Bank Transactions Inc. Reviews & Complaints

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4
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How did they treat you? ▼

Pros & Cons
Pros: Cons:
Easier, increases sales Increased fraud risk
Low startup costs Limited security flexibility
Flexible contracts Higher average fees
Affordable short-term option Low priority customer service
Instant signup, no requirements Branding control limited
Common payment form Restricted software integration
Extra bookkeeping work
Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

Overview

In this review of Bank Transactions Inc., we will provide a detailed overview of the company's credit card processing services. We will cover the range of services they offer, including point-of-sale (POS) systems, mobile payment solutions, and e-commerce capabilities. The review will identify the types of businesses that might benefit from these services. Additionally, we will examine client and customer reviews to highlight common trends and potential concerns. The article will also address the company's pricing structure, contract terms, and specific features provided. By the end of this review, you will understand whether Bank Transactions Inc. meets your payment processing needs.

About Bank Transactions

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.

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.

Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

Bank Transactions Inc. Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A
Recent Lawsuits No

Reviewing Bank Transactions Inc. Complaints

In our search, we found only a few negative Bank Transactions Inc. reviews. Some of these reviews label the company as a ripoff or scam, with recurring complaints about non-disclosure or misrepresentation of rates and fees, inadequate customer service, misleading agreements, expensive equipment leases, and questionable practices regarding employee treatment. For a company of its size and business duration, this complaint volume is relatively low. However, the consistency of issues related to deceptive sales tactics has influenced the company’s rating negatively. We invite customers to share their Bank Transactions Inc. reviews in the comments for a fuller picture.

Legal Status of Bank Transactions Inc.

No class-action lawsuits or FTC complaints have been found against Bank Transactions Inc. Clients seeking non-litigious solutions to disputes are recommended to report their concerns to appropriate supervisory organizations.

Bank Transactions Inc. Customer Support Evaluation

There’s an indication that some complaints against Bank Transactions Inc. might be redirected to the online profiles of its service provider, First Data (Fiserv). The lack of explicit support information on Bank Transactions Inc.’s website, apart from a phone number and a contact form, suggests reliance on First Data (Fiserv) for customer support. This practice does not meet our criteria for top-rated merchant accounts known for excellent customer service.

Contact Information for Bank Transactions Inc. Customer Service

  • (800) 928-2237 – Toll-Free Customer Service
  • (858) 866-4262 – Fax

While Bank Transactions Inc. offers basic contact options, improving the clarity and directness of its customer support could elevate its standing in customer service excellence.

Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

Bank Transactions Inc. Online Ratings

Here's How They Rate Online

Online Ratings Summary
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

Cost & Fees Summary
Cancellation Penalties Yes
Monthly & Annual Fees Yes
Processing Rates Variable
Equipment Leasing Yes

Three-Year Contract

Bank Transactions Inc. provides a three-year contract term in partnership with First Data (Fiserv), as detailed in their Merchant Agreement and Program Guide, with an early termination fee of $299. The agreement outlines several fees including 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. Furthermore, the company adopts a tiered pricing model, offering rates ranging from as low as 1.75% to as high as 3.50% plus $0.13 per transaction.

Virtual Terminal and Payment Gateway Pricing

Bank Transactions Inc. extends its services to include virtual terminal and payment gateway solutions. Specific pricing details for these services are not disclosed upfront, and businesses may incur additional costs such as gateway fees, technical support fees, batch fees, and other transaction-related charges for e-commerce functionalities.

Interchange-Plus Available

The company’s approach to pricing transparency is notable, though its rates and fees may not align with the most cost-effective solutions available in the market. Bank Transactions Inc. does offer interchange-plus pricing options for merchants that meet certain qualifications, providing a potentially more favorable pricing structure for some businesses.

Merchants looking for competitive rates and terms are encouraged to explore our curated list of the best merchant account providers to find suitable alternatives.

Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

Bank Transactions Inc. Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
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.

Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

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. The company partners with First Data (Fiserv) to offer its services, but the contract terms provided are not particularly competitive. This lack of competitive pricing can be a significant drawback for businesses looking to optimize their payment processing costs. There have been several reports of unsavory sales tactics employed by the company, which have negatively impacted its overall rating.

Merchants should be cautious when considering Bank Transactions Inc. as their credit card processing provider. The combination of less-than-competitive contract terms and questionable sales practices suggests that businesses might benefit from exploring other options. By comparing Bank Transactions Inc. with top-rated all-purpose credit card processors, merchants are likely to find better pricing, more transparent terms, and superior customer service. It is essential for business owners to conduct thorough research and due diligence to ensure they are partnering with a provider that meets their specific needs and offers the best possible value.

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.

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Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

Testimonials & Complaints

How Did Bank Transactions Inc. Treat You?

Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<

1 User Reviews

  • 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.

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Overcharges Reported

Getting the lowest costs with Bank Transactions Inc.?
Probably not.
>>> See what we are finding <<<