What is Luminous Payments?
Luminous Payments is based in California and was founded in 2020 by Brandon Wolfe who has owned and operated small businesses so the company understands the daily challenges faced by small and medium businesses.
Luminous Payments offers payment solutions for virtually all business types and sizes; be it retail businesses, restaurants, mobile based businesses, internet based businesses, service based businesses, mail order businesses, telephone order businesses. It is a newer company compared to others in the market but has fast built a positive reputation for its payment processing services.
It provides payment terminals and Point of Sale system options with no setup fee. You can choose between multiple pricing deals including a cash discount alternative that enables you to offset up to 100% of your processing costs. On top of this cash discount plan, Luminous Payments also offers Interchange Rate, Fixed Rate, Tiered Rate, and custom pricing.
They offer a wide variety of hardware options; from simple card readers to top end POS systems. While the equipment isn’t free, it is available at cost price and are not overpriced. Luminous Payments is compatible with traditional cards that require tap, chip, or PIN payments along with Near Field Communication (NFCs)payments such as Google Pay, Apple Pay, or Samsung Pay. They also offer Bluetooth-enabled hardware and virtual terminals for online payments anytime anywhere.
Luminous Payments have fast approval times with most applications getting processed within 1 business day. If you already have an existing payment terminal or POS equipment, you can set up and start using its services on the same day. Same day funding option gets your payments processed faster. There are no additional costs for set up and you can cancel the service at any time for free.
Their Savings Program guarantees to save your business money on your overall processing costs, otherwise they will pay you $1,000. This savings promise along with a mixture of payment options and low fees makes Luminous Payments an ideal option for small and medium businesses.
Luminous Payments
What popular features do you get with Luminous Payments?
- Credit and debit, NFC contactless payments processing including Apple Pay, Google Pay and Samsung Pay
- Offset processing fees up to 100%
- Interchange Plus Pricing and custom plans available
- No setup fees
- No cancellation fees
- Approval and funding available within the same day
- Free Credit Card Reader
- $1000 meet or beat Savings Guarantee
- Same day funding
- 27/7 Customer support
Customer Support is available at Luminous Payments
Luminous Payments customer support is available by phone 24/7 on (800) 719-6545, while sales support is available Monday-Friday from 7:30am-4:30pm pacific time. You can also submit a protected message through its website and receive a response within 1 business day. Their Resources page offers information how Luminous Payments works and the steps involved in their application process.
What kind of business is Luminous Payments ideal for?
Luminous Payments works well for small to medium businesses in the retail, restaurants, mobile or internet based, service based, mail order, telephone order sector. Whether you are looking to cash in on some savings or looking for a custom option for your unique business needs, Luminous Payments has you covered. Works best for small to medium businesses that handle a high volume of transactions.
They do offer a wide range of hardware options. However if you already have existing POS and processing hardware and are just looking to switch providers then Luminous Payments would work for you. They can integrate with traditional cards, digital wallet and offer virtual terminals for online payments. With fast approval times, usually within 1 business day, you could get started right away.
Pros and Cons
- Free Credit Card Processing Terminal
- No cancellation or setup fees
- Lowest rates for high revenue businesses
- $1,000 meet or beat rates guarantee
- Offset up to 100% of processing costs with cash discounts
- Flexible pricing and same day funding
- Fast approval times
- Equipment are not free like some other providers
- Not accredited or rated by the Better Business Bureau.
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How much does Luminous Payments cost?
*based on information provided by the vendor. Actual cost may vary.
Luminous Payments offers 4 pricing models for you to choose from:
Cash Discount – Allows you to offset up to 100% of your Processing costs!
Interchange+ – Offers wholesale interchange rates charged by the card companies with zero markups
Flat Rate – Fixed card processing fees no matter what card the customer uses
Tiered Rate – Discounted rates available on Qualified, Mid-Qualified and Non- Qualified
Customized pricing – Customized deals as per your unique business needs
The rates are not defined on its website, but you are able to contact their sales team for a free quote. If you don’t have card terminals or POS equipment, you can purchase this hardware at cost from Luminous Payments.
Final thoughts...
Luminous Payments is worth considering if you are a small or medium business owner. Their Cash Discount plan, can allow you to offset up to 100% of your processing costs to customers that pay with a credit card. Their systems are harmonious with both traditional cards and digital wallets, not to mention you can also set up virtual terminals to accept payments online. They also offer a range of hardware from simple card readers to robust terminals that can help you manage inventory, employee tracking, and planning. There are no set up or cancellation fees and you are guaranteed savings with their $1000 meet or beat offer.
Their approval and set up process is fast and can be done online or over the phone. You could be ready to go within 1 business day. If you are a small to medium business looking for fast turnaround times and savings through bespoke plans then Luminous Payments maybe the one for you.
