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TD Bank Merchant Solutions Review
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The Merchant Services Division of TD Bank
TD Bank Merchant Solutions is the merchant account division of TD Bank, one of the 10 largest banks in the U.S. The company provides retail processing, mobile payments, and e-commerce solutions. TD Bank Merchant Solutions relies on Payeezy, First Data’s payment gateway, to process online transactions. This is an indication that the company’s merchant somay resell the services of First Data for it payment processing. The company also advertises Clover as a POS solution.
Location and Ownership
Millennium Bankcard Review Table of Contents
- Costs & Contract: TD Bank Merchant Solutions offers undisclosed contract terms with the option for interchange-plus pricing. The company utilizes Payeezy as a payment gateway
- Complaints & Service: TD Bank Merchant Solutions has received fewer than 10 public complaints.
- BBB Rating: TD Bank Merchant Solutions does not currently have a profile with the Better Business Bureau at this time.
- Sales & Marketing: TD Bank Merchant Solutions does not appear to hire independent sales agents and has not had complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With TD Bank Merchant Solutions.
TD Bank Merchant Solutions Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Clean Complaint Record
We are unable to locate any negative TD Bank Merchant Solutions reviews. This means that there are no accusations of the company being a scam or engaging in fraud. Given the relatively low rates advertised by the company, it reflects well on the company that there are no public complaints accusing the company of misrepresenting its pricing structure.
TD Bank Merchant Solutions Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against TD Bank Merchant Solutions. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
TD Bank Merchant Solutions Customer Support Options
TD Bank Merchant Solutions provides 24/7 telephone support, and an automated form for telephone/email responses to support requests. Though this is not as comprehensive as what some of the best merchant accounts for customer service may provide, the 24/7 phone line and ability to initiate email support offer above-average options for support.
No Red Flags
Though there is no evidence to suggest that merchants are having negative experiences with the company. The lack of complaints, reasonable customer service options, and clean legal history are the reasons behind the company getting an “A” rating in this category.
TD Bank Merchant Solutions Online Ratings
Here's How They Rate Online
No BBB Profile Available at This Time
The Better Business Bureau does not currently maintain a profile for TD Bank Merchant Solutions. We therefore will not factor a BBB rating into this review.
TD Bank Merchant Solutions Fees, Rates & Costs
A Closer Look at The Contract
|Virtual Terminal Rate||Up To 2.90% + $0.30|
|Payment Gateway Fee||None|
|Payeezy Pro Plan Monthly Fee||$19.95 Per Month|
|Early Termination Fee||$495|
|PCI Compliance Fee||$19.95 Per Month|
|Equipment Lease Terms||48 Month (locked)|
Undisclosed Contract Terms
Given the company’s advertisement for Clover POS systems and the use of the Payeezy payment gateway, it is possible that TD Bank Merchant Solutions relies on First Data for its payment processing network. First Data offers a wide variety of contract terms and pricing plans, but its standard agreement is typically a 3-year contract with an automatic renewal for 1 year, an early termination fee of $495, a monthly PCI compliance fee of $19.95, and tiered pricing. Merchants 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. Merchants 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 are non-cancellable, long term equipment leases through First Data Global Leasing.
Although its merchant agreement may impose a tiered rate structure comparable to First Data’s, this pricing schedule suggests that TD Bank Merchant Solutions offers merchants the option of selecting interchange-plus pricing. Interchange-plus pricing is the most transparent and straightforward pricing model available to merchants. Requesting interchange-plus pricing is an important component of effectively negotiating a merchant agreement.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, TD Bank Merchant Solutions also dedicates a portion of its website that advertises its virtual terminal and payment gateway. The company relies upon Payeezy as a payment gateway. Payeezy provides 2 pricing plans. The first plan, known as the Basic Plan, imposes a rate of 2.90% plus $0.30 with no gateway, statement, or batch fees. The second plan, known as the Pro Plan, imposes a rate of 1.89% plus $0.30, a monthly fee of $19.95, and no other fees.
An “A” Overall
Given the company’s apparent option to select interchange-plus pricing along with its transparent rate and fee structure for its virtual terminal service, we award TD Bank Merchant Solutions an “A” in this category.
TD Bank Merchant Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
TD Bank Merchant Solutions Sales Tactics
TD Bank Merchant Solutions does not appear to hire independently contracted sales agents to market its services. The company’s website does not advertise any partnership programs by which other businesses or individual agents can sign up to sell their services. However, the company’s automated telephone directory lists that the company offers an affiliate program. This is a common hiring practice within the credit card processing industry that often results in a sales team composed of poorly trained or unregulated agents.
No Misleading Quotes
To its credit, TD Bank Merchant Solutions does not appear to list deceptive rate quotes in its official materials. The company discloses its transaction rates for in-store payments. While it does not disclose a dedicated virtual terminal rate, it does convey that it is a reseller of Payeezy, whose terms and conditions are readily available.
It is possible that the company alters Payeezy’s standard contract terms but that is unclear. The company does not provide a readily accessible merchant agreement listing any additional fees though. If you suspect that the company is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
Given its lack of a reseller program, dependable payment gateway, and lack of issues with sales practices, we award TD BankMerchant Solutions an “A” in this category.
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