Funds Transfer Alliance Overall Rating
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Funds Transfer Alliance Overview
Funds Transfer Alliance Logo
Funds Transfer Alliance (the-fta.org & fundstransferalliance.com) is a merchant account provider based in Phoenix, Arizona. Although Funds Transfer Alliance (FTA) has a very official sounding name, this company is simply an independent sales organization much like most other merchant account providers. The company claims to have been founded in 1999 but other sources show that it was incorporated in 2007, so the exact founding date is unclear. FTA uses First Data as its primary card processor but may use others depending on a merchant’s processing needs.
Funds Transfer Alliance Sales Tactics & Marketing Strategy | C
FTA’s biggest area of concern for this reviewer is with the company’s marketing strategy. It appears that this provider relies mostly on outbound telemarketing and sometimes uses slightly deceptive tactics with their calls. These tactics include posing as Visa/MasterCard representatives attempting to convince merchants that they have been flagged as overpaying for credit card processing services and telling merchants that it is not a sales call, even though it clearly is one. Due to FTA’s use of misleading telemarketing, we have lowered the company’s rating to a “C” in this section.
Funds Transfer Alliance Fees, Costs & Contract Terms| C
FTA appears to customize fees and contract terms based upon varying merchant needs. However, a representative stated that the standard agreement is three (3) years with no cancellation fee. Merchants should read their contracts closely before for signing with FTA because a 3-year agreement without a cancellation fee is not typical of this industry. We are assigning this section a “C” until more details of the merchant account contract can be obtained.
Funds Transfer Alliance Complaints & Service | A
This reviewer was able to locate only one complaint against FTA. The merchant reported receiving a deceptive telemarketing call from a representative explaining that they were not making a sales call. When the representative was pressed by the merchant to explain how it wasn’t a sales call, the agent froze and was unable to provide an answer.
Funds Transfer Alliance Better Business Bureau Report | A
As of this review, the Better Business Bureau (BBB) is reporting that FTA has been accredited since 2009 and has an “A” rating. There have been 23 complaints filed in the last 36 months with 17 attributed to advertising and sales issues, which seems to mirror the telemarketing issues mentioned earlier in this review. Of the 23 complaints, seven (7), or 30%, were not resolved to the merchants’ satisfaction.
Bottom Line
Funds Transfer Alliance appears to be using a few “smoke and mirrors” tactics in its sales process. On a positive note, there have not been many complaints filed against the company; however, due to a lack of information about Funds Transfer Alliance’s merchant account agreements and its use of deceptive telemarketing, the company has earned an overall “C” rating until the next update of this review.
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1 comment
Trish Hodge
December 26, 2011 at 10:16 am (UTC -7)
At the time FTA sold the account to me I expressed concerns about the 4 year lease of the equipment. The salesman/actuary assured me that if I went out of business before the lease was up that the lease would be cancelled. I am now closing my business and FTA says they can/will do noting about cancelling the lease and I must deal directly with First Data, the company to which they have assigned the lease. Representatives at First Data tell me that salesmen make such promises all the time but the lease is non cancellable and I am liable for the remaining $900+ of payments. They are correct about the terms of their lease and my complaint is not with First Data. My complaint is with the misrepresentation by the salesman from FTA. I should have got it in writing but I took him at his word.