Exectras Review

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 membership 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.

Payment Processing

Although not a traditional payment processor, Exectras handles major debit and credit card transactions for its members as part of its member benefits package. Other services offered by Exectras include risk management and insurance, HR solutions/PEO, payroll services, small business financing, EZ IRA retirement services, worker’s compensation, and various employee perks, including health and wellness benefits and insurance.

No Public Complaints

Our research shows no negative Exectras reviews, which suggests that the company operates legitimately and is not involved in fraudulent activities. Having been in business since 2010, Exectras has had ample time to accumulate public feedback. The lack of serious complaints in public forums under both its current and previous names is noteworthy. If you have an Exectras review to share, please contribute in the comments below.

Exectras Lawsuits

No class-action lawsuits or FTC complaints have been recorded against Exectras. Merchants preferring to resolve issues without litigation are encouraged to report their experiences to relevant supervisory organizations.

PaymentPop Rating for Exectras

Negative Feedback

There are no negative reviews published about Exectras on the PaymentPop website.

Exectras BBB Rating

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.

Google Maps Rating for Exectras

Exectras has a 4 out of 5 star rating based on 4 user reviews on Google Maps.

Free Payments for Paid Members

Exectras’s standard contract deviates from typical credit card processing industry norms with its pricing structure. Instead of offering a merchant account with per-transaction markups, monthly, and annual fees, the company claims to provide payment processing services without any markup. To generate revenue, the company includes this no-markup processing plan in a suite of services for which it charges a single membership fee paid monthly or annually. It explicitly states no charges for early termination or PCI compliance fees.

Exectras Pricing

The company’s pricing schedule outlines the monthly and annual membership fees merchants must pay to access Exectras’s full suite of business services, including no-markup payment processing:

• Costs escalate based on the number of employees, with annual memberships offering a 5% discount. The contract terms under TransactNAP included a clause regarding Custom NAP enrollment, which may or may not apply presently.

No Cancellation Allowed

Past documentation from the company under the TransactNAP brand indicates a policy barring cancellation during the program term. While the company does not specify an early termination fee for payment processing, it also prohibits merchants from canceling their memberships, effectively acting as a retention ETF. It is unclear if the current benefits program enforces a similar policy.

Other Exectras Services

Exectras promotes a suite of business services for merchants, including:

• Pre-negotiated insurance packages
• HIPAA compliance technology
• Paychex employee benefits management
• Payroll management software
• 401(k) management service
• Voluntary employee benefits through Colonial Life
• Business loans through BizCash
• College scholarship program for employees
• Auto and home insurance from Liberty Mutual
• Prescription drug discount card
• Pet drug discount card

However, many of these benefits involve additional charges.

Savings Not Guaranteed

Exectras’s pricing model combines access to various business services into a single, simply priced package. While it may offer substantial discounts, merchants effectively pay monthly or annually for access to “no-cost” payment processing plus the option to purchase services from Exectras’s partners. The value proposition lies in whether the bundled services are available at rates low enough to justify the membership fees.

How To Compare Exectras’ Pricing

Merchants should weigh the benefits against costs, considering that basic interchange fees apply to all transactions. They should compare Exectras’s membership fees to the markup charged by their current processors. If Exectras’s fees are lower, it might save money; otherwise, it may not.

A Complicated Pricing Calculation

It’s probable that Exectras’s membership costs exceed those of budget-friendly merchant account providers. Moreover, membership may come with a non-cancellable term and no additional free services, leading to a “B” rating in this section.

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 reviews 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.” At the time of our last update, the website’s merchant services page displayed the following information:

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.

Exectras stands out as an above-average merchant account provider, securing its reputation through a notable absence of negative feedback in public forums. This track record suggests a level of customer satisfaction that speaks well of the company’s service quality. However, it’s important to recognize that its pricing structure might not align with every merchant’s financial strategy. While the company offers enticing benefits, merchants should carefully evaluate the actual value these perks bring to their businesses. Comparing this value against the cost savings available from other top-rated payment processors is crucial before committing to Exectras’ services. Conducting a thorough cost-benefit analysis ensures that businesses make informed decisions that best suit their unique operational needs.