Cornerstone Merchant Services Payment Review
This comprehensive review explores Cornerstone Merchant Services, a payment processing company catering to businesses of various sizes. We delve into its services, features, pricing structure, and support options to help you determine if it's the right fit for your business needs.
Company Overview and History
Cornerstone Payment Systems, founded in 2001 by Chuck Ley, the current CEO, has been a player in the payment processing industry for over two decades. The company has experienced substantial growth, evolving its services and expanding its client base over the years. A significant milestone was the 2020 acquisition of Move Your Mountain, a crowdfunding platform. This acquisition broadened Cornerstone's reach and further solidified its commitment to supporting businesses.
Services and Products Offered by Cornerstone
Cornerstone Payment Systems offers a suite of payment processing solutions, including point-of-sale (POS) systems, mobile payment options, and e-commerce integrations. They support all major debit and credit cards—Visa, MasterCard, Discover, American Express, JCB, and Diners Club—alongside debit cards from major networks. Cornerstone focuses on standard-risk merchants and is recognized by the Florida Family Policy Council for its ethical business practices.
Regulatory Compliance and Security
While specific details on regulatory bodies overseeing Cornerstone Payment Systems aren't readily available, further investigation may be needed. Information regarding licenses and certifications is not readily disclosed. The company is not BBB accredited but is PCI-DSS compliant, indicating a commitment to secure payment processing.
Payment Processing Solutions
Cornerstone offers various payment processing services:
- Card Payments:Processing for all major debit and credit cards.
- Bank Transfers:ACH processing services.
- Mobile Payments:Mobile swipers and virtual terminals.
Supported Payment Methods: Visa, MasterCard, Discover, American Express, JCB, Diners Club, and major debit networks. Currency support details are not readily available.
Merchant Services
Cornerstone offers tailored merchant solutions:
- POS Systems:Wide array of POS systems from various brands.
- Online Payment Gateways:CornerPay.NET, a customizable gateway for e-commerce.
Key Benefits:
- Customized Solutions:Tailored plans for each merchant.
- Third-Party Integrations:Integrations with ATMs, check programs, and more.
Digital Wallet and Mobile App
Cornerstone's mobile app facilitates mobile payments and virtual terminal transactions.
Key Features and Benefits
Security and Fraud Protection
Cornerstone utilizes EMV card readers and swipers for secure transactions and implements anti-fraud measures. They are PCI-DSS compliant.
Integration and Compatibility
Cornerstone is compatible with major e-commerce platforms and integrates with services like QuickBooks.
Speed and Reliability
Robust infrastructure ensures fast and efficient transaction processing.
Pricing and Fees
While a $21 monthly fee is mentioned, specific transaction fees and other charges are not publicly disclosed. Swipe rates and keyed-in rates range from 1.00% to 4.99%. Additional fees like setup costs and withdrawal fees are not readily available.
Customer Support
Cornerstone provides 24/7 customer support via phone, email, and a website contact form. Information on multilingual assistance is unavailable.
Pros and Cons
Pros
- Customized solutions
- Exceptional customer support
- Secure services
Cons
- Lack of transparent pricing
- Some withholding of terms and conditions
- Use of independent sales agents
Conclusion and Recommendations
Cornerstone Merchant Services offers various payment solutions with a focus on security and customer support. However, the lack of transparent pricing is a drawback. They are a good fit for standard-risk merchants seeking customized solutions and responsive support.
Frequently Asked Questions (FAQs)
Common questions about getting started, fees, integrations, security, and the types of businesses Cornerstone works with are addressed, encouraging users to contact Cornerstone directly for detailed information.
