PayKings is a registered ISO of WestAmerica Bank that specializes in providing payment solutions for high-risk merchants. It is based out of St. Petersburg, Florida, and was founded in 2011. The company offers credit card processing, mobile payment processing, retail & swipe terminals, and related services with rates that vary according to the risk profile of each client.
|Swipe Rate||1.00% - 4.99%+|
|Keyed-in Rate||1.00% - 4.99%+|
|Early Termination Fee||Undisclosed|
PayKings is a medium-sized merchant account provider that specializes in servicing the unique needs of high-risk clients. It markets its service as a solution for merchants working in industries like:
- Debt collection
PayKings follows a variable pricing model. Its rates vary based on the risk profile of your business. It may also ask you to leave a cash reserve on-hand with them if your payments are especially risky. Given the variable pricing structure employed by PayKings, it can be difficult to ascertain exactly what your fees will look like without contacting them directly.
The few reviews that are available for PayKings are a mixed bag. Clients who were approved by the company’s bank underwriters seem to enjoy their interactions with PayKings. Those who weren’t approved have complained about the excessive demands and delays they experienced during the application process.
PayKings Pros & Cons
PayKings Products & Services
eCommerce Credit and Debit Card Processing
PayKings offers credit and debit card processing with multiple options for payment gateways. It claims to provide support for all types of shopping carts as well as free payment plugin modules. With this, the company also provides its clients with payment management and oversight features such as:
- Chargeback alerts
- Payment monitoring
Mobile Payment Processing
Merchants who accept mobile payments shouldn’t have much of a problem with PayKings. The company markets its mobile payment processing service as one that’s capable of seamless transfers between consumer and merchant accounts. There no have been complaints made about PayKing’s mobile payment processing, so its claims appear to be fairly accurate.
Retail, Swipe, and Terminals
PayKings will also set your company up with terminals and the functionality to perform retail brick-and-mortar transactions. Its terminals accept all major credit and debit cards, as well as ApplePay, ACH, and checks. The company also offers real-time reporting features, chargeback management tools, POS equipment leases, and free terminal solutions.
PayKings Advertising & Sales
PayKings uses independent sales agents to market its products to merchants. This is sometimes correlated with a high rate of consumer complaints. But, at least so far, that hasn’t been the case for PayKings.
However, the company’s advertising practices can be a bit deceptive. It run ads that say its rates begin at 1% for standard-risk merchants and 2.49% for high-risk merchants. But there’s no reason to believe that your rates will be anywhere near this number. That’s because PayKings employs a variable rate model, which means its fees can fluctuate significantly from one client to another.
Truth in Marketing
|Advertises Deceptive Rates||Yes|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
PayKings Pricing, Rates & Fees
PayKings uses something called a variable interchange-plus pricing model. Essentially, this means that your fees with them will be calculated on a per-transaction basis. This is generally a good model for merchants, as it makes it projected your costs a rather straightforward process.
But you’ll need more information from PayKings before you’re able to do that. You can’t know what your rate will be until you contact them directly and begin the application process. This can be a major annoyance for merchants who were hoping to quickly compare the fees they would incur at the providers they’re considering.
Ultimately, the price that PayKings charges you will depend on the risk profile of your business. This is determined by the company’s underwriters ad is based on factors like the industry that you operate in and your transaction history.
Pricing At A Glance
|Pricing Model||Interchange Plus|
|Swiped Rate||1.00% - 4.99%+|
|Keyed-in Rate||1.00% - 4.99%+|
|Mobile Payment Rate||1.00% - 4.99%+|
|Virtual Terminal Rate||1.00% - 4.99%+|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||Undisclosed|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||Undisclosed|
|Address Verification Service (AVS)|
|Account Setup Fee||Free|
|Gateway Setup Fee||$0|
PayKings Contract & Terms
PayKings offers prospective clients very little information as to what an average contract with the company looks like. Its messaging indicates contractual terms can fluctuate based on the unique profile of every merchant. So once again, you will need to contact them directly and go through the application process in order to figure out what your contract with PayKings might look like.
Keep in mind, merchants who have an especially high-risk profile will likely need to accept more restrictive contract terms than those with standard-risk levels. At PayKings, this will mean paying a higher fee per transaction, having to keep cash-on-hand with the company, or both of these limitations.
PayKings Setup & Support
PayKings is also fairly vague about what setting up a new account with the company looks like. It simply suggests that interested merchants reach out to them directly. The PayKins will then ask you for some information about your company and will get you started with the setup process. But it’s hard to say whether you’ll encounter any fees or stringent requirements during this time. As the company makes none of that information public.
PayKings does seem to have a solid support team. The company provides clients with both a dedicated account manager and domestic phone support during business hours. However, it doesn’t offer any after-hours support and have no staff directory that you can access online.
PayKings Complaints, Ratings & Reviews
PayKings has received a total of 10 reviews through the Better Business Bureau. Seven of those reviews can be classified as positive while three are negative.
The company’s positive reviews cite pleasant account setup experiences and helpful customer service. But negative reviews criticize PayKing for its unclear application process and high fees.
Consumer opinion seems to be split on the basis of whether or not the merchant was approved by PayKing’s underwriter. Those who were approved seem to leave positive reviews, while those who weren’t seem to leave negative ones.
That being said, ultimately, there are currently too few reviews to say anything definitive about the quality of the company.
|BBB||NR, PayKings is not BBB Accredited. (10 customer reviews ; 0 customer complaints)|
|4.5 Stars / 25 Reviews|
|2.6 Stars. Based on the opinion of 5 people|
|Total Online Reviews||<50|
|Total Online Complaints||<10|