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TransTech Merchant Group Review
Merchant Maverick's Rating: (2 out of 5)
Last Updated: February 7th, 2012.
TransTech Merchant Group (TMG) has been in business since 2005 (according to the BBB). TMG is a subsidiary of First American Payment Systems (FAPS), and is part of a three company conglomerate including Certified Payment Processing and Summit Merchant Solutions.
For a company that hasn't been around for very long, they've managed to rack up quite a few complaints. I found some commonalities amongst those complaints, so be sure to read the Common Complaints section below.
A merchant account with TMG carries a hefty early termination fee (see Cancellation Fee) that can cost a merchant hundreds, if not thousands to get out of.
My suggestion would be to find a different provider for your processing needs.
TransTech Merchant Group gets a 2 out of 5 rating.
TransTech Merchant Group is owned by First American Payment Systems, and is part of a three company conglomerate including Certified Payment Processing and Summit Merchant Solutions.
Acquiring Bank(s) (Acquirer):
Fifth Third Bank.
First American Payment Systems.
Authorize.Net or FirstPay.Net 2.0.
Do you need help setting up your payment gateway with your website? Click here.
There are quite a few negative reviews and complaints against TransTech Merchant Group. You can find some here, here and here. For a company that has only been around since 2005, that's not a good sign.
- Expensive terminal lease contracts through Merimac Capital: Looks like TransTech Merchant Group likes to push terminal leases. Leases are a big money maker for processors that push them, but because they're so unfair to the merchant, most of the honest processors have walked away from them. A terminal lease usually carries a 4-year contract, which can be extremely expensive to get out of. Nowadays you can buy a terminal outright for far cheaper. Leases only make sense for very large organizations that need multiple terminals and don't have the upfront capital to purchase them.
- Large number of complaints from former sales reps: Whenever I see a high number of complaints from sales reps, it tells me that the company is running a "churn and burn" type operation. The goal being to get as many commission-only independent or in-house sales agents under the TMG banner, then letting them loose. The focus becomes quantity over quality. That's always a bad recipe for the merchant because usually these reps aren't educated enough and end up signing you into bum deals due to the lure of a fat paycheck.
- High cancellation fee: Here's what the TransTech Merchant Group agreement says about their cancellation fee; "MERCHANT agrees to pay bank/processor early termination fees established by Bank, but in no event less than four hundred ninety five dollars ($495.00) for each MERCHANT location, plus any and all losses (including consequential damages and loss of profits, costs, expenses, and liabilities) incurred by Bank in connection with termination." So, bottom line is that you'll pay a MINIMUM of $495 to break your contract...most likely more than that.
- PCI compliance fee: A few of TMG's merchants are having an issue with the annual PCI compliance fee of $124.74. Although PCI compliance is necessary for anyone that plans on accepting credit cards for their business, TMG is not required to charge their merchants any type of fee for that compliance. So, contrary to what you may have heard, processor's are not required to pass that charge on to you.
No verifiable testimonials on the TransTech Merchant Group website.
No on-site security features (i.e. McAfee, Security Metrics etc...). The security issue really depends on what kind of information the merchant account provider is collecting from you. If they require you to fill out a full digital application with sensitive info like SSN numbers, then they should definitely have some third-party security in place. Sometimes, and in the case of TransTech Merchant Group, the initial contact form only requires some basic info, then the real application is taken care of by fax or later on through a secure online app.
I haven't dealt with TMG's customer service, so it's difficult for me to make an assessment here. If you've been a customer of TransTech Merchant Group, please let us know.
No less than $495.00 for each location including consequential damages and loss of profits, costs, expenses, and liabilities. This considered a Liquidated Damages type contract, and can be especially expensive to the merchant.
Interchange-plus is offered by TMG.
Seasonal downtime is also offered by TMG.
Retail (Credit/Debit), Online/e-Commerce Payments, Secur-Chex, Gift & Loyalty, ATM, Cash Advance, Recurring Billing.
Don't forget to leave your review and rating in the comment section.
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