Bank Transactions Inc. 2023: Reviews & Complaints
(800) 928-2237 Company Overview
Bank Transactions Inc. provides credit card processing solutions and merchant accounts for businesses, financial institutions, government agencies, and sales organizations. The company was launched in 2004 and claims to be a direct Visa and MasterCard processor, but it is actually a reseller of First Data (now Fiserv).
Bank Transactions Inc. Payment Processing
Bank Transactions Inc. processes all major debit and credit cards for most business types. It is unclear what exact services they offer, but it is likely that the offer in-person and online payment processing.
Point of Sale Systems by Bank Transactions Inc.
Bank Transactions Inc. provides point-of-sale (POS) systems that allow businesses to process transactions in a physical retail environment. These systems can help businesses manage and track sales and inventory effectively.
Online Payment Processing with Bank Transactions Inc.
For businesses with an online presence, Bank Transactions Inc. provides online payment processing services. Their system integrates with a business’s online store to facilitate secure transactions over the internet.
Mobile Payment Solutions by Bank Transactions Inc.
Bank Transactions Inc. offers mobile payment solutions, enabling businesses to accept payments through mobile devices. This service is designed to provide businesses with flexibility in accepting payments in various locations and situations. (store.spaceylon.com)
Additional Merchant Services from Bank Transactions Inc.
Apart from the primary payment processing services, Bank Transactions Inc. offers additional merchant services. These can include check processing services, gift and loyalty card programs, and merchant cash advances. These additional services are designed to provide businesses with a comprehensive suite of payment processing solutions.
Location & Ownership
The company is located at 10855 Sorrento Valley Rd #201, San Diego, California 92121, though its website also lists P.O Box 910475, San Diego, CA 92191-0475 as a mailing address. The company is a registered ISO/MSP of Wells Fargo Bank Concord, CA. Adam Friedman is listed as CEO, while Mark Bocinski is the only other publicly listed employee of Bank Transactions Inc. that we have located.
Table of Contents
- Costs & Contract: Offers a three-year contract through First Data (Fiserv) with…
- Complaints & Service: Complaints number fewer than 10 on…
- BBB Rating: Has an “A+” rating with the Better Business Bureau and has received…
- Sales & Marketing: Appears to hire independent sales representatives and has received…
Bank Transactions Inc. Customer Reviews
Here's What Their Clients Say
| Item | Result |
|---|---|
| Total Online Complaints | <10 |
| Live Customer Support | Yes |
| Most Common Complaint | N/A |
| Recent Lawsuits | No |
Low Complaint Total
As of this update, we are able to locate a handful of negative Bank Transactions Inc. reviews, several of which accuse the company of being a ripoff or a scam. Common issues mentioned in Bank Transactions Inc. complaints include nondisclosure or misrepresentation of rates and fees, poor customer service, presentation of an agreement as if it were just an application, expensive equipment leases, and unfavorable business conduct with regard to its employees. This is a relatively low complaint volume for a company of its size and time in business, but the persistent pattern of difficulties with deceptive sales tactics has lowered the company’s score in this section. If you have your own Bank Transactions Inc. review to make, please do so in the comments below.
Bank Transactions Inc. Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Bank Transactions Inc. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Bank Transactions Inc. Customer Support Options
It may be possible that some Bank Transactions Inc. complaints have been funneled to the online profiles of the processor that actually provides its services, First Data (Fiserv). Bank Transactions Inc. does not appear to provide support information on its website, though it does offer a phone number and a contact form with no context. This suggests that it outsources this service to First Data (Fiserv), which falls short of our expectations for the top-rated merchant accounts for great customer service.
Bank Transactions Inc. Customer Service Numbers
- (800) 928-2237 – Toll-Free Customer Service
- (858) 866-4262 – Fax
Bank Transactions Inc. Online Ratings
Here's How They Rate Online
| Item | Result |
|---|---|
| BBB Reports | 0 |
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
No Complaints
As of this review, Bank Transactions Inc. is not an accredited business with the Better Business Bureau. The company has an “A+” rating with the BBB and has had 0 complaints filed against it in the last 36 months.
An “A” Performance
We agree with the BBB’s rating at this time.
Bank Transactions Inc. Fees, Rates & Costs
A Closer Look at The Contract
| Item | Result | >
|---|---|
| Cancellation Penalties | Yes |
| Monthly & Annual Fees | Yes |
| Processing Rates | Variable |
| Equipment Leasing | Yes |
Three-Year Contract
According to the standard Bank Transactions Inc Merchant Agreement and the Bank Transactions Inc. Program Guide the company offers a three-year agreement through First Data (Fiserv) with an early termination fee of $299. Other Bank Transactions Inc. fees include a minimum monthly fee of $25, an annual fee of $99, a monthly wireless fee of $25, an eMerchantView access fee of $25, a customer service fee of $12, a monthly statement fee of $10, and a debit access fee of $5. Additionally, the company appears to offer a tiered pricing structure, with rates as low as 1.75% and as high as 3.50% plus $0.13 per transaction.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Bank Transactions, Inc. also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Interchange-Plus Available
Overall, this degree of transparency is uncommon for a company, but Bank Transaction Inc.’s rates and fees remain less competitive than the cheapest merchant accounts. The company also appears to offer an interchange-plus pricing structure to qualifying merchants.
We also encourage business owners to check out our list of the providers of the best merchant accounts.
Bank Transactions Inc. Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Item | Result |
|---|---|
| Uses Independent Resellers | Yes |
| Telemarketing | Likely |
| Misleading Marketing | No |
| Discloses All Important Terms | Yes |
Outside Sales Team
Bank Transactions Inc. appears to partner with ISOs and independent agents to market its services. This is a common practice within the merchant services industry that can often lead to an elevated complaint rate for a business. In this case, we are currently able to locate a handful of negative Bank Transactions Inc. reviews alleging deceit or unprofessional conduct by the company’s sales agents. This does not compare favorably to our list of best credit card processors. One of these Bank Transactions Inc. complaints has since been retracted, and none of them were filed in the last year.
Direct Processor Claims
Bank Transactions Inc. also claims to be a direct payment processor on its website, but its contract clearly indicates that it relies on First Data (Fiserv) for its card processing network. Although it is slightly deceptive, this misrepresentation shouldn’t have too severe of an impact on the service that merchants receive. If you suspect that Bank Transactions Inc. is overcharging you, we recommend seeking a third-party statement audit.
Our Bank Transactions Inc. Review Summary
Our Final Thoughts
Bank Transactions Inc. rates as an average credit card processing provider according to our rating criteria. However, the company does not appear to offer very competitive contract terms through First Data (Fiserv), and several reports of unsavory sales tactics have lowered its overall rating. At this point, merchants should expect to obtain better results through a top-rated all-purpose credit card processor.
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KC
I have been trying to cancel my merchant account with Bank Transactions for over 6 weeks. They forward their calls to First Data so you can’t talk to anyone at Bank Transactions. First Data says there is nothing they can do but they can “escalate” it and the only way to cancel your account is through Bank Transactions. What a scam!! I had to call my bank and pay a fee to block Bank Transactions from taking any more fees for an account I am no longer using. There is no way for me to get the fees back that Bank Transactions has taken since I have been trying to cancel my account. I have sent emails, left phone messages, had First Data escalate the issue over and over for weeks. The only call I got from Bank Transactions was to tell me to change my account to secretly charge my customers the merchant account fees so that my fees would be zero. Isn’t that illegal???? Don’t get a merchant account from a company that won’t let you cancel and keeps charging fees.