SPECIALIZES IN B-TO-B
DEDICATED CARDFELLOW REP
ACCEPTS HIGH RISK
First National Bank of Omaha, Wells Fargo
In this PaymentSpring review, we’ll take a look at the company’s services, reputation, and costs to help you determine if it’s a good fit for your business’ processing needs.
PaymentSpring is a collaboration between two other companies – Nelnet and Firespring. While started by Firespring, the company was acquired by Nelnet and relaunched in 2017. Student loan borrowers may know Nelnet, one of the largest student loan servicers. Firespring operates as a design and development firm. PaymentSpring is a registered independent sales organization of First National Bank of Omaha and Wells Fargo.
PaymentSpring offers payment processing capabilities for in-person transactions using a mobile card reader or online with its gateway solution.
The mobile payment app is available for both Android and Apple devices, and includes an online dashboard for viewing transaction details. You’ll also have the option to email a receipt to your customers at the time of purchase. PaymentSpring offers this video showing the mobile acceptance option:
The online option allows you the choice of using the Checkout Widget to create a checkout form without programming knowledge. You’ll create the form by answering a few questions, and will then be able to accept both one-time and recurring payments from either credit cards or ACH transfers.
PaymentSpring also offers Gravity Forms and WooCommerce plugins to help you integrate online payment acceptance into your website. If you’d prefer to send invoices to clients, you can create and send electronic invoices that customers can pay online directly from their invoice. You can choose whether to accept partial payments or require full payment.
No matter how you take payments, PaymentSpring boasts that most transactions will be deposited into your account within 2 business days.
For businesses concerned about security, PaymentSpring boasts end-to-end encryption as well as tokenization and a secure card-storage vault to keep recurring billing card information safe.
PaymentSpring offers flat rate pricing, similar to companies like Square or Stripe. As of 2018, costs are as follows:
(with mobile reader)
|Card-Not-Present and Keyed Transactions|
|Per-Transaction Fee:||2.75%*||2.9% + 30 cents|
* For most Visa, Mastercard, and Discover transactions. PaymentSpring’s website states that American Express and “other select cards” will cost 2.9% + 30 cents per transaction. We reached out to Payment Spring to inquire which “other cards” will be charged at the more expensive rate, and were told that it includes business cards and other "specialized programs." Additionally, cards that are key-entered will be charged at the 2.9% + 30 cents rate.
PaymentSpring also states that businesses processing more than $10,000/month in cards and non-profit organizations may be eligible for special rates.
If you’d like to accept ACH transfers direct from a customer’s bank account, PaymentSpring charges 0.8% per transaction.
While the fees are similar to Square and Stripe, one thing to note is that PaymentSpring uses monthly discounting, meaning they will deduct your processing fees the following month for the previous months’ transactions instead of taking the fees before depositing your funds. Monthly discounting is typically easier to reconcile and preferred by many businesses.
PaymentSpring provides a free magnetic strip mobile reader or you can purchase an EMV chip card reader for $59. If you need additional magnetic strip readers, you can purchase them for $20 each.
For online payments, the company offers its own PaymentSpring gateway and several plugins for integrating with websites.
While PaymentSpring has been around for several years, it doesn’t have a lot of reviews available. The company has an official Facebook page which boasts 5 perfect (5-star) reviews, but none include text commentary to explain the rating and at least two of the reviews are from users who list parent company Firespring as their employer.
PaymentSpring, LLC has a Better Business Bureau profile with an A+ rating, but there are no reviews (positive or negative) to shed light on how businesses feel about working with the company. There are currently no formal complaints lodged with the BBB, either.
Given the lack of firsthand information about PaymentSpring’s services, we’d love to hear from anyone who uses PaymentSpring currently or has worked with them in the past. Is that you? Leave a review!
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