Three-Year Contract
A review of Banctek Solutions’ available sample merchant agreement shows a three-year term with automatic renewal, an early termination fee of $350, an annual fee of $75, a PCI compliance fee of $79.95, a monthly minimum of $25, and a statement fee of $10. The agreement also indicates the potential for merchants to be enrolled in long-term, non-cancellable equipment leases.
Although Banctek Solutions’ website mentions a tiered-pricing model, it also advertises a structure that includes a flat fee plus a monthly charge. There is a mention in a review of the company offering interchange-plus pricing, but availability to all merchants remains unclear.
Virtual Terminal and Payment Gateway Pricing
Banctek Solutions promotes virtual terminal and payment gateway services on its website, without specifying pricing. Expect additional costs such as gateway fees, technical support fees, batch fees, and other transaction-related charges for these e-commerce solutions.
Higher-Than-Average Costs
The fees outlined in Banctek Solutions’ contract terms are somewhat above the industry norm, earning the company a “C” rating in terms of cost competitiveness. These pricing structures do not place Banctek among the most affordable merchant account providers. Readers with direct experience or further insights into Banctek Solutions’ contract terms are encouraged to contribute in the comments section.
For alternatives that may offer more favorable conditions, business owners are recommended to explore our curated list of the best merchant account providers.
