TransMerit Merchant Services Review

TransMerit Merchant Services Overview

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Affliation with Payment Systems Corporation

TransMerit Merchant Services (transmeritmerchantservices.com) is a merchant account provider that has been active since early 2015. The company is lists its address as 20 West Kinzie Street, 17th Floor, Chicago, Illinois 60654, but we have found TransMerit paperwork that lists its address as 617 S Olive St #420, Los Angeles, California 90014. That location is only a block or two from the former headquarters of Payment Systems Corporation, a poorly rated company on CPO that is no longer in business.

Shared Leadership

TransMerit’s close proximity to Payment Systems Corporation is significant because TransMerit was co-founded by and is currently managed by George Csahiouni, a former general sales manager for Payment Systems Corporation, and up until December 2018 was co-managed by Keith Olmo, the former executive vice president of sales at Payment Systems Corporation. A number of other former Payment Systems Corporation employees also work at TransMerit. TransMerit Payment Services lists itself as “a Vantiv company” and is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio.

TransMerit Merchant Services Review Table of Contents

  • Costs & Contract: TransMerit Merchant Services offers a multi-year contract through First Data or NPC/Worldpay with an early termination fee of $375 and a liquidated damages clause, meaning that the cost of cancelling service could exceed $1,000.
  • Complaints & Service: TransMerit Merchant Services has received more than 25 public complaints.
  • BBB Rating: TransMerit Merchant Services has an “A+” rating across 2 profiles with the Better Business Bureau and has received 30 complaints in the past three years. However, neither profile is accessible at the time of this review.
  • Sales & Marketing: TransMerit Merchant Services appears to hire independent sales agents and has received a high number of complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With TransMerit Merchant Services

TransMerit Merchant Services Statement Analyzer

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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • Restaurant

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TransMerit Merchant Services Rates, Fees, and Costs

Key Points

Annual Fee $99 Per Year
Swiped Rate Interchange + 0.50% + $0.15
Keyed-in Rate Interchange + 0.50% + $0.15
Statement Fee $12 Per Month
Monthly Minimum Fee $25 Per Month
Early Termination Fee $1000+
PCI Compliance Fee $129 to $165 Per Year
Equipment Lease Setup Fee $149.99
Equipment Lease Terms 48 Months (locked)

Two Contracts

We have acquired two TransMerit contracts (available below), one of which is through National Processing Company (NPC) (now Worldpay) and the other of which is through First Data.

TransMerit Merchant Services Pricing

TransMerit’s contract through NPC is a three-year agreement with automatic renewal for two-year terms, an early termination fee of $375 plus liquidated damages, an annual fee of $99, a PCI compliance fee of either $90 or $165 per year, a monthly minimum fee of $25, a monthly statement fee of $12, a per-transaction rate of interchange plus 0.50% plus $0.15, and other various charges. TransMerit’s contract terms through First Data include an early termination fee of $495, an annual fee of $99, an annual PCI compliance fee of $129, a monthly minimum fee of $25, a monthly statement fee of $12, and an interchange-plus rate similar to the one it offers through NPC.

Equipment Lease Terms

In addition, we have located a document that outlines TransMerit’s equipment lease agreement. This agreement includes a setup fee of $149.99 and a four-year lease with an early termination fee of $299-$499 plus liquidated damages. We have seen an increase in complaints about higher-than-expected fees and undisclosed lease terms, which is to be expected given the company’s pricing.

Costly Contract Terms

TransMerit’s long-term contracts with expensive termination fees and high monthly and annual fees are not competitive when compared to industry averages, and we have accordingly assigned the company a “D” rating in this category. Merchants should compare TransMerit’s rates to low-cost merchant account providers before signing up for service. See the TransMerit Merchant Services NPC Contract, the TransMerit Merchant Services First Data Contract, or the TransMerit Merchant Services Merchant Acknowledgement Agreement.

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Response from TransMerit Merchant Services

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TransMerit Merchant Services Complaints & Customer Reviews

Key Points

Total Online Complaints 25+
Live Customer Support Unknown
Most Common Complaint Sales Tactics

Increasing Complaint Total

We are currently able to locate more than 25 negative TransMerit Merchant Services reviews on this and other consumer protection websites, some of which accuse the company of being a scam. Common themes among complainants include nondisclosure of fees, misrepresentation of rates, aggressive sales practices, and long-term equipment leases, all of which were frequently reported in Payment Systems Corporation complaints.

Complaints Against Co-Founder

In fact, there are a handful of complaints filed against Keith Olmo from his time at Payment Systems Corporation. We will not hold these complaints against TransMerit, but they are worth noting. TransMerit’s complaint rate has remained consistent across all consumer protection forums in the past 18 months, and the company appears to be on pace for the same poor reputation that Payment Systems Corporation had before it closed.

TransMerit Merchant Services Support Options

TransMerit company provides an email address for customer support on its website, but it does not list a specific customer service phone line, which prevents the company from qualifying as a top credit card processor for customer service.

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Response from TransMerit Merchant Services

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TransMerit Merchant Services BBB Rating Summary

Key Points - BBB

Product & Service Complaints 15
Billing & Collection Complaints 0
Advertising & Sales Complaints 1
Guarantee & Warranty Complaints 14
Delivery Complaints 0

Note: At the time of our last review, TransMerit Merchant Services maintained two profiles with the Better Business Bureau. The company had 30 complaints across both profiles which each had an “A+” rating. However, at the time of this review neither profile can be located on the BBB’s website. This review reflects the company’s standing with the BBB when its profiles were accessible at the time of our last review.

Two BBB Profiles

The Better Business Bureau currently maintains two profiles for TransMerit Merchant Services. One shows that the company has been BBB-accredited since 2016 and is showing an “A+” rating, while the other appears to be the headquarters listing and is also showing an “A+” rating but without accreditation. For the sake of simplicity, we will combine both profiles.

30 BBB Complaints

TransMerit has received a total of 30 BBB complaints in the past three years, with 15 related to product or service issues, 14 due to delivery disputes, and one due to an advertising or sales dispute. The company has successfully resolved five complaints, while the remaining 25 complaints either were not resolved to the satisfaction of the merchant or did not receive a final evaluation from the merchant.

What Merchants Say

This merchant describes misrepresentation by a TransMerit sales agent followed by difficulty getting out of the contract:

I have had issues with this company from day one. Starting with a salesperson who didn’t know what she was talking about and who answered all my questions incorrectly. I decided to go with TransMerit based on the pricing and information she gave me. Turns out everything she said was included wasn’t and as a result I would be paying double what I was paying with my previous processing company. Because of the flat out lies I was sold on, TransMerit offered to credit my account each month for all the fees. Every month it is a struggle to get this credit (I am currently waiting for November and December’s credit). Switching to TransMerit was a huge mistake. I can’t even start to explain the amount of time dealing with issues and frustration that has come from this move. Unfortunately I’m in a 3 year contract, and they won’t let me out of it. TransMerit is a shady company… don’t make the mistake I made. Stay away.

It looks like the only way this merchant will see an end to their struggles will be to cancel their merchant account without paying a fee.

A “C” Performance Overall

In light of the company’s complaint total and resolution ratio, we have adjusted the BBB’s score for this review.

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Response from TransMerit Merchant Services

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Appointment Setters and Independent Agents

TransMerit appears to primarily market its service via in-house appointment setters and independently contracted sales agents across the country. This sales practice was used at Payment Systems Corporation and is typically linked to high complaint rates within the industry. TransMerit is no exception, as we have seen a high rate of complaints posted about the company’s sales tactics since this review’s original publication in February 2016.

Widespread Sales Complaints

Complainants specifically cite persistent, unwanted sales calls and in-person visits from sales reps, as well as nondisclosure of rates and fees by sales reps. Complaints from employees also describe a poor lead generation system and internal pressure to book appointments regardless of merchant interest. As a result, we’ve assigned TransMerit a “D” rating in this section. If you suspect that TransMerit Merchant Services is charging you undisclosed fees, we recommend seeking a free third-party statement audit to find and eliminate hidden charges.

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Response from TransMerit Merchant Services

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TransMerit Merchant Services Marketing Example

TransMerit Merchant Services Logo

Our Opinion of TransMerit Merchant Services

Not A Competitive Option For Most Merchants

TransMerit Merchant Services rates as an average to below-average merchant services provider according to our rating criteria. The company has seen a steady increase in negative merchant reviews since our last update of this review, and its ties to Payment Systems Corporation do not give us reason to believe that it will turn its reputation around. Our rating for TransMerit will be subject to change as we receive more feedback about the company, but for now merchants should opt for a top-rated payment processor instead.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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17 Reviews Leave Your Review for TransMerit Merchant Services Below

  1. Vincent Bedoy says:

    George called me and quite frankly he was incredibly rude and pushy. I would avoid this company

  2. Tatekech Kide says:

    Trans merit is the worst company to do business with. Please if you hear their name run they will lock you in to contract where you can not get out. their sale person will tell you there is no contract, and you get free machine. Not so I have been trying to get out with out ruing my credit was not able.

  3. Monroe Madison says:

    These people call all the time and are very deceptive on the phone and never really get to the point of the call and the bottom line,I do not have time for games and cold calls everyday,get to the point and give me the facts or get out of my face,have some politeness and be informed…or maybe when they find out about all the extras you charge they will not want your service anyway…maybe that is way this company is so vague and unclear about the truth.

  4. Matt Evans says:

    Not a customer of this business but the sales rep or whoever is making sales calls is VERY rude. Not only do they call frequently but have terrible phone etiquette. Not sure how you make any sales using these folks.

  5. Joe Dang says:

    Be aware of these people. They are thieves. They are liars. They verbally gave me a low rate on EBT rate, promise to get the machine work fast of properly, I have nothing but headache with this company. I sign a contract which they did not give me a copy. The representative for the Company “KONA” pressured me into signing stating i need to sign immediately because it was end of month deal. Their rates are outrageous and their fees are sky high. Do not make the same mistake I made

    1. Chris says:

      Joe,
      Had a similar circumstance with the same sales rep. However, he lied to my father when my dad asked if he could have a 60 day trial….he told my father yes…my dad was pressured in to signing…My dad then tried to call an cancel a month later (within his 60 days) at which time they said that the 60 day trial didn’t exist.

      Do you have anymore information. I’m looking to speak to a lawyer about a potential class action suit.

      1. Yumi C. says:

        Free trials are never offered. These contracts are bilateral agreements that guarantee wholesale rates to the merchant under the condition of a non-cancellable lease agreement for equipment with a third party. The merchant service accounts are cancellable with a one-time fee.

      2. eileen says:

        I need to talk to Chris and everyone not happy it is worse than you think

  6. Dana Fawbush says:

    On a scale of one to ten, one being worst, I would rate this company a 0. I received a call at my business from Transmerit trying to set up an appointment acting as though they represented Visa and Mastercard the sales person was very pushy and rude and would not take no for an answer so I hung up on him. I received 2 immediate call backs and got a supervisor on the phone that was just as rude as the first caller. She tried to talk over me and heard nothing of what I was trying to say so I hung up on her too. If I treated my customers the way this company treated me, I would be out of business quick as I hope Transmerit is.

  7. Angeliki Korcari says:

    I just switched to this company too its been crazy from day one. I was promised the founds will be transferred the same day that didn’t happen yet. The statement for the month comes 20% of the revenue and customers Services is keeping your wait 20 30 minutes and then unable to solve the problem tells me we will call you back with more information….

  8. Kashan Pruitt says:

    This company is the worst! They’re all in on fraudulent acts. I was introduced to this company from first data and I was told that the company would be able to give me a POS system that worked more efficiently than the one I had in place. The sales rep came out and showed me a demo and although I questioned “why didn’t the machine demo show of any salon services!” I was reassured that the equipment would come with the software installed in it prior to shipping. Negative cause this never happened. I was also told that is have 30 days to cancel all contracts and I also signed paperwork that stated so. I never received a copy of my originals before the rep left big I trusted that there wouldn’t be any issues as I was assured that I had 30 days to cancel what could really happen right? Wrong!!! My contract that was originally signed stating I had 30 days to withdraw had been trashed and my signature was copied and pasted onto another form that I had never seen before…I had a phone conversation with the sales rep and have recorded information from him informing me the George Csihouni made mention of he fact that since he went out to purchase new equipment that I never authorized nor signed for but refused to take, he was going to “stick me!”

    I’m working diligently to have this issue fixed with the leading company that purchased my lease but this company is unethical and will have its day in court! I can see the same folks that performed fraudulent acts from a prior company has started a new company directly up the block from the latter. Nothing has changed with this people but
    The name of the company and the address…they’re still out performing fraudulent acts!!! BEWARE!!! And take ohotos of every form you sign, which is a lesson learned for me!

    1. robert passio says:

      Completely agree!! I wish there was away to report them

  9. On behalf of TransMerit Merchant Services we would like to say we appreciate the rating and will work diligently to improve our score. While perfection is unattainable that is what we strive for on a daily basis.

    Our number one priority is to earn our merchants business through ethical practices as well as through excellent products and efficient services. We work diligently towards improving our processes in order to best serve each client. Your feedback on this page, and others like it, are welcomed as it helps us to continue improve as an organization.

    For any merchants that would like more information regarding our company you can visit our website at http://www.transmerit.com or email us your feedback directly at [email protected]

    Thank you!
    TransMerit Team

    1. Kashan Pruitt says:

      I’m in the process of having my negative comment removed as I was able to reach out to someone other than the sales guy and all of my issues have been resolved promptly.

      Sincerely,

      Kashan Pruitt

    2. Kashan Pruitt says:

      My issues with this company has been resolved effectively and efficiently. As soon as they were made aware of the erroneous lies the remote rep had been telling his clients they fixed my issue and ensured I was satisfied. My negative reviews will be cancelled off this site! This is my second submission regarding the fact that my issue has been handled!

      1. rosemary gangoo says:

        i have spoken to several individuals at this company in connection with the cancellation of a contract . all of whom were so disrespectful.After carefully considering the information the sales rep shared with me i decided this will not be to my benefit . i called him with in 24 hours period and requested that the contract be cancelled . also spoke with his office contact who confirmed the contract will be cancelled. this never happened . my account was debited for a large sum of money for early termination. i do not have a copy of the contract , i do not have any equipment from this company . Once the contract is signed there is no cancellation. if the telephone confirmation is done you are agreeing to the terms and conditions. folks be careful this is not a company you will like to engage in business with . good customer service and appreciation for your business is not part of their policy.

    3. Shirley says:

      Someone contacted me this morning and used unethical practice to gain an appointment. I’ve been in Sales for almost 40 years. So, when I heard the quick pitch I asked was this a scam. The Caller said No… Later he attempts to quote my bank rate.. And told me my rate was going to go down. I knew he was not telling the truth as the rate he quoted was incorrect. So, I asked again are you with my Bank and is this a Scam. He continued to use First Data as if he works with or for them. So, when my appointment arrive I plan to record and video the meeting. Quote

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