|Sales & Marketing|
|Costs & Contract|
|Complaints & Service|
Paperless Transaction Corporation (paperlesstrans.com) is a merchant account provider headquartered in Irving, Texas. There is some evidence that the company resells the merchant services of Chase Paymentech. Paperless Transaction Corporation was originally founded in 1998 as an ACH processing service for the retail business community and non-profit sectors, but it has since expanded to other types of payment processing. Paperless Transaction Corp is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California, and the company is located at 400 E Royal Ln, Suite 201, Irving, Texas 75039. George Reich is listed as the president and CEO of Paperless Transaction Corporation.
|PTC Products and Services||Industries Served|
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||No|
Paperless Transaction Corporation appears to market its services through telemarketing, its client network, and its website. It is unclear at this time whether the company employs independent sales agents. We are currently able to locate three negative Paperless Transaction Corporation reviews that mention undisclosed fees, although whether these fees were altered after a period of service or whether they were initially concealed by a sales agent is not specified. As a point in the company’s favor, the Paperless Transaction Corporation website does not appear to engage in any deceptive advertising strategies.
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||Variable|
The standard Paperless Transaction Corporation terms of service (available below) include a three-year agreement through Chase Paymentech with a $250 early termination fee plus Liquidated Damages related to stored value (gift cards) payment processing fees. Other fees, such as PCI Compliance fees, monthly minimum fees, and individual rates, are not included in the company’s terms and conditions but can be found in Schedule A of a merchant’s application or agreement. Some merchant complaints also mention a $90 annual fee.
As noted above, the early cancellation penalty in this contract consists of $250 per merchant location plus the merchant’s stored value card processing fees from the previous month multiplied by the remainder of the contract. This second amount is not to exceed state limits on fees. While this second amount is unlikely to be very large in most cases, it is a variable and confusing expense that does not appear to be tied to the company’s actual losses in any way. As a result, we have lowered the company’s score in this section to an average rating of “C.” See the Paperless Transaction Corporation Terms and Conditions.
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||N/A|
We are currently able to find three Paperless Transaction Corporation complaints online, one of which openly describes the company as a scam. Multiple complainants report unexpected fees of $90 and $18.74, likely due to recurring fees of some sort. Merchants also report difficulty resolving their issues in a timely fashion through the company’s customer service, a theme echoed on the company’s BBB profile. Although this is a low complaint volume for the company, the specific reference to poor customer service has negatively impacted Paperless Transaction Corporation’s score in this section. In addition, the company’s website does not appear to list a dedicated communication channel for customer support, indicating that this may be outsourced to Chase Paymentech.
|Key Points – BBB Report|
Paperless Transaction Corporation is not an accredited business with the Better Business Bureau. As of this review, the company has a “B+” rating with the BBB (down from an “A-” at the time of our last update) and has had four complaints filed against it in the last 36 months. All of the complaints stemmed from billing or collection issues. Of the total complaints, three have been successfully resolved while one resolution left the merchant dissatisfied. In light of these figures, we have slightly adjusted the BBB’s rating to an “A-” based on how our rating system would grade the company.
* Denotes CPO-adjusted BBB score
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This review was originally published on 3/12/13 and was last updated on 4/23/15.
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