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SunTrust Merchant Services 2023: Reviews & Complaints
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SunTrust Merchant Services is a credit card processing division of SunTrust Bank, which is headquartered in Richmond, Virginia. SunTrust is a reseller of First Data (Fiserv) merchant accounts and Clover as a POS solution. This means that merchants who sign up for credit card processing through SunTrust will receive the services and customer support of First Data (Fiserv). In fact, as of 2023 it appears that SunTrust Merchant Services is mostly absorbed into Clover/First Data and Truist (see below).
SunTrust Merchant Services Payment Processing
SunTrust Merchant Services offers payment processing for most major debit and credit cards, as well as checks and gift cards, for most business types. Their services include POS systems and card swipers from First Data and Clover, mobile solutions also from Clover, data reporting and insights, rewards, and e-commerce solutions and security.
Transitioning to Truist
In December 2019, SunTrust Bank merged with Branch Banking and Trust Company, a North Carolina banking corporation (BB&T), to create Truist. SunTrust still maintains a profile on the Clover website for merchant services, though particular services are slowly migrating to the Truist brand. Please read our Truist Bank review for more information.
Location & Ownership
SunTrust Bank’s corporate headquarters is located at 303 Peachtree Street North East, Atlanta, Georgia, and Eric Mann is listed as the company’s sales and marketing manager for its Virginia location. William H. Rogers Jr. is listed as the president and COO of Truist Financial Corporation. LinkedIn also lists David Martinez and Brian Adams as account executives.
Table of Contents
- Costs & Contract: Offers variable contract terms that may take the form of a three-year agreement with…
- Complaints & Service: Complaints number more than 250 on…
- BBB Rating: Has an “A+” rating and has received 4,056 complaints and 2,095 reviews in the past 3 years. The company has been…
- Sales & Marketing: Does not appear to hire independent sales representatives but has received…
SunTrust Merchant Services Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||250+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
High Complaint Total
We are currently able to locate approximately 250 negative SunTrust Merchant Services reviews, many of which accuse the company of being a ripoff or a scam. Although the majority were filed in regards to SunTrust’s other services — including its banking, loans, and mortgaging subsidiaries — a handful refer to SunTrust Merchant Services and cite unexpected and unauthorized SunTrust Merchant Services fees. If you have your own SunTrust Merchant Services review to make, please do so in the comments below.
SunTrust Merchant Services Lawsuits and Fines
In 2017, SunTrust’s banking apparatus was ordered to pay a $1.5 million civil penalty when the Federal Reserve investigated the company in regards to its alleged breaching of the National Flood Insurance Act. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
SunTrust Merchant Services Customer Support Options
Generally speaking, clients seem dissatisfied with the contract terms and customer service they have received from First Data (Fiserv), which leads them to also mention SunTrust in their complaints.
SunTrust Merchant Services Customer Service Number
- (800) 432-7628 – Toll-Free Customer Service
The company appears to outsource its customer service to First Data (Fiserv), which is partially responsible for its average grade in this category and prevents it from qualifying as a top-rated credit card processor for customer service.
SunTrust Merchant Services Online Ratings
Here's How They Rate Online
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Over 4,000 Complaints
SunTrust has been an accredited business with the Better Business Bureau since 1967. However, its profile is not specific to the bank’s merchant services. As of this review, SunTrust’s headquarters profile has been transferred to Truist Bank, which has been accredited since 1986. The company holds an “A+” rating with the BBB. The company’s profile is currently showing 4,056 complaints in the last 36 months.
What Merchants Say
In addition to the 4,056 complaints filed on its BBB profile, has received 2,095 informal reviews, almost all of which are negative in tone. However, these reviews are largely in regard to the company’s banking services and do not generally reflect the quality of their merchant services.
A “D” Performance Overall
According to the BBB’s previous profile, SunTrust was also recently a part of a lawsuit with the Federal Reserve regarding its mortgaging and foreclosure practices. The suit has since been settled. Given all of this information, we find the Better Business Bureau’s “A+” rating to be inappropriate and a solid example of why there are good reasons to be skeptical of the BBB’s rating system. We have adjusted the BBB’s rating to a “D” for the purposes of this review.
SunTrust Merchant Services Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
SunTrust Merchant Services Pricing
The standard SunTrust Merchant Services rates agreement appears to be similar to the standard First Data (Fiserv) contract. Standard First Data (Fiserv) contracts include a wide variety of contract terms and pricing plans, but typically are multi-year contracts with an early termination fee of $495, a monthly PCI compliance fee of $19.95, and tiered pricing. Clients who process up to $50,000 each month will receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Businesses whose monthly charges exceed $50,000 will receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19. Another facet of these contracts is non-cancellable, long-term equipment leases through First Data Global Leasing.
Expensive Contract Terms
These SunTrust Merchant Services contract terms appear to be more expensive than industry averages, and they are also on the extreme end of what First Data (Fiserv) tends to allow in its contracts. SunTrust Merchant Services’ terms are therefore not competitive with the cheapest merchant accounts. When dealing with a SunTrust Merchant Services rep, business owners are encouraged to request all documentation from both SunTrust and First Data (Fiserv) in order to understand the exact fees they’ll be expected to pay. We also encourage businesses to check out our list of the providers of the best merchant accounts.
SunTrust Merchant Services Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||No|
SunTrust Merchant Services appears to rely primarily on its client base established through normal banking operations to market its services. The company does not appear to outsource its marketing operations to independent sales agents at this time. That said, we are currently able to locate a handful of negative SunTrust Merchant Services reviews that accuse the company’s sales agents of misrepresentation or nondisclosure, especially regarding the company’s relationship to First Data (Fiserv) and the high early termination fee imposed by First Data (Fiserv). This does not compare favorably to our list of best credit card processors.
Seek an Independent Audit
If you suspect that SunTrust Merchant Services is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges. To its credit, SunTrust does not appear to engage in any deceptive advertising strategies in its official materials.
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