BB&T Merchant Services Review: Fees, Complaints, & Lawsuits

Padding Interchange Rates

We are currently able to locate approximately ten BB&T Merchant Services negative reviews online, none of which outright accuse the company of being a scam or a ripoff. These complaints mention nondisclosure of rates and fees, rate increases after signup, and expensive equipment leases. An emerging trend among complainants appears to be BB&T Merchant Services’ marking up of interchange rates; the company seems to be sneaking a significant hike of 0.5% into all interchange rates above 2.2%, which is highly unethical if not properly disclosed.

BB&T Merchant Services Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against BB&T Merchant Services.

However, Truist recently settled a copyright infringement lawsuit brought by Winston-Salem based regional credit union, Truliant, who accused Truist of appropriating their brand equity. The case was settled out of court and details of the settlement are unknown.

In 2020, Truist was sued for alleged discrimination, but the case was settled out of court.

It appears an antitrust lawsuit was brought against Truist in 2021, but there are not many details available.

Additionally, BB&T has faced a number of large fines, including for benefit plan administrator violation, consumer protection violation, investor protection violation, wage and hour violation, and economic sanction violation. The violations total a number over $35 million.

Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

BB&T Merchant Services Customer Service Options

The BB&T Merchant Services website offers phone and email support contact information, and it is possible that the company services these lines directly rather than outsourcing the service to TSYS. It should be noted that some BB&T complaints may be filed against local branches of the company or against TSYS rather than BB&T itself, but there is currently no indication that this is happening on a wide scale. The number of complaints that mention BB&T’s recent marking up of interchange rates has lowered its score to a “B” in this section, and its customer support options are not quite sufficient when compared to top credit card processors for customer service.

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 Dedicated BBB Profile

BB&T Merchant Services no longer has its own Better Business Bureau profile and is instead grouped with the overall Truist Bank group of profiles. The BBB has awarded the combined company accreditation dating back to 1986 The company is showing 2,208 complaints filed against it in the last 36 months.1,296 of the complaints were due to a problem with a product or service, 342 were billing or collections issues, 474 were due to advertising or sales problems, 29 were issues with a guarantee or warranty, and 67 were issues with delivery. 1,131 of these 2,208 complaints were resolved by the company to the satisfaction of the merchant. The remaining 1,077 were resolved to the dissatisfaction of the merchant or received no final response. However, since most of these complaints do not relate to the company’s merchant accounts it is not entirely indicative of the quality of those services.

What Merchants Say

In addition to the 2,208 complaints left on the BB&T Better Business Bureau profile, the company has also received 753 informal reviews. 12 of these reviews are positive, while 741 are negative in tone. However, it is hard to distinguish how many of these reviews pertain to the company’s merchant services.

A “B” Performance Overall

It is very difficult to determine with any accuracy how many of these complaints have been filed in relation to BB&T’s merchant services division, but the company’s performance in the other categories of this review inclines us to only slightly adjust the BBB’s rating to a “B.” Merchants should still note that there are reasons to be skeptical of the BBB’s rating system.

Industry-Average Pricing

According to multiple sources, the standard BB&T contract is a 3-year agreement through TSYS with automatic renewal for 1 year. Typical rates in a standard TSYS contract include a swipe rate of 2.50% plus $0.20 and a keyed-in rate of 3.50% plus $0.20. An early termination fee of $195-$295, a PCI Compliance fee of $75.20 per year (charged quarterly), and a non-cancellable equipment lease for the term of the contract are other facets of a TSYS merchant agreement.

It is likely that these terms may vary depending on the agent setting up the account and a merchant’s business profile, so merchants are advised to negotiate to get some costs reduced or waived. BB&T appears to offer either interchange-plus or tiered pricing, depending on the merchant, and the company does provide processing for seasonal merchants. Overall, the terms described are very similar to the standard terms offered by TSYS and, though not competitive with the cheapest merchant accounts, are roughly comparable to industry averages.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, BB&T Merchant Services 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.

Possible Long-Term Equipment Leases

It is worth noting that we located one merchant complaint alleging that BB&T signed the complainant up for an equipment lease through MBF Leasing, a DBA of Northern Leasing Systems. Northern Leasing Systems is notorious for offering expensive, long-term contracts, and merchants are advised to avoid doing business with the company whenever possible. Since this complaint appears to be an isolated incident, we are not inclined to assume that BB&T routinely resells Northern Leasing equipment. However, merchants should still note that it is a possibility. We encourage merchants to check out our list of the providers of thebest merchant services.

An Above-Average Payment Processor

BB&T Merchant Services rates as a slightly better-than-average merchant services provider according to our rating system. The company is showing relatively few complaints for its size and time in business, and it does not appear to engage in deceptive advertising strategies. It seems that BB&T, like TSYS, offers contract terms that are roughly average for the industry, but its apparent padding of interchange is cause for concern. The company’s overall rating may be subject to change if the BBB ever provides more details about which portions of BB&T’s complaints are due specifically to its merchant services. For now, merchants should compare the company’s rates to those of top-rated providers to obtain the best deal.