iTransact Overall Rating
Last Updated: February 6, 2014
iTransact (itransact.com) is a merchant account provider that also offers online payment gateways as a value-added service. The company resells the merchant services of several processors, including First Data, Global Payments, TSYS, and Chase Paymentech. iTransact markets its “iTransact Gateway” as a credit card processing solution for just about every business, but also promotes that it can supply other credit card processing hardware as well. The company started out as an electronic check processor in 1994 and expanded to make credit card processing its largest area of business. In 2010, iTransact merged with National Merchant Services to form iTransact Group LLC. iTransact is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio, and is located at 314 South 200 West, Farmington, Utah 84025-0999.
iTransact Sales & Marketing Tactics | A+
iTransact appears to employ salaried in-house sales agents to market its services, and there is no indication at this time that the company hires independently contracted agents. We are currently unable to locate any iTransact reviews that accuse the company’s sales team of unethical conduct, but a few merchants express initial surprise at higher-than-expected setup costs. These merchants all go on to add that their confusion over these costs was quickly resolved by excellent customer service. The iTransact website does not appear to engage in any deceptive advertising strategies.
iTransact Costs & Contract Terms | A
iTransact resells the merchant accounts of several very large payment processors. As a result, its contract terms are likely to vary significantly depending on a merchant’s size, business type, and time in business. It is unlikely that the company has a standard service length, early termination fee, PCI Compliance fee, monthly minimum fee, or rate structure, but merchants can expect to see some or all of these expenses and terms in their agreements. There are currently no complaints on any of the usual consumer protection websites that mention specific issues with iTransact’s contract terms, indicating that most of the company’s clients are satisfied with their service. If you have any specific knowledge of iTransact’s contract terms, please leave that information in the comment section of this review.
iTransact Complaints & Service | A+
We are currently unable to locate any iTransact complaints that accuse the company of being a ripoff or a scam. In fact, the company is not showing any complaints online whatsoever, and there are several positive testimonials that praise iTransact’s customer service. Since the company resells the services of multiple processors, it is possible that some merchant complaints are redirected to these other companies’ online profiles. At this time, however, we can locate only positive descriptions of the service and support offered by iTransact itself. We are therefore awarding the company an “A+” rating in this category.
iTransact BBB Report | A+
As of this review, iTransact has a Better Business Bureau (BBB) rating of an “A+” with no complaints filed within the last 36 months. The company is not accredited with the BBB. Since it is our philosophy that “A+” grades should be reserved for companies with zero complaints, we agree with the BBB’s rating in this case.
iTransact rates as an exemplary merchant account provider according to our rating system. The company appears to resell the merchant services of several large processors, but the customer service provided by iTransact is consistently rated as top-notch. Given the highly variable nature of the company’s contract terms, merchants are advised to read their contracts carefully and strongly negotiate all terms (see: Fee Sweep).
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