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 Group was then acquired by Payroc LLC in October 2016. 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: iTransact does not appear to employ independent reps and has not received complaints about its sales tactics.
- Costs & Contract: A sample iTransact contract lists average pricing and fees for the industry, but the company’s pricing may vary.
- Complaints & Service: iTransact has not received any complaints in public forums.
- BBB Rating: Unavailable.
- Rates & Fees: How Merchants Got The Best Rates With 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.
iTransact Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||$125|
|PCI Compliance Fee||$90 Or $165 Per Year|
|Equipment Lease Terms||Variable|
According to a copy of the standard iTransact contract (available below), iTransact offers a three-year agreement through NPC with automatic renewal for two-year terms, an early termination fee of $125, an annual fee of $59.95, a monthly minimum fee of $25, a PCI compliance fee of either $90 or $165 per year, and an on-file fee of $9.95 per month. However, 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. See the iTransact Terms & Conditions and the iTransact Merchant Application.
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, the Better Business Bureau page for iTransact is unavailable due to a server error. At the time of our last update, the company had a Better Business Bureau rating of “B-” with three complaints filed within the last 36 months. The company was not accredited with the BBB. Two complaints had been filed regarding billing and collection disputes, while one pertained to a product or service issue. Two complaints had been successfully resolved, while one had not received any response from iTransact. It is possible that the company was in the process of resolving this third complaint, as it had been filed less than a week before our update. Nevertheless, the BBB cited this lone unresolved complaint as the primary factor lowering the company’s grade. We will not factor a BBB rating into this update due to its unavailability.
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About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
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