iTransact (itransact.com) is a merchant account provider that also offers online payment gateways as a value-added service. The company resells the merchant services of several processors, including First Data, Global Payments, TSYS, and Chase Paymentech. The company started out as an electronic check processor in 1994 and expanded over time to make credit card processing its largest area of business. In 2010, iTransact merged with National Merchant Services to form iTransact Group LLC. iTransact is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio, and is located at 314 South 200 West, Farmington, Utah 84025-0999. Stephen Hall is listed as the CEO of iTransact.
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
iTransact appears to employ salaried in-house sales agents to market its services, and there is no indication at this time that the company hires independently contracted agents. We are currently unable to locate any iTransact reviews that accuse the company’s sales team of unethical conduct, but a few merchants express initial surprise at higher-than-expected setup costs. These merchants all go on to add that their confusion over these costs was quickly resolved by excellent customer service. As an additional point in the company’s favor, the iTransact website does not appear to engage in any deceptive advertising strategies.
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
iTransact resells the merchant accounts of several very large payment processors. As a result, its contract terms are likely to vary significantly depending on a merchant’s size, business type, and time in business. It is unlikely that the company has a single standard service length, setup fee, early termination fee, PCI Compliance fee, monthly minimum fee, or rate structure, but merchants can expect to see some or all of these expenses and terms in their agreements. There are currently no complaints on any of the usual consumer protection websites that mention specific issues with iTransact’s contract terms, indicating that most of the company’s clients are satisfied with their service. If you have any specific knowledge of iTransact’s contract terms, please leave that information in the comment section of this review.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
We are currently unable to locate any iTransact complaints that accuse the company of being a ripoff or a scam. In fact, the company is not showing any complaints online whatsoever, and there are several positive testimonials that praise iTransact’s customer service. Since the company resells the services of multiple processors, it is possible that some merchant complaints are redirected to these other companies’ online profiles. At this time, however, we can locate only positive descriptions of the service and support offered by iTransact itself. We are therefore awarding the company an “A+” rating in this category.
Key Points - BBB
|Product & Service Complaints||1|
|Billing & Collection Complaints||2|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
As of this review, iTransact has a Better Business Bureau rating of “B-” with three complaints filed within the last 36 months. The company is not accredited with the BBB. Two complaints have been filed regarding billing and collection disputes, while one pertains to a product or service issue. Two complaints have been successfully resolved, while one has not received any response from iTransact. It is possible that the company is in the process of resolving this third complaint, as it was filed less than a week before this article’s publication. Nevertheless, the BBB currently cites this lone unresolved complaint as the primary factor lowering the company’s grade. We have adjusted the BBB’s rating to an “A” based on how our criteria would score the company.
About Phillip Parker
Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with PhillipSchedule a Consultation with Phillip
Copyright & Disclaimer
Copyright © CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice.