PayByWeb was originally known as ChekDebit and was formed in 1992. Within four years, the company was to change its name to Creative Payment Services until 1999 when it was changed to PayByWeb. This is a company that processes payments for companies of all sizes. They provide Merchant Account, Check Services and Website Services but we will focus on their Merchant Account services in this review.
PayByWeb have a special offer at present where they give new customers a free credit card terminal worth $399 with no monthly fees attached. There is no fee to apply, instant approval guaranteed and the terminal will be shipped to customers within 24 hours. Their debit rate is 1.49% plus $0.25 per transaction. Their Visa/MasterCard rate is 1.79% plus $0.25 per transaction and their monthly service/statement fee is $10.
As the free credit card terminal is wireless, you can take it with you and complete payments on the move! There are a number of credit card processing options available including Wireless/Mobile accounts, iPhone Merchant accounts and Swipe Terminal accounts. Although PayByWeb promises instant approval, it is likely to take around 24 hours which is still excellent service. Once you are approved, you can almost instantly start taking credit card payments from your customers.
PayByWeb’s customer service is certainly acceptable. Although we called and were met by an answering machine, the company did respond to our voicemail query within 24 hours with a well trained salesperson answering our questions in a more than satisfactory manner. Certainly, there are few credit card processing companies that offer more options than PayByWeb. As well as the aforementioned credit cards, merchants are also allowed accept Amex, Discover, Diners Club and JCB cards. Funds can be received from your merchant account on a daily basis though it normally takes two business days. However, there is a special option which allows you to be set up for one day funding.
PayByWeb is not suitable for high risk businesses because the credit card holder needs to be present and the card has to be swiped. This is why the company’s rates are so competitive. Also, you cannot apply for the retail account and use it for a non-retail business. If you are caught doing something like this, you could end up in the Terminated Merchant File which essential means you will never be allowed hold another merchant account in your name.
Although we said that the customer service was acceptable in our case, PayByWeb really needs to have someone who mans the phone lines at all times. Also, there is no toll free number for customers to call. The company should seriously consider bringing in 24/7 customer service for emergencies. If something happens to your account, 24 hours could be too long to wait, no matter how personable the salesperson who answers the phone is.
Overall, PayByWeb offers a good service for online businesses at a reasonable price. There are certainly areas where they can improve and hopefully they will. The free credit card machine is a welcome bonus for new customers and a shrewd move on behalf of PayByWeb.