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TransMerit Merchant Services Review
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Note: The TransMerit Merchant Services website has been suspended for well over a year, according to its domain provider. It is unclear what bearing this has on the company’s current status, but we have found no evidence to suggest that the company is still in business. Merchants with any insight into the state of TransMerit Merchant Services’ operations are encouraged to leave feedback in the comment section of this review.
Affiliation with Payment Systems Corporation
TransMerit Merchant Services is a merchant account provider that has been active since early 2015. The company’s website previously advertised that it was “Awarded Best Credit Card Payment Solution” though the merit of that distinction is not expounded upon. Additionally, TransMerit Merchant Services stated that it has over 20 years of experience. The company also advertised Poynt and Clover as POS solutions.
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 was co-managed by Keith Olmo up until December 2018, 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.
The company lists its address as 20 West Kinzie Street, 17th Floor, Chicago, IL, but we have found TransMerit paperwork that lists its address as 617 S Olive St #420, Los Angeles, CA. 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.
TransMerit Merchant Services Review Table of Contents
- Costs & Contract: TransMerit Merchant Services offers a multi-year contract through First Data (now Fiserv) or NPC/Worldpay with an early termination fee of $375 and a liquidated damages clause, meaning that the cost of canceling 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 with the Better Business Bureau and has received no complaints and no reviews in the past 3 years.
- 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 Customer Reviews
Here's What Their Clients Say
|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.
TransMerit Merchant Services Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against TransMerit Merchant Services. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
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.
TransMerit Merchant Services Online Ratings
Here's How They Rate Online
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Nearly 20 BBB Complaints
TransMerit currently has an “A+” rating with the Better Business Bureau and has received no complaints in the past 36 months, a substantial reduction of the 19 filed against the company at the time of a previous update to this review.
What Merchants Say
The company’s profile is currently showing no reviews. Previously, there was 1 informal review, which was negative in tone. The negative review was left by a merchant who 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 struggle 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.
TransMerit Merchant Services Fees, Rates & Costs
A Closer Look at The Contract
|Annual Fee||$99 Per Year|
|Swiped Rate||Interchange + 0.50% + $0.15|
|Keyed-in Rate||Interchange + 0.50% + $0.15|
|Virtual Terminal Rate||2.90% - $0.30|
|Payment Gateway Fee||None|
|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 Month (locked)|
The TransMerit Merchant Services NPC Contract, TransMerit Merchant Services First Data Contract, and the TransMerit Merchant Services Merchant Acknowledgement Agreement each explain the terms and conditions of 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 (now Fiserv).
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 (Fiserv) 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.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, TransMerit Merchant Services also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company’s contract through First Data (Fierv) references the Payeezy gateway which charges a rate of 2.90% plus $0.30 under its Basic Plan and 1.89% plus $0.30 for its Pro Plan. Though the Payeezy gateway charges no gateway fee, the Pro Plan does assess a $19.95 monthly fee, which in effect costs close to the industry average for gateway fees. Additional rates and fees, including technical support fees, batch fees, and additional transaction rates may apply to these e-commerce services.
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. We have accordingly assigned the company an “F” rating in this category, despite its interchange-plus pricing. Merchants should compare TransMerit’s rates to low-cost merchant account providers before signing up for service.
TransMerit Merchant Services Employee Reviews & Sales Tacitcs
Should You Work For Them?
|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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