Financial Transaction Services Review

Financial Transaction Services Overview

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Updated 2/11/19: Financial Transaction Services (FTS) is now operating under the name CardConnect. Learn more in our CardConnect review.

Financial Transaction Services (FTS – ftservice.com), also known as CardConnect, is a small payment processing company that provides credit card processing services. Founded in 2006 by CEO Brian P. Shanahan, FTS has partnered with FTV Capital, Comerica Bank and SecureNet Payment Systems to expand their products and services. The company’s headquarters are located at 1000 Continental Drive, Suite 600, King of Prussia, Pennsylvania 19406.

FTS offers processing solutions that allow businesses to accept payments online, in-store and over the phone. The company also offers account management and consulting services aimed at increasing operation efficiency. Clients also receive 24/7 customer service and access to the company’s own web-based application, “FTS Connect,” for processing payments.

The Better Business Bureau has assigned this company a “C+” rating. FTS received this rating as a result of the 19 complaints filed against the business and the length of time taken by the business to resolve these complaints. Of the 19 complaints, two concerned unspecified advertising or sales issues, while eight had to do with billing or collection issues. Nine of the complaints involved problems with products or services, most stemming from difficulties in terminating the services. At this time, all complaints have been resolved to the merchants’ satisfaction.

On other consumer protection sites, no direct claims have been filed against the company.

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Financial Transaction Services Rates, Fees, and Costs

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Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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35 Reviews Leave Your Review for Financial Transaction Services Below

  1. Joe Biel says:

    When I asked FTS:

    How do your rates compare to these that I was being offered by another provider?

    Monthly: $14.95
    Qual Rate: 1.54%
    Authorization Fee: $.20
    Effective Rate: Typically about 3%
    No Annual Fee, No Setup Fee, No Fee For PCI Compliance, No Application Fee.”

    Vice President Frank Bernackie responded, “Your rates with us will be much cheaper.”

    He did not quote any numbers and actually refused to.

    When I got my paperwork their qualified rate is 2.32%

    They do charge an annual fee, a setup fee, a PCI Compliance fee, and an application fee. Their monthly rate is $20-25.

    And the effective rate is over 4%!

    Aside from these, they have the highest early termination fee I’ve ever seen at $750 and the longest contract period at five years.

    Frank claims they are “probably the most transparent company in the industry” but refused to ever quote numbers to me. When other companies offered us lower rates he insisted that they were lying. Perhaps the industry has that much of a lack of transparency. But, to me, that is the opposite of transparency. One might call it dishonesty.

    1. Joe,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

      1. Joe Biel says:

        Thanks for the response Nick. I am told that my account was closed, however I received a chargeback for $420.08 ten days ago but still have not received paperwork concerning what it’s regarding. When I contacted customer service the same day, they told me to talk to chargebacks. Chargebacks insisted it was not a chargeback and that we haven’t had one in over three months, but rather a matter regarding customer service. I sent another email a week ago to inquire and have not received a response yet.

        All I want is documentation that justifies this deduction from our bank account or the money put back into our bank account.

    2. Frank Bernacke says:

      Joe –

      You were not charged a set up fee, the annual fee and PCI compliance charges were refunded to you like I said they would be when you signed up. You were not charged a monthly fee of $20-$25. Your rates were clearly given to you and you signed off. I truly don’t understand how you can say I refused to give you rates and then in next sentence state my rate was 2.32% when you received my paperwork. You broke your previous contract and I even paid half of your termination fee of $500 for you If you were so unhappy with my service why did you continue to do business with me for over two years? You are now on your 3rd processor in two yeas or so. You have a history of breaking agreements and never seem to be happy. We even waived the $750 early termination fee you should have been charged for breaking your agreement with us early. What else could I have possibly done to make you happy? I truly do not feel your statements are fair.

  2. Joe says:

    The absolute worst merchant services company to deal with. Michael Mertz is my account manager, promised honesty and has added so many extra charges I had to drop them. Problem is they close your account but keep charging you bank account fraudulently for services. Month after month. I have emails from Michael Mertz telling me his mistake. He reversed one, then again the next month charged again. He refuses to fix it or reverse the charges. Run do not walk from this company. DO NOT DO BUSINESSS with FTS or MICHAEL MERTZ, he is a scam and dishonest

    1. Joe,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  3. Frank says:

    I was surprised to see that they pulled a credit check on me without my permission. I signed up for the merchant service but cancelled 2 days later because he guaranteed that it could work through my computer system via router. I do not have a dedicated land line and he knew it. Pulling a credit check without my knowledge disappointed me and I am glad I was able to get out of the contract. I never was able to use their services. They would not refund me most of my money that they debited from my account. I had to go to my bank and sign paperwork to have the debit stopped.

    1. Nick Sarnecki says:

      Frank,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  4. Brian S says:

    I would not recommend this company. Their customer service is non-responsive and it is very difficult to get answers and/or corrections on billing issues. I have been trying to get a PCI Compliance fee credited back to me for many months to no avail. Additionally, I have spoken to 3 separate parties about a debit transaction to my bank account that does not reconcile with my statement. Nobody at FTS can give me a plausible, logical, or evidence based explanation about why my debit transaction is $300 higher than what appears on my statement.

    Again, I would avoid doing business with this company. Though the rates are fairly competitive, the customer service, billing, and transparency is very poor!

    1. Nick Sarnecki says:

      Brian,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  5. Jodi says:

    I believe my troubles with FTS originated from a merger with Boaz, who used to be my credit card processor. I discontinued my service with Boaz over 4 years ago at the end of our contract term, with no problems (or so I thought…). I have been charged an annual PCI fee from FTS for the last 4 years. The problem is that I have taken and passed the PCI compliance exam every year and pay all appropriate fees to Sage, my current processor. I have talked to Sage and FTS and both indicated I should e-mail cpies of the charges incurred to FTS’ refunds Dept. I did that on Dec 11, 2012 and have not heard anything back or received reimbursement to my account. I spoke to my bank to see if there is anyway for me to block them from placing such charges to my bank account and unfortunately there is not. Now I see here that this sort of thing is happening to so many other people. I think it’s a crime and there should be some sort of law to protect us-MAYBE FTS NEEDS TO TAKE A COMPLIANCE EXAM TO ASSURE US CONSUMERS THAT THEY KNOW TO DESTROY OUR ACCOUNT INFORMATION WHEN WE TERMINATE SERVICE WITH THEM!!!

    1. Nick Sarnecki says:

      Jodi,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  6. Diane Lee says:

    You want to avoid Financial Transaction Services no matter what. I had a horrible experience with ipayment, so, I switched to FTS who was exhibiting a the tradeshow. Sadly, it turned out far worse than ipayment. They charged me all kinds of surprising hiddlen costs. First, $25 application fee. Then $99 annual fee. Then $6 statement fee. Than $19.99 non pci comp. Then $10 wireless fee. The worst part is that they never told me about the PCI Compliance requirements upfront. I didn’t know how to contact PCI or what to do to meet the compliance requirements. when I called the customer service, they told me to call Sales to deal with my issues at business hours. FTS is a broken company with no business ethics. They basically hit my head from the back and ripped me off. STAY AWAY FROM THEM no matter what!

    1. Diane Lee says:

      Update: FTS customer service from sales department impressed me. They are trying to keep their customers happy. I am staying with FTS and will recommend their VP of sales I’m currently working with (Frank Bernacke) to bring him new customers:-) If Frank leaves FTS, I will follow him wherever he goes! He makes FTS look good.

  7. jenna says:

    fts is the worst card transaction company you can deal with. I asked to have service stopped and faxed a letter of cancellation like they asked, the next month I get a statement deducting out of my account for services i didn’t have. This has been going on for the past eight months and to no end. I have just been promised a refund for the past three months, which means they stole five months of income that I work really hard for. They just pretend they didn’t get my letter or calls. I will keep updates

    1. Nick Sarnecki says:

      Jenna,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  8. cassandra hogan says:

    I recently closed three accounts for my place of employment, Children’s Healthcare Inc. FTS closed only one and continued to assess monthly fees. I have left 4 voice messages with Dan McGovern (he never picks up the phone, always goes to vm) and have also faxed him/FTS twice asking them to close the accounts and reverse the fees since it is now their error in not taking care of all of them at once. I have found out today after calling again that they have since closed the accounts, but over a month later, and the charges have not been reversed. I have yet to receive acknowledgement of any of my correspondence. This company is definitely the bottom of the barrel. The customer service is deplorable, and their inability to get the job done right the first time is inexcusable.

    1. Nick Sarnecki says:

      Cassandra,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  9. I called to cancel our service in July. I called the phone number on the monthly statement. I called twice in August. Each time I left a voice mail for Joe T. I never received a return call. In September I called the number on the statement again and continued to hit options until I contacted a human. The human worked for First Data Merchants. The fist human had no idea what I was talking about. After repeatedly asking for a supervisor I was finally connected to a human with some semblance of intelligence. It took her some time but she found the correct phone number to cancel our service. She could not understand why Financial Transaction Services would list Fist Data’s phone number on their invoice.

    I called FTS. I spoke to Ron S. He appeared helpful but once again I rec’d a bill for the month of September. Ron told me that Joe T would call me back. I told him that I would call back if I didn’t hear from him in an hour. Doing that now. Of course, I cannot locate a human at FTS

    1. Nick Sarnecki says:

      Tom,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  10. Vito Valenti says:

    I am just finding out that most all processing companies charge a non compliance fee and the only way to remove this fee is to take the survey. The survey is only good for 1 year & then you have to take the survey again every year thereafter, in order to keep that charge off your bill. Of course no one tells you about that when you sign up.
    My business cancelled with this company, appx in 2008. Since then we have been charged a $99.00 fee every year. We have no recollection of this charge. After realizing the charge, on my bank statement, I then called Financial Transaction Services. Since Doug Collins is no longer with the company, I was referred to speak with Joe Terranova. I have left several messages with Joe & he only returned 1 call, so far. Nothing was resolved. He said he would have to check into it. When you ask to speak with someone else, about this matter, they just tell you that Joe or Dan are the bosses & they are the ones you need to speak to. How can you resolve an issue if no one will help you?

    1. Nick Sarnecki says:

      Vito,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  11. Steve Gill says:

    You cannot trust FTS. Our salesman guaranteed us that there was no “Early Termination Fee”. He crossed out the paragraph on early termination and it is initialed. When we terminated, the company charged our account $750.00. They said the contract had an early termination fee and sent us a scanned copy of the contract where the crossed out paragraph was whited out.

    Call to our salesman confirmed that we had no termination fee. We are currently trying to recover the fee and will take this company to court and make a criminal complaint.

    BAD COMPANY BEWARE

    1. Nick Sarnecki says:

      Steve,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  12. Ron Stefanik says:

    I own a sandwich shop in Montana. I have been a customer of FTS for about 4.5 years. The problem is customer service. Every time I call customer service I am told to call a Mr Joe Teranova. I have called him many times to no avail. His phone is never answered and mesages left are never returned. These are some of the dates 01/17/2012, I did get to talk to him that time. He was supposed to do some research and get back to me, never did. Called on 2/17/2012, 3/29/2012, and again on 4/10/2012. No reply on any of these calls. The operator seems to forward all problems to Mr Teranova. If you can’t get ahold of anyone how can you solve any problems? On 10/13/11 I sent my PCI Compliance Certificate to Mr. Teranova. The purpose of this Compliance Report is to get FTS to stop taking the Non-Compliance fee of $19.95 off my statement. I am approaching 12 months of this fee being taken out of my account . And I can’t seem to get it stopped. This to me is very poor service even if he is a busy man. I have to wonder if he would like to have money taken out of his account for no reason. FTS does not seem to have a policy of treat customers the way we would like to be treated. Just screw everyone as long as you can because we can always make ourselves look good to future clients. Good plan.

    1. Nick Sarnecki says:

      Ron,

      I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

      Nick Sarnecki
      FTS Customer Service Manager

  13. FTS REP says:

    If you’re upset about FTS, over a ‘fee’ that came out, and you’re upset about it. MAKE SURE you’re reading your first page of your statements, PCI/ANNUAL FEES……. they warn you the month before on the top of the first page of the statement. Hopefully your sales agent will assist you with any questions/concearns.

  14. Dan Stevanovic says:

    I own a transportation business in Florida. I have been an FTS customer 6 years now, while they were doing fraud ander the name Allied Bankcard. FTS IS A COLLECTION OF THUGS. They have been trying to overcharge me at least twice a year, every time by $100. They have just stolen from me another $100 for “Annual Fee for PCI Compliance,” and they refused to refund me. I have never signed up or authorized those charges, but they do not care. When I called to compain and request a refund, they treated me like dirt, and brushed me off. BEWARE: If you sign up with them, your processing costs will be close to 10% of your revenue, provided it is less than $75,000 a year. SO, DO NOT SIGN WITH THEM; IT WILL TURN INTO A NIGHTMARE.

    1. FTS REP says:

      I’m an FTS agent and I want to point out some clarity for you. 1st off don’t go blabbing over the internet how someone is a thief, because we are probably the only company that tells you fees are coming out before its going to happen. if you don’t believe me READ the uppercase writing on the statement from June that was delivered to you in July. It states that fee was going to happen. Now go back to November statement and read what that says, it says

      YOUR ANNUAL FEE FOR 2011 WILL APPEAR ON YOUR DECEMBER MONTH-END STATEMENT.
      THIS FEE WILL BE DEBITED FROM YOUR DESIGNATED SETTLEMENT ACCOUNT ON OR
      AFTER JANUARY 1ST. THIS FEE IS BILLED ANNUALLY. IF YOU HAVE ANY QUESTIONS,
      PLEASE CALL 216-XXX-XXXX.

      I copy and pasted this directly from a statement from one of my merchants. if you call that number, the annual fee will not happen (call when you see it written on the statement at the beginning of december).

      As for the PCI fee, we have hired a top notch company to insure you, and you have to go online and take the survery which only takes about 10 min. That $99 is to them, not to us. If you look up the highest rated processor….. they actually charge for the same thing, ‘MERCHANT WAREHOUSE‘ I bet you any amount of money, if you look at your previous statements, you’re being hit for $19.95 per month for a non pci compliance fee as well. TAKE THE SURVEY and it will go away. http://www.pciapply.net go there on the bottom of the screen and go through it

      Every company is required to have all merchants to be pci compliant, and although it seems costly, why dont you dig on the internet and find out the penalty to the people that didn’t follow the rules. So please before you bark, read what we have sent you. oh and by the way, i have never had a merchant average over 2.7% after all fees taken out. And i have over 100 merchants i’ve signed up on my own. Good luck to ya

      Tim

      1. dan says:

        All lies; all BS. Just do not sign with that bunch of scumbags. They will charge you an annual fee of $99 although you never signed for it; they will charge you a $99 compliance fee and $20 a month non-compliance fee?!? When you try to terminate your account with them, they will try to steal from you another $200-$250. They sold me a credit card prcessing terminal (Nurit 2085) that does not even have wireless capabilities yet they had been charging me $15 a month for “wireleess access” for 4-5 years. When I complained, they refunded me only a fraction of the overcharged amount, all while treating me like dirt. Just sign with Square.com. 2.75% for swipes, you get your money the next business day, no monthly bills, no fees (annual, monthly or compliance), etc. Before you request a camcellation, either place a freeze on your banking account, or change the account number alltogether because Financial Transaction Services will try to rob you blind. FTS is a disguisting business. Just do not do business with them.

        1. Tiffany says:

          Dan I am in full agreement with you. I cancelled with them about 8 days ago. Yesterday Matt the person that I’ve been dealing with for the past year called me wanting to know why I cancelled. Today they withdrew $750 dollars from my business checking account…when I have a signed contract that say that I may cancel at any time without penalty.

          I met them at a trade show I will be contacting the tradeshow organizers and letting them know of the fraudulent nature in which FTC does business.

          1. Bonnie Hidinger says:

            I ran into the same situation. I was told I had NO contract, and therefore NO cancellation fee. They have lied about so many things over the last 2 years to me as well as an associate that I referred to them (BIG REGRET), I have lost count. Now that I want to cancel my Merchant Services account with them, I was told I have a 2 year contract and cannot terminate until Aug, 2012. I called late Aug and then was told I have a 3 year contract. As it turns out, my contract began Sept 28, 2010. I requested the paperwork I signed and a copy of this contract. NOW, it says I have a 5 year contract with a $750. termination fee! I have no problem talking to the people at Financial Transaction Services in Chicago, however every time I talk to them, I get a different story about what I really have. I have closed my previous checking account AND the contract was opened when we were a corporation, so I wish them best of luck in collecting ANYTHING!

  15. brian says:

    Very poor customer service. Company improperly withdrew money from bank account. Upon it being rejected by my financial institution, they withdrew a service charge. Problem is of the $102.50 charge, $3.50 was legitimate which is why they took the $25 fee from my account. They agree $99 was incorrect. I feel I am do $21.50. Company will do not budge. What is someone to do once the $$ are gone from the account???

    1. Greg Knight says:

      This place is an absolute scam. If you see there name in any contract rip up the contract immediately. They write up contract language, do not give you any detail, then try to charge fees that were never agreed upon. We told that (after upon raising our rates once again) “continuing your merchant account with us or use of your merchant account after 30 days will represent you acceptance to the terms”. Guess what, we don’t accept, we cancel and are then tagged with a $750 fee. We were never told of an early termination fee of $750. No paper work was ever give. They are relying on customers not reading very small print to charge what ever they want. Do not go near this company.

      1. Nick Sarnecki says:

        Greg,

        I’m sorry to hear of the inconvenience you’ve experienced and we want to make things right. If the issue hasn’t been resolved, please email me at [email protected] with your merchant account number and a description of your specific situation, and I will do everything I can to help you resolve it.

        Nick Sarnecki
        FTS Customer Service Manager

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