices for these services. Though white-labeling is a commonly used tactic used in the industry to raise revenue for acquirers and ISOs that want to grow their customer bases, it lead to many customer service problems. To date, this does not appear to be a problem with PayVector.
Staff Education
The staff was knowledgeable and enthusiastic and they really went for the sale. They were able to explain its payment gateway in detail and even had us pull up different pages on its site, so they could walk us through how its system worked. We also appreciated the representatives pointing out its free test account. It was easy to use and a nice tool to offer potential customers. They spoke with conviction and we felt what they said made sense and their words could be trusted. Unfortunately, there reach was limited in terms of fees and contracts because those are handled through its partners.
Staff Interaction
All of our interactions with PayVector were good experiences. The staff was courteous and articulate and no one spent a lot of time passing me from one department to another. Several times, they really went for the sale, encouraging us to allow them to have one of the acquirers reach out to us. They were persistent, but in no way aggressive.
Pricing
PayVector’s payment gateway costs $28 per month or $280 per year with a 12-month contract. These charges do not include taxes. This includes 350 transactions per month. Every transaction over that amount is $0.14 each. Additionally, there are no charges for payment gateway set-up, tokenization, scheduled transactions, or PayByLink.
As for transaction rates and flat-per-transaction fees, the numbers vary. Since PayVector works with many acquirers, what a merchant actually ends up paying for processing is an unknown.
PayVector lists the following price ranges:
- Acquiring rates for e-commerce transactions are 1.5% – 3.25%
- Mail order and telephone transaction rates are between 1.7% – 3.25%
- Card present transactions rates are between 1.5% – 2.75%
However, PayVector notes that card present rates are currently available only to merchants with existing point of sale terminal using one of its acquiring bank partnerships, and subject to compatibility. Furthermore, PayVector points out that all rates depend on “your business circumstances.” We commend PayVector listing these disclaimers in plain sight, right underneath the rates.
It is important to mention that many of its partners, including Global Payments and First Data, do not disclose any pricing information online.
Hardware Costs
As of yet, there are no hardware costs. PayVector is developing a mobile payments solutions and will offer a mobile payment device. There is no date as to when it will be unveiled. Also, no costs are disclosed.
Termination Fees
Since the contract a merchants signs with be with one of PayVector’s acquirers, it will depend on which partner you sign up with whether they charge an early termination or cancellation fee. It appears that there is no fee to cancel PayVector’s payment gateway services.
Complaints
No complaints have been lodged against PayVector. That is not surprising, since it is a payment gateway and not the merchant account provider providing the contract and processing rates. However, we are not sure this provides an accurate picture of any potential customer service complaints or issues. With that in mind, many of the acquirers that PayVector partners with have numerous complaints filed against them.
For instance, the Better Business Bureau lists more than 1,000 complaints filed against PayVector partner, First Data. Many of the complaints were related to poorly functioning equipment, problems trying to end equipment leases, account closures, and misleading sales information and hidden fees. Then, there is payment processing giant, Global Payments. It has a fraction of the complaints that are filed against First Data, but the issues noted are just as valid. Customers have complained about Global Payment’s early termination fee and how expensive its rates are for low-volume merchants. One of its other partners, WorldPay, has quite a few complaints due its hefty $295 early termination fee and its sales agents offering misleading pricing information.
On the other hand, large merchant provider, Barclaycard, has hardly any credible complaints filed against it. Customers have complained about its expensive early cancellation fee, however, that information was part of the terms and conditions that customers signed.
Finally, there are a host of similar complaints, as well as those of high-pressure sales tactics and for agents that failed to disclose additional hidden fees, against its other partners. In our opinion, be cautious. Thoroughly review these acquirers before you move forward with a contract.
