Beacon Payments Review
Beacon Payments, a payment processing company founded in 2008 by David Selenow and Gerald Kadish, offers secure payment solutions to businesses nationwide. Specializing in merchant services, they provide credit card processing terminals, PIN pads, and software solutions. Headquartered in Boston, Massachusetts, Beacon Payments has built a reputation as a reliable payment partner.
Company Overview
Since its inception, Beacon Payments has focused on delivering comprehensive payment solutions. Their offerings include point-of-sale (POS) systems, online payment gateways, and mobile payment processing, empowering businesses to accept payments securely and efficiently in today's digital landscape.
Services and Market Position
Beacon Payments differentiates itself through robust security measures, commitment to customer support, and flexible integration options. Key services include:
- Payment Processing Solutions:Secure processing for various methods, including credit/debit cards, ACH bank transfers, and mobile payments (Apple Pay, Google Pay).
- Merchant Services:Tailored solutions for merchants, encompassing POS systems and online payment gateways to streamline transactions and improve efficiency.
- Digital Wallet and Mobile App:While details are limited, Beacon Payments emphasizes robust security and PCI-DSS compliance for secure mobile transactions.
Company History and Milestones
Beacon Payments, established in 2008 by David Selenow and Gerald Kadish, has achieved significant milestones:
- BBB Accreditation:Accredited since 2011, demonstrating commitment to ethical practices and customer satisfaction.
- Employee Growth:Currently employs 140 people, showing consistent growth.
- Strategic Location:Headquartered in Boston, a vibrant financial and technological hub.
Regulatory Compliance and Licenses
Beacon Payments operates under PCI-DSS regulations, ensuring secure handling of sensitive customer data and protection against breaches and fraud. Maintaining PCI compliance is paramount, achieved through regular security audits and system updates.
Products and Services
Payment Processing Solutions
Beacon Payments offers various payment processing services:
- Credit Card Processing Terminals:Secure hardware for accepting credit card payments.
- PIN Pads:Secure PIN entry devices for debit/credit transactions.
- Credit Card Processing Software:Integrates with existing systems to streamline transaction management and reporting.
Supported payment methods include major credit/debit cards, ACH bank transfers, and mobile payments.
Merchant Services
Beacon Payments offers merchant-specific services:
- POS Systems:Integrated systems to manage sales, inventory, and customer data.
- Online Payment Gateways:Secure gateways for seamless e-commerce transactions.
Key benefits include secure transactions through PCI-DSS compliance and efficient management through integrated systems.
Digital Wallet and Mobile App
Specific details are limited, but Beacon Payments emphasizes security and PCI-DSS compliance, suggesting features like transaction history, balance checks, and secure mobile transactions.
Key Features
Security and Fraud Protection
Beacon Payments prioritizes security through:
- Encryption:Safeguards sensitive information during transmission.
- Two-Factor Authentication (2FA):Adds an extra layer of security to user accounts.
- PCI-DSS Compliance:Includes regular security audits, system updates, and robust anti-fraud measures.
Integration and Compatibility
Beacon Payments offers flexible integration with various e-commerce platforms, POS systems, and third-party services.
Speed and Reliability
Beacon Payments' infrastructure is designed for seamless and reliable transaction processing.
Pricing and Fees
Transaction Fees
| Transaction Type | Rate |
| Swipe | Interchange + 0.05% + $0.22 |
| Keyed-in | Interchange + 0.05% + $0.22 |
| Mobile Payment | Interchange + 0.05% + $0.22 |
| Virtual Terminal | Interchange + 0.05% + $0.22 |
There is a $10 monthly service fee.
Other Charges
| Fee Type | Cost |
| Early Termination Fee | $495 |
| PCI Compliance Fee | $79 per year |
| Equipment Lease Terms (Deposit) | $99 |
| Gateway Setup Fee | $0 |
| Annual Fee | $49 per year |
| Monthly Minimum | $30 per month |
Application and Statement Fees are not disclosed.
Customer Support
Beacon Payments offers support via phone at (877) 986-4445, email (accessible through their website), and advertises 24/7 support. Information on multilingual support is not available.
Pros and Cons
Pros
- Transparent pricing
- Outstanding 24/7 customer support
- Robust security measures and PCI-DSS compliance
- Easy integration with various platforms
Cons
- Some customer complaints about authorization errors and delayed responses
- High early termination fee ($495)
Conclusion
Beacon Payments offers a compelling solution with a focus on security, support, and transparent pricing. However, potential clients should consider the customer complaint history and termination fee. It is well-suited for businesses prioritizing these features and having existing POS and e-commerce systems.
Frequently Asked Questions
While a dedicated FAQ section is unavailable, here are some common questions and answers:
- Transaction Fees:Interchange + 0.05% + $0.22 for all transaction types.
- Monthly Fee:$10.
- Security Measures:Encryption, 2FA, and PCI-DSS compliance.
- Suitable Businesses:Businesses of all sizes prioritizing security, transparent pricing, and reliable support.
- Customer Support:(877) 986-4445, website contact form, 24/7 availability.
- Drawbacks:Some authorization errors and delayed complaint responses reported, high early termination fee.
- Getting Started:Visit the Beacon Payments website.
For specific inquiries, contact Beacon Payments directly.
