TransNational Bankcard Overview
TransNational Bankcard (tnbci.com) is a merchant account provider founded in 1999 that primarily serves small to mid-sized businesses in the United States. The company appears to be a reseller of Global Payments. In addition to providing debit card and credit card processing services, TransNational Bankcard also supplies other payment services and products, such as gift/loyalty card programs, check services, and equipment sales and leasing. TransNational Bankcard, LLC is a registered ISO/MSP of HSBC Bank USA, National Association of Buffalo, New York, with corporate offices located at 9600 W. Bryn Mawr Ave., 6th Floor, Rosemont, Illinois 60018.
TransNational Bankcard Sales & Marketing Tactics | B-
TransNational Bankcard appears to employ both inside and outside sales representatives to market its services, and there is no evidence at this time that the company uses independently contracted sales agents. We have located multiple TransNational Bankcard reviews describing nondisclosure of fees and terms by the company’s sales agents, specifically regarding the company’s equipment leases. Merchants also report severe rate increases following initially offered “grace periods” and a consistently mentioned in-person rate quote of 1.74% that is deceptively low. Although TransNational Bankcard does not engage in unethical advertising strategies in its official materials, there is certainly some cause for concern according to complaints about the company.
TransNational Bankcard Costs & Contract Terms | D
According to various public complaints, the standard TransNational contract is a three-year agreement through Global Payments with an early termination fee of $250, an annual fee of up to $95, costly tiered pricing, and other associated fees. It is unclear at this time whether the company’s annual fee covers the cost of PCI compliance or the company charges a separate PCI Compliance fee.
The primary cause of complaints about TransNational Bankcard is the fact that it resells equipment leases through Northern Leasing Systems (DBA Lease Finance Group). Northern Leasing is notorious for offering long-term, non-cancellable, expensive contract for equipment that sometimes doesn’t even work. There are currently numerous complaints about TransNational Bankcard’s equipment leases in which complainants state that they were misled about the terms of their leases and are now stuck with expensive machines that they don’t need. Some of these complaints received responses from TransNational Bankcard representatives who usually hold the merchants to their lease terms. Overall, TransNational Bankcard offers fairly average contract terms, but the company’s affiliation with Northern Leasing has lowered its grade severely.
TransNational Bankcard Complaints & Service | B-
We are currently able to locate approximately 20 TransNational Bankcard negative reviews filed outside of the BBB on various websites, and some of these complaints accuse the company of being a scam or a ripoff. The most common complaints are merchants reporting deceptive sales tactics, nondisclosure of hidden fees, expensive, non-cancellable equipment leases, difficulty closing accounts, and surprise over a previously undisclosed cancellation fee of $250. Most of these issues appear to be related to the agent who set up the account rather than the company’s customer service staff, but there are also a handful of complaints that mention unhelpful or unavailable customer service. Overall, TransNational Bankcard’s complaint volume is about what we would expect for a company of its size and time in business, and we are therefore awarding the company a “B-” in this category.
TransNational Bankcard BBB Report | B- (CPO Adjusted)
As of this review, the Better Business Bureau (BBB) is showing that TransNational Bankcard earned BBB accreditation in 2005 and has an “A+” rating with 44 complaints filed in the last 36 months (up from 41 as of our last update). Of the total complaints, 23 are regarding problems with products and services, 14 with billing and collection disputes, six with advertising and sales issues, and one with a delivery issue. TransNational Bankcard has responded to all of the complaints but was unable to resolve four of them to the merchants’ satisfaction. In light of these figures, we have adjusted the BBB’s grade to a “B-” for the purposes of this review.
TransNational Bankcard rates as an average merchant services provider according to our rating criteria. The company is showing a moderate amount of complaints for its size and time in business, but the consistency of these complaints is alarming. TransNational Bankcard can almost certainly improve its overall rating by severing its ties to Northern Leasing Systems and ensuring a higher level of disclosure and transparency among its sales agents.
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