Paynada is a merchant account reseller based out of Plano, Texas. The company uses a surcharge model and advertises little to no fees for their merchant accounts.
Paynada’s current website offers very little information about their POS systems, except that they partner with Fiserv.
James Mincey and Paul Nee are the CEO and president of Paynada, but neither discloses its partners.
Paynada does not openly advertise rates and fees, but we found several complaints online and several reviews.
Paynada does not clearly advertise its credit card processing rates. They employ a surcharge-based pricing system that is not new to the credit card processing world.
Paynada’s pricing is straightforward and simple, but there is zero information about the costs of the POS systems and terminals.
Paynada has not been able to provide merchant account contracts. Business owners should negotiate pricing and contract terms before signing.
Paynada has very few direct complaints, but TranzVia has several serious accusations, including a ripoff and dishonest dealings.
One complaint of shady credit card processing companies is that they continue to charge after a contract period has ended.
There are several very detailed complaints regarding TranzVia and Paynada’s POS systems. These complaints include being charged outrageous rates on equipment and being locked into non-cancellable contracts.
Paynada currently does not maintain a Better Business Bureau page, but TranzVia still maintains a profile that has received 4 complaints.
According to job listings on various job websites, Paynada uses outside sales teams, who are known for manipulative sales tactics.
Paynada does not directly advertise their contract rates and suggests merchants read all legal documentation and contracts thoroughly before signing.
Paynada was brought to our attention by user reports of non-cancellable equipment contracts. However, the extremely barebones website, little contract information, and lingering scathing reports do not inspire confidence.
Please get your facts straight. I love when supposed experts publish information that is totally incorrect. I work at Paynada and WE DO NOT HAVE CONTRACTS. Your biased reporting is very harmful to our company. The reason that we dont picture the POS Systems because we partner with POS PROS as we dont believe one size fits all. Our rates are explained to all customers and prospects. Not sure where you get your info from but you need better sources that will provide you accurate information. Have you even ever seen a Paynada agreement? Maybe read it before you spread this irresponsible rhetoric