Redstone Payment Solutions Review

Redstone Payment Solutions offers a variety of merchant electronic payment services to businesses of all sizes, providing comprehensive solutions. Redstone strives to improve payment processes for its clients by utilizing advanced technology to boost efficiency and customer satisfaction. The company offers an assortment of payment processing choices, such as credit and debit card transactions, ACH and e-check processing, and mobile payments, to meet the diverse requirements of contemporary businesses. Lets read more about Redstone Payment Solutions Review.

Company Background

Redstone Payment Solutions was established with the goal of streamlining payment processing and aiding businesses in boosting profitability. Since beginning, the company has expanded greatly, handling more than $2 billion in merchant volume every year. The company has a long history of focusing on innovation and customer service, making it a dependable choice for businesses in need of effective payment options.

The Petru family, highly experienced in credit card processing, leads Redstone Payment Solutions. Larry Petru, together with Gary and Tim Petru, has played a key role in driving the company’s expansion and upholding its commitment to customer-oriented services. Their leadership and industry expertise have been pivotal in establishing Redstone as a trusted name in the payment processing sector.

Redstone Payment Solutions is built on the core values of honesty, integrity, and customer service. The company’s mission is to educate merchants on innovative payment processing solutions while helping them avoid unnecessary fees and increase profitability. This mission is reflected in the company’s commitment to providing transparent and efficient services to its clients.

Redstone Payment Solutions’ headquarters is located at 10406 Lake Rd., Suite 200 in Houston, Texas. The company serves a wide variety of businesses throughout the United States from this central hub. By having a strong operational infrastructure and using cutting-edge technology, Redstone makes sure it can cater to the payment processing requirements of a wide range of clients, from small businesses to large companies.

Products and Services

Redstone Payment Solutions offers a wide range of products and services designed to meet the diverse needs of businesses. With advanced technology and a comprehensive suite of payment processing options, Redstone aims to streamline operations and enhance the customer experience.

Redstone provides robust payment processing services, including credit and debit card processing. This allows businesses to accept a variety of card types from their customers, ensuring a smooth and efficient transaction process. Additionally, Redstone offers ACH (Automated Clearing House) and e-check transactions, enabling secure electronic payments directly from customers’ bank accounts.

Online, Mobile, and In-Person Payments

Redstone supports multiple payment methods to cater to the needs of different business models. Whether a business operates online, in-person, or on-the-go, Redstone’s payment solutions ensure that transactions are seamless and secure. The company facilitates online payments through e-commerce integration, mobile payments via smartphone apps, and in-person payments with advanced POS systems.

Point of Sale (POS) Solutions

Redstone provides cutting-edge Point of Sale solutions in collaboration with Clover. The Clover POS systems are created to meet different business requirements, offering versatility and effectiveness. The selection consists of portable devices such as Clover Flex, smartphone-compatible Clover Go, NFC and EMV-enabled Clover Mini, and the all-inclusive Clover Station with a touch screen for in-person transactions.

Features and Benefits

The Clover POS systems come with numerous features, such as inventory management, employee tracking, sales reporting, and secure transaction processing. These features help businesses manage their operations effectively and provide a superior customer experience.

Additional Services

Redstone Payment Solutions also offers a variety of additional services to support business growth and efficiency. Virtual terminals allow businesses to process payments from any internet-enabled device, while mobile card readers enable on-the-go transactions. Gift cards and loyalty programs help businesses attract and retain customers by offering personalized discounts and rewards.

EBT Fleet Cards

For businesses involved in transportation and delivery services, Redstone provides EBT fleet cards. These cards manage vehicle-related expenses and are accepted at numerous fuel stations, making it easier for companies to track and control their fleet expenses.

Merchant Cash Advances

Redstone also provides merchant cash advances, giving fast funding to businesses with no requirement for personal collateral. This service aids companies in handling their cash flow and investing in growth opportunities, offering adaptable repayment plans determined by revenue.

Redstone Payment Solutions offers a wide range of products and services that can help businesses improve their payment processing capabilities and reach operational excellence.

Technology and Security

Redstone Payment Solutions places a strong emphasis on technology and security to ensure that businesses can process payments safely and efficiently. By implementing advanced fraud prevention tools, PCI compliance assistance, and robust data security measures, Redstone aims to protect both merchants and their customers from potential threats.

Fraud Prevention Tools

Redstone Payment Solutions employs a variety of fraud prevention tools to safeguard transactions and minimize the risk of fraudulent activities. These tools include real-time transaction monitoring, which helps detect and prevent suspicious activities as they occur. Additionally, the company uses advanced encryption technologies to secure sensitive payment data during transmission, ensuring that it cannot be intercepted or misused by malicious actors. Fraud detection algorithms and machine learning models are also utilized to identify patterns and anomalies that could indicate fraudulent behavior, providing an extra layer of protection for merchants.

PCI Compliance Assistance

Achieving and maintaining PCI (Payment Card Industry) compliance is crucial for any business that handles credit card transactions. Redstone Payment Solutions offers comprehensive assistance to help businesses navigate the complex requirements of PCI compliance. This includes guidance on meeting the necessary standards for data security and protection, as well as access to an Approved Scanning Vendor (ASV) who can conduct regular security scans to identify vulnerabilities. By providing these resources, Redstone ensures that its clients can achieve and maintain compliance with PCI DSS (Data Security Standard), thereby reducing the risk of data breaches and enhancing overall security.

Data Security Measures and Breach Protection

Data security is a top priority for Redstone Payment Solutions. The company employs multiple layers of security measures to protect sensitive information from unauthorized access and breaches. These methods involve end-to-end data encryption, protecting information from the starting point to the end destination, and tokenization, which substitutes critical card details with special identifiers usable only within the transaction setting. Furthermore, Redstone enforces strict access controls and conducts regular security audits to guarantee only authorized individuals can access sensitive information. In the event of a security breach, the company has established protocols to quickly identify and mitigate the impact, minimizing potential damage and ensuring a swift recovery.

By leveraging advanced technology and implementing stringent security measures, Redstone Payment Solutions provides a secure payment processing environment that businesses can trust. This commitment to technology and security helps protect merchants and their customers, fostering confidence and reliability in the payment process.

Rates and Fees

Understanding the rates and fees associated with Redstone Payment Solutions is crucial for businesses to manage their expenses effectively. The company’s pricing structure includes several components that merchants should be aware of to avoid unexpected costs.

Overview of Pricing Structure

Redstone Payment Solutions employs a tiered pricing structure, which varies based on the volume of transactions processed by the merchant. This pricing model is designed to provide flexibility and accommodate businesses of different sizes and transaction volumes. However, the details of this structure can significantly impact a merchant’s overall costs.

Monthly Minimum Fees

One of the key aspects of Redstone’s pricing is the monthly minimum fee, set at $40. This fee is charged to ensure that businesses meet a minimum threshold of transaction processing each month. If a business does not reach this minimum, they are still required to pay the $40 fee, which can be a consideration for smaller businesses or those with variable transaction volumes.

Transaction Rates

Redstone offers competitive transaction rates that fluctuate based on the type and volume of transactions. Merchants who handle monthly transactions of up to $50,000 usually face rates of about 2.69% plus $0.19 for swiped transactions and 3.69% plus $0.19 for keyed-in transactions. Businesses that handle over $50,000 per month will enjoy reduced rates of 2.29% plus $0.19 for card-present transactions and 3.29% plus $0.19 for card-not-present transactions. Businesses need to comprehend these rates in order to determine their costs for each transaction.

Early Termination Fees

Redstone Payment Solutions includes early termination fees in their contracts. These fees can be substantial, often around $495 or more, depending on the remaining time left on the contract. This fee is charged if a merchant decides to cancel the service before the contract term ends.

Contract Terms and Conditions

The standard contract term with Redstone is typically three years, with an automatic renewal clause for one to three years. It’s important for merchants to be aware of these terms and the conditions under which they can cancel or renew their contracts to avoid unexpected fees.

Equipment Lease Terms

Merchants using Redstone’s equipment, such as Clover POS systems, are often subject to a non-cancellable 48-month equipment lease term. These leases can cost $4000 or more, which is a significant commitment. Understanding the lease terms and conditions is essential to avoid long-term financial obligations.

Renewal Policies

Redstone’s agreements typically include automatic renewal provisions, typically prolonging the agreement for an additional one to three years unless the merchant submits written notice of termination within a designated timeframe before the agreement’s expiration date. This strategy may result in prolonged financial obligations if not handled with caution.

Businesses can better control their payment processing expenses by comprehending the rates and fees associated with Redstone Payment Solutions.

Customer Support and Service

Redstone Payment Solutions emphasizes robust customer support and service to ensure that businesses have the assistance they need to manage their payment processing effectively. The company provides multiple channels for customer support, including phone support, online forms, and a comprehensive FAQ and knowledge base.

Customer Service Channels

Redstone provides a range of customer service options to accommodate various preferences and requirements. Businesses can contact them directly for immediate assistance via various domestic phone lines and a toll-free number included in their phone support options. Moreover, there is an option to use an online customer service form to submit questions and issues, making it easier for individuals who like to communicate digitally.

Phone Support

Phone support is a critical aspect of Redstone’s customer service strategy. The company provides dedicated support lines during business hours, ensuring that merchants can get timely help for any issues they encounter. This direct line of communication helps resolve problems quickly and efficiently, enhancing the overall customer experience.

Online Forms

For businesses that prefer online communication, Redstone offers an online form for customer support inquiries. This form allows merchants to describe their issues in detail and receive a response from the support team, which is particularly useful for non-urgent matters or when phone lines are busy.

FAQ and Knowledge Base

Redstone has a thorough FAQ section and knowledge base available on their website. This source provides responses to frequently asked questions and comprehensive instructions on utilizing their services and gear. The knowledge base allows merchants to solve problems on their own, decreasing the need for support and speeding up the resolution of typical issues.

Sales Practices and Team

Use of Independent Sales Agents

Redstone Payment Solutions employs independent sales agents to market their services. While this approach allows for a broader reach, it has also led to some issues. Independent agents are sometimes associated with varying levels of experience and training, which can result in inconsistent service and support for merchants.

Telemarketing Practices

Telemarketing is utilized by Redstone as a component of its sales approach. Despite its ability to reach potential clients, telemarketing has also generated numerous complaints. Certain business owners have complained about continual sales calls and forceful strategies, which might be discouraging and affect the image of the company.

Common Complaints and Issues

Despite its strong support structure, Redstone has received some complaints, primarily related to sales practices and contract terms. Merchants have reported issues with undisclosed fees and contract terms, often stemming from the actions of independent sales agents. These complaints highlight the importance of thoroughly reviewing contract details and asking for clarification when necessary.

Overall, Redstone Payment Solutions offers a solid customer support framework, but potential clients should be aware of the issues related to sales practices and ensure they fully understand the terms and conditions before committing.

Customer Reviews and Feedback

Customer reviews for Redstone Payment Solutions present a mixed picture, reflecting both positive experiences and notable concerns.

Overview of Positive Reviews

Numerous favorable reviews praise Redstone Payment Solutions for its cutting-edge technology and wide variety of services offered. Customers often commend the company for its efficient payment processing solutions and the user-friendly design of its Clover POS systems. Small business owners frequently praise the adaptability and usefulness of Redstone’s services, specifically highlighting features such as mobile payments and virtual terminals. Furthermore, the customer support team is praised for being both prompt and supportive.

Common Praises from Customers

Common praises from customers include the ease of integration with existing business systems, the reliability of payment processing, and the extensive support resources available. Users appreciate the fraud prevention tools and the assistance provided in achieving PCI compliance. The overall satisfaction with the technology and security measures implemented by Redstone is a recurrent theme in positive feedback.

Overview of Negative Reviews

Conversely, critical reviews frequently center around the sales methods and contract terms of the business. Certain clients have expressed concerns about undisclosed charges and the intricacy of ending contracts, especially regarding the steep penalties for cancelling early. There are also concerns regarding the pushiness of freelance sales representatives and constant telemarketing phone calls.

Common Complaints and Criticisms

The most common complaints revolve around undisclosed fees, the difficulty in understanding contract terms, and the perceived lack of transparency. Issues with the independent sales agents’ practices, such as not fully disclosing contract details, are frequently mentioned.

Analysis of Review Trends

In general, Redstone Payment Solutions is praised for its strong technological features and helpful customer service, but prospective clients should be wary of the contract terms and sales tactics. It is recommended to carefully examine and comprehend the contract before committing in order to prevent any unexpected situations. The varied feedback highlights how crucial clear communication and transparency are in upholding customer trust and satisfaction.

Pros and Cons

Evaluating the pros and cons of Redstone Payment Solutions helps potential clients understand the benefits and drawbacks of the service, enabling them to make informed decisions.

Pros

Advanced POS Solutions Redstone Payment Solutions offers a variety of advanced Point of Sale (POS) systems, particularly through its partnership with Clover. These systems are designed to cater to different business needs, providing features like inventory management, employee tracking, and detailed sales reporting. The flexibility of choosing between portable devices, smartphone-compatible options, and comprehensive countertop systems allows businesses to select the most suitable solution for their operations.

Comprehensive Range of Services The company offers a wide range of payment processing services, such as credit and debit card processing, ACH and e-check transactions, and mobile payments. Moreover, Redstone also provides support for virtual terminals, mobile card readers, and numerous other instruments that aid in the efficient management of payments for businesses. This complete range of services ensures that businesses, no matter their size, can access all the solutions they require from one provider.

Strong Fraud Prevention Tools Redstone is committed to security, employing robust fraud prevention tools to protect transactions. These include real-time transaction monitoring, advanced encryption technologies, and fraud detection algorithms. The company’s focus on security helps reduce the risk of fraudulent activities, providing peace of mind to merchants.

Cons

High Early Termination Fees One of the significant drawbacks of Redstone Payment Solutions is the high early termination fees associated with their contracts. These fees can be substantial, often around $495 or more, depending on the remaining contract term. This can be a financial burden for businesses that need to cancel their services before the contract ends.

Issues with Independent Sales Agents The use of independent sales agents has led to inconsistent experiences for some customers. Complaints have been raised about aggressive sales tactics, lack of transparency, and insufficient disclosure of contract details by some agents. This can result in misunderstandings and dissatisfaction among clients.

Moderate-to-High Complaint Rate Even though Redstone Payment Solutions has its strong points, it also has a relatively high level of complaints. Typical problems consist of hidden charges, confusing agreement terms, and challenges in terminating services. These grievances underscore the importance of prospective clients carefully examining and comprehending the terms prior to agreeing to the service.

By evaluating the advantages and disadvantages, companies can more effectively determine if Redstone Payment Solutions is suitable for their requirements and matches their expectations.

Competitive Analysis

Redstone Payment Solutions operates in a highly competitive market, contending with top players like Square, PayPal, and Stripe. Each of these competitors offers distinct advantages and drawbacks compared to Redstone.

Comparison with Top Competitors

Square is well-known for its user-friendly interface and fixed pricing, which is why it is a popular choice among small businesses. PayPal provides a strong platform with comprehensive e-commerce integration and worldwide presence. Tech-savvy businesses prefer Stripe due to its advanced API and customization features. Contrary to this, Redstone Payment Solutions differentiates itself by offering a wide range of services designed for different types of businesses, especially with its state-of-the-art Clover POS systems.

Strengths and Weaknesses Relative to Competitors

Strengths: Redstone’s primary strengths lie in its advanced POS solutions and extensive range of services. The flexibility and functionality of the Clover POS systems provide significant advantages for businesses needing robust, customizable payment solutions. Additionally, Redstone’s strong focus on fraud prevention and PCI compliance assistance offers a secure environment for merchants, enhancing trust and reliability.

Weaknesses: However, Redstone’s high early termination fees and the issues associated with its independent sales agents can be significant drawbacks. These aspects can lead to customer dissatisfaction and higher overall costs, making it less appealing compared to competitors with more transparent pricing and sales practices. Additionally, the moderate-to-high complaint rate indicates potential reliability issues that competitors like Square and Stripe manage more effectively with streamlined, user-friendly services and transparent policies.

In conclusion, although Redstone Payment Solutions provides extensive, advanced services, prospective customers should thoroughly consider these benefits in relation to the disadvantages, especially when comparing to rival companies with simpler pricing and sales strategies.

FAQs

What types of businesses does Redstone Payment Solutions serve? Redstone Payment Solutions caters to a wide range of businesses, including retail stores, restaurants, healthcare providers, e-commerce businesses, and service industries. They offer tailored solutions to meet the specific needs of both small and large enterprises.

What are the main features of the Clover POS systems offered by Redstone? The Clover POS systems provided by Redstone include features such as inventory management, employee tracking, sales reporting, secure transaction processing, and mobile compatibility. These systems offer flexibility and advanced functionality to help businesses streamline their operations.

How can I contact Redstone Payment Solutions customer support? Customers can contact Redstone Payment Solutions customer support through multiple channels, including phone support, online customer service forms, and a comprehensive FAQ section on their website. The company provides dedicated support lines to ensure timely assistance.

Conclusion

Redstone Payment Solutions provides thorough payment processing services with state-of-the-art technology and strong security measures. Nevertheless, prospective users need to take note of steep early cancellation penalties and concerns related to independent sales representatives. In general, Redstone is a good choice for companies looking for adaptable and safe payment options, but they should thoroughly examine the terms of the contract.