TransMerit Merchant Services Review

TransMerit Merchant Services
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TransMerit Merchant Services

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PhonePhone(877) 265-5753

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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.

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 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

Should You Trust TransMerit Merchant Services?

Lawsuits, Reviews & Complaints

Here's Who We Trust.

Complaint Summary

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.

Is the BBB Rating for TransMerit Merchant Services Accurate?

Better Business Bureau Profile

See Which Processors Offer No Monthly Fees And No Contracts.

BBB Summary

Product & Service Complaints
0
Billing & Collection Complaints
0
Advertising & Sales Complaints
0
Guarantee & Warranty Complaints
0
Delivery 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.

How Expensive is TransMerit Merchant Services Service?

Rates, Fees, and Contract Terms

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Cost Summary

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)

Two Contracts

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.

Does TransMerit Merchant Services Use Deceptive Marketing?

Advertising & Sales Strategy

Audit Your Current Statement To Find Its Hidden Fees

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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.

Does TransMerit Merchant Services Deserve Your Business?

Review Summary & Our Thoughts

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, especially if it is now out of business, but for now merchants should opt for a top-rated payment processor instead.

Customer & Employee Reviews

What Others Are Saying About TransMerit Merchant Services

18 Responses

  • Vincent Bedoy

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

  • Tatekech Kide

    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.

  • Monroe Madison

    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.

  • Matt Evans

    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.

  • Joe Dang

    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

    • Chris

      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.

      • Yumi C.

        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.

      • eileen

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

  • Dana Fawbush

    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.

  • Angeliki Korcari

    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….

  • Kashan Pruitt

    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!

    • robert passio

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

  • TransMerit Merchant Services

    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 info@transmeritcorp.com

    Thank you!
    TransMerit Team

    • Kashan Pruitt

      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

    • Kashan Pruitt

      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!

      • rosemary gangoo

        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.

    • Shirley

      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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Phillip Parker
Credit Card Processors
2 min read
18 Comments
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