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.
Bank Transactions Inc. processes major debit and credit cards for various business types. While the exact services they offer are unclear, they likely provide both in-person and online payment processing.
Point of Sale Systems
Bank Transactions Inc. offers point-of-sale (POS) systems to facilitate transactions in physical retail environments.
Online Payment Processing
For online businesses, Bank Transactions Inc. provides online payment processing services. Their system integrates with a business’s online store to facilitate secure internet transactions.
Mobile Payment Solutions
Bank Transactions Inc. offers mobile payment solutions, allowing businesses to accept payments via mobile devices.
Additional Merchant Services
In addition to payment processing, Bank Transactions Inc. offers a range of merchant services, potentially including check processing, gift and loyalty card programs, and merchant cash advances.
Bank Transactions Inc. Customer Reviews
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.
Bank Transactions Inc. Customer Satisfaction Ratings
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 & Contract
Rates & 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.
Bank Transactions Inc. Employee Reviews & Sales Practices
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.
Bank Transactions Inc. Review Summary
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.
Contact Bank Transactions Inc.
Contact & Customer Support
CEO
Adam Friedman
Headquarters
10855 Sorrento Valley Rd #201, San Diego, California 92121
Please note that we only suggest providers that adhere to strict ethical standards and offer top performing support at extremely competitive pricing. We may earn revenue if choose one of our recommendations.
Reader Comments, Testimonials & Complaints
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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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.