The Transaction Group 2023: Reviews & Complaints
(888) 383-8056 Company Overview
Founded in 2003, The Transaction Group is a merchant account provider that specializes in payment processing for domestic, international, and high-risk business types. It is notable for being one of the few payment processors to openly advertise debit and credit card processing services for marijuana businesses.
Article Summary
Before we dive in, here’s a short summary of what we’ll cover:
- The Transaction Group’s various payment processing services.
- The company has received few complaints.
- The Transaction Group openly offers services to marijuana businesses, which is rare in the industry.
- There is little information about the company’s contract.
The Transaction Group Payment Processing
The Transaction Group processes all major debit and credit cards for standard and high-risk businesses. Their services include e-commerce solutions, mobile payments, 3-4 day settlements, no reserve requirement, ACH and e-check processing, and a payment gateway.
High-Risk and Cannabis Industry Solutions
TTG specializes in providing payment processing solutions for high-risk industries, including the cannabis sector. Since 2012, they have set up medical and recreational marijuana dispensaries with debit and credit card processing solutions.
Online/E-commerce Services
The company provides payment gateway and processing services for online businesses. If a traditional merchant account is not feasible, TTG offers alternative payment processing solutions.
ACH and E-Check Processing
TTG offers ACH and E-check payment processing solutions, which are particularly suitable for high-risk industries that operate online. This is a domestic payment processing option.
Merchant Cash Advance
The company provides a merchant cash advance program for businesses in need of working capital. This program is designed to offer quick and convenient funding with minimal hassle.
Point-of-Sale Systems
TTG and its partners offer point-of-sale (POS) solutions tailored for various types of businesses. These POS systems are part of their comprehensive service offerings.
Rate Analysis and Customer Service
TTG offers a free rate analysis to businesses and aims to save them up to 25% on existing rates and fees. The company emphasizes customer satisfaction and is available for support even after business hours.
Location & Ownership
The company is partnered with multiple international processors and acquiring banks. The Transaction Group is headquartered at 1982 Wedgewood Dr, Sanford, NC 27322, and Michael Rupkalvis is the president of The Transaction Group.
Table of Contents
- Costs & Contract: Offers variable contract terms that depend on the…
- Complaints & Service: Has received fewer than…
- BBB Rating: Has no rating with the Better Business Bureau and has received…
- Sales & Marketing: Does not appear to hire independent sales agents and has no…
The Transaction Group Customer Reviews
Here's What Their Clients Say
Key Points |
|
|---|---|
| Total Online Complaints | <10 |
| Live Customer Support | Yes |
| Most Common Complaint | N/A |
| Recent Lawsuits | No |
Clean Complaint Record
We are currently unable to locate any negative The Transaction Group reviews outside of the Better Business Bureau, which is a good sign that the company is not a scam or a ripoff. The Transaction Group has multiple backend processing partners, which makes it likely that each merchant will have a different point of contact for his or her customer service. If you have your own The Transaction Group review to make, please do so in the comments below.
The Transaction Group Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against The Transaction Group. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
The Transaction Group Customer Support Options
The Transaction Group lists a general phone line and contact form, but there is no indication that the company is on the same level as top-rated payment processors for customer service. The company’s clean complaint record across all consumer protection sites inclines us to award it an “A” in this category.
The Transaction Group Customer Service Numbers
- (888) 383-8056 – Toll-Free Support
- (312) 896-5628 – Fax
Other Support Options
- Support form
- Customer service email address at [email protected]
The Transaction Group Online Ratings
Here's How They Rate Online
Online Ratings Summary |
|
|---|---|
| BBB Reports | 0 |
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.
Not Currently Rated By The BBB
The Transaction Group currently does not have a rating with the Better Business Bureau and is not showing accreditation at this time. The company has not received any complaints to its BBB profile in the past three years, nor has it received any informal reviews.
An “A” Overall
The BBB states that it lacks sufficient information about the company to assign a rating, but its system is often flawed. Given the fact that the BBB has previously assigned a rating to The Transaction Group and has had a profile for the company since July 2012, we have adjusted The Transaction Group’s rating to an “A” according to our criteria.
The Transaction Group Fees, Rates & Costs
A Closer Look at The Contract
Key Points |
|
|---|---|
| Cancellation Penalties | Unclear |
| Monthly & Annual Fees | Yes |
| Processing Rates | Variable |
| Equipment Leasing | Unclear |
The Transaction Group Pricing
There is not a great deal of publicly available information regarding the standard Transaction Group contract. A copy of the company’s debit card processing application shows a per-transaction fee of $0.25, a monthly service fee of $10, a chargeback fee of $35, and a PCI non-compliance fee of $35. This document does not specify an early termination fee, a PCI compliance fee, or a monthly minimum fee, but these costs may apply to clients in some cases.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, The Transaction Group also dedicates a portion of its website to advertising its virtual terminal and payment gateway. However, pricing is not disclosed on either of those services. The company’s merchant contract references the “GLP Switch” gateway as a primary option, though it also allows for alternatives. Pricing on the GLP Switch payment gateway is not readily available. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
High-Risk Expectations
High-risk and international businesses that apply for a merchant account through the company should typically expect higher per-transaction fees and stricter processing limits. There are no public complaints filed about The Transaction Group’s contract terms at this time, so we will assume that the company’s clients are generally satisfied with the rates and fees they pay.
The Transaction Group offers access to payment gateways as part of its e-commerce solutions
The Transaction Group Employee Reviews & Sales Tacitcs
Should You Work For Them?
Key Points |
|
|---|---|
| Uses Independent Resellers | Yes |
| Telemarketing | No |
| Misleading Marketing | No |
| Discloses All Important Terms | No |
No Sales Complaints
The Transaction Group appears to primarily market its services through strategic partnerships, a referral program, and traditional advertising methods. There is no evidence that the company uses a large team of independently contracted sales agents, and we are currently unable to find any The Transaction Group reviews that accuse the company’s sales team of deceptive tactics.
No Deceptive Quotes
As an additional point in its favor, the company does not list any misleading rate quotes or unrealistic guarantees in its official materials. We have therefore assigned it an “A” rating in this category. If you suspect that The Transaction Group is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
Our The Transaction Group Review Summary
Our Final Thoughts
The Transaction Group rates as a reliable credit card processing provider according to our rating criteria. The company is showing a low complaint total overall despite the fact that it serves a number of high-risk and international merchants, and it remains a top choice for medical marijuana payment processing. As with any credit card processor, readers are advised to request and review all relevant documentation before applying for a merchant account.
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