Exectras Overview

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A Membership-Based Savings Organization

Formerly known as TransAct Merchant Solutions, TransAct National Association Program, or TransAct NAP, Exectras is a merchant account provider that offers a wide range of business services to participating merchants on an annual membership basis. The company functions in a similar way to a trade organization, but instead of its merchants having a common field of expertise, they simply participate in the same pool of benefits regardless of business type. Exectras charges a monthly or annual fee in exchange for offering its merchant services—as well as other business products like insurance, health benefits, payroll services, retirement plans, loans, and scholarship programs—at a steep discount.

Exectras Location and Ownership

Exectras is a registered ISO of Fifth Third Bank, Cincinnati, Ohio, and is headquartered at 5819 Hwy 6 South, Ste 255, Missouri City, Texas 77459. Joseph Cherry is the CEO and president of Exectras.

Exectras Review Table of Contents

  • Costs & Contract: Exectras offers its merchant services at an extreme discount as part of a larger benefits program.
  • Complaints & Service: Exectras has received fewer than 10 public complaints.
  • BBB Rating: Exectras has an “A+” rating with the Better Business Bureau and has received zero complaints in the past three years.
  • Sales & Marketing: Exectras does not appear to hire independent sales representatives and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Exectras

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Products & Services Offered

  • Credit and debit card processing
  • Sales reporting
  • ACH processing
  • EMV-compatible credit card terminals
  • Virtual terminal

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce

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Exectras Rates, Fees, and Costs

Key Points

Swipe Rate 0%
Keyed-in Rate 0%
Monthly Fee $99.95 - $249.95
Annual Fee $1,139.43 - $ 2,849.43
Equipment Cost $0

Free Payments for Paid Members

Exectras’s standard contract is atypical for the credit card processing industry due to its pricing structure. Instead of offering a merchant account with a per-transaction markup, monthly fees, and annual fees, the company claims to offer its payment processing services without any markup whatsoever. In order to make a profit, the company includes this no-markup processing plan in a suite of services for which it charges a single monthly or annual fee.

Exectras Pricing

The company’s pricing schedule details the monthly and annual membership fees that merchants must pay in order to receive Exectras’s full array of business services, including no-markup payment processing:

Business owners should note that their costs increase according to the number of employees they have, and that annual memberships offer a 5% discount. The company’s contract terms as TransactNAP included the following clause: “Custom NAP enrollment is for 51-249 Employees enrolled. The first 50 Employees are enrolled at Standard NAP fees, all Add’l Employees are enrolled at a discount of $3.00 per Employee.” It is unclear whether this term still applies.

No Cancellation Allowed

The company’s documentation under the TransactNAP brand also included this text: “You cannot cancel this Program during the Program Term for any reason. You do not have a free trial period. Your obligation to make the monthly program fee payments is absolute, unconditional and irrevocable and is not subject to any offset, deduction, defense or counterclaim.” This would seem to suggest that while the company does not specifically charge an early termination fee for its payment processing, it also does not allow merchants to cancel their memberships. In our view, this effectively functions as a retention ETF. It is unclear whether the company’s current benefits program enforces a similar policy.

Other Exectras Services

Part of Exectras’s advertised value comes in the form of its suite of business services offered to merchants. These include the following:

    • The option to buy pre-negotiated cyber liability, medical billing, and professional liability insurance packages
    • HIPAA compliance technology
    • The option to pay for Paychex employee benefits management
    • The option to pay for payroll management software
    • The option to pay for a 401(k) management service
    • The option to pay for voluntary employee benefits through Colonial Life
    • The option to obtain business loans through BizCash
    • A college scholarship program for employees valid “at over 360 participating private colleges & universities”
    • The option to buy auto and home insurance from Liberty Mutual
    • A prescription drug discount card that can simply be downloaded from Exectras’s website
    • A pet drug discount card that can simply be downloaded from Exectras’s website

In total, it appears that nearly all of the benefits associated with an Exectras membership are actually opportunities to pay for a service offered by one of Exectras’s partners, albeit at promised “discounts.”

Savings Not Guaranteed

A charitable interpretation of Exectras’s pricing model is that the company has bundled a large array of business services into one simply priced, dramatically discounted package. A more critical view is that the company is effectively charging merchants on a monthly and annual basis for access to “no cost” payment processing plus the option to buy a host of services from Exectras’s partners (some of whom could potentially pay Exectras for merchant referrals). In other words, the company’s value rests in the possibility that its bundled services are available at such low rates that they outweigh its monthly and annual membership fees.

How To Compare Exectras’s Pricing

Given that most of Exectras’s benefits come with attached costs of their own, merchants are encouraged to consider that Exectras’s no-cost payment processing may be the only worthwhile benefit offered by the company. Merchants should also be aware that even with no markup or additional fees, they will still be paying basic interchange fees on all transactions unless they sign up for the company’s cash discount program. Therefore, merchants will need to compare the markup charged by their current processors to Exectras’s membership fees. If the cost of an Exectras membership is less than the markup charged by a merchant’s current processor, then Exectras might save the merchant money. If the cost of an Exectras membership exceeds the markup charged by a merchant’s current processor, then Exectras is unlikely to save the merchant money.

A Complicated Pricing Calculation

In general, we consider it likely that the cost of an Exectras membership will exceed the monthly or annual markup charged by budget-friendly merchant account providers. An Exectras membership also may come with a non-cancellable term and does not necessarily provide any additional free services. We have therefore lowered Exectras’s rating to a “B” in this section.

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Response from Exectras

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Exectras Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

No Public Complaints

We are unable to locate any negative Exectras reviews, which is a positive sign that the company is not a ripoff or a scam. Exectras has been operating since 2010, which is long enough for serious issues to be posted in public forums. However, the company has maintained a clean complaint record under both its current and former names. We therefore will keep its rating at an “A” level.

Exectras Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Exectras. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Exectras Customer Support Options

Exectras offers phone and email contact information on its website, but it’s unclear whether these particular lines are dedicated to customer support. This level of service is more or less consistent with our expectations of the top-rated payment processors for great customer service.

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Response from Exectras

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Exectras BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 10 Complaints

Exectras currently has an “A+” rating with the Better Business Bureau and has been BBB-accredited since 2011. The company has not received any complaints to its BBB profile in the past three years. It also has not received any informal reviews on its BBB profile, although it should be noted that these reviews are not subject to verification by the BBB.

An “A” Performance

Given Exectras’s clean complaint record, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Exectras

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

In-House Sales Team

Exectras appears to primarily market its services through strategic partnerships and an in-house sales team. There is no evidence at this time that the company employs independently contracted sales agents, but it is still possible that it may do so in a limited capacity. Regardless, there are no Exectras complaints that accuse the company’s sales team of deceptive sales tactics.

Exectras Pricing Claims

Exectras makes some bold claims about its pricing on its website, stating that its merchants “Pay No Processor Fees EVER!” and promising, “We are not a processing company.” The website’s merchant services page also displays the following information:

Exectras Fee Quotes
Exectras Fee Quotes

These claims are made possible by the company’s unique pricing approach, which charges a single large fee for all of its business services, including merchant services, while removing the line-item charges typically found in the payment processing industry. In other words, Exectras is able to offer payment processing “at cost” (with little or no markup) because it obtains its compensation elsewhere in the form of its membership fees for its benefits program. This means that while its payment processing technically might not include any markups, merchants still pay for their payment processing via their membership fees.

Inconsistent Claims

The claim that Exectras isn’t a processing company seems highly questionable given the fact that Exectras describes itself as a registered ISO of Fifth Third Bank. However, its other claims are technically true. If you believe that you are being overcharged by Exectras, you can double-check your monthly bill with a third-party statement audit.

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Response from Exectras

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Exectras Marketing Example

Exectras Logo

Our Opinion of Exectras

An Potentially Strong Option for Certain Merchants

Exectras rates as an above-average merchant account provider according to our rating criteria. The company enjoys a lack of negative feedback in public forums, but its pricing structure may not be favorable to all merchants. Merchants are encouraged to assess the actual value provided by the company’s benefits program and then compare it to savings offered by top-rated payment processors before signing up for service.

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