Founded in 2008
FlashBanc Location and Ownership
Flashbanc is a registered ISO/MSP of Wells Fargo Bank, N.A., in Concord, California, and is located at 185 NW Spanish River Blvd. #205, Boca Raton, Florida 33431. Jason Wright is listed as the president of Flashbanc.
FlashBanc Review Table of Contents
- Sales & Marketing: FlashBanc employs a large team of independent sales agents and has received some complaints about its sales team.
- Costs & Contract: FlashBanc appears to offer a standard contract through First Data with an early termination fee of either $299 or $499.
- Complaints & Service: FlashBanc has received over 10 public complaints.
- BBB Rating: FlashBanc has an “A+” rating with the Better Business Bureau and has received one complaint in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With FlashBanc
Types of Businesses Served
- High risk
FlashBanc Rates, Fees, and Costs
|Early Termination Fee||$299 or $499|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
FlashBanc Contract Terms
The standard FlashBanc contract (available below) is an agreement through First Data with an early termination fee of $299, a monthly minimum fee of $25, a statement fee of $9, a chargeback fee of $25, and a tiered pricing structure. Although the company’s service length and PCI Compliance fees are not listed in this document, it is likely that the company offers a multiyear contract with an annual PCI Compliance fee of some sort. First Data is a very large processor with a wide array of services, so it’s possible that FlashBanc’s contract terms may vary depending on a merchant’s size, business type, and time in business.
Early Termination Fee
Multiple merchants also report that FlashBanc’s termination fee is actually $499, which the company does not dispute in its responses to these complaints. The company does specify, however, that early termination fees will only apply when FlashBanc pays a merchant’s termination fee through their previous processor before opening their account with FlashBanc.
The fees and rates listed in the company’s merchant application are roughly average for the industry, but we have noticed a steady increase in complaints online about the company’s contract terms. We will therefore award FlashBanc a “C” rating in this category, and we do not expect the company’s terms to compete with the cheapest merchant accounts available. See the FlashBanc Merchant Agreement.
FlashBanc Complaints & Customer Reviews
|Total Online Complaints||10+|
|Live Customer Support||Yes|
|Most Common Complaint||Undisclosed Fees|
Merchant and Employee Complaints
We are currently able to locate over 10 negative FlashBanc reviews online, some of which accuse the company of being a scam or a ripoff. Some of the complaints were filed by merchants, while others were posted by current or former employees. The merchant complaints mention unexpectedly high processing rates, undisclosed fees, and unauthorized or incorrect withdrawals from their bank accounts, even long after the accounts were closed. The company’s complaint volume has steadily risen in the last two years, with several merchants reporting very similar, moderately serious issues. As a result, we will lower the company’s score in this section.
FlashBanc Support Options
The FlashBanc website lists dedicated phone contact information, but whether this line is serviced by FlashBanc or First Data is currently unclear. FlashBanc’s support channels are not enough to qualify it as a top-rated payment processor for customer service at this time.
FlashBanc BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||1|
|Guarantee & Warranty Complaints||0|
One BBB Complaint
FlashBanc has been an accredited business with the Better Business Bureau since 2011. As of this review, the company has an “A+” rating with the BBB and has had one complaint filed against it in the last 36 months. This sole complaint stemmed from an advertising or sales issue and was successfully resolved to the satisfaction of the merchant.
An “A” Performance
Since FlashBanc has been in business for roughly seven years and is showing only one complaint, we agree with the BBB’s rating as of this update. Merchants should still be aware, however, that there are good reasons to be skeptical of the BBB’s rating system.
Truth In Marketing & Advertising
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Outside Sales Staff
FlashBanc primarily markets its services through independent sales agents. This hiring practice is usually linked to elevated complaint rates among merchants, as independent sales agents generally receive little training or oversight. We are currently able to locate more than 10 FlashBanc complaints from merchants who accuse the company’s sales agents of failing to disclose important costs and engaging in high-pressure sales tactics. We have also found at least three complaints filed online by current or former FlashBanc sales agents. These employees describe poor agent support and delays in commission payments.
No Deceptive Advertising
To its credit, the company does not appear to engage in deceptive advertising strategies in its official materials. However, the steady increase in complaints related to undisclosed fees or misleading sales pitches has lowered its score in this section. If you suspect that FlashBanc is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden costs.
FlashBanc Marketing Example
About Phillip Parker
Phillip Parker is a former merchant services sales agent who believes the industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. He created this website to help you avoid the bad players, save money on fees, and to get peace of mind with your merchant account. If you would like to help support his work, learn more about our cost reduction service. We can evaluate your statement, tell you exactly how much you're overpaying, and then help you dramatically reduce your fees with your current credit card processor. Looking to switch instead? See our list of the best merchant account providers.Schedule a Consultation with Phillip