Formerly known as “TransNational Bankcard,” TransNational Payments (gotnpayments.com) is a merchant account provider that primarily serves small to mid-sized businesses in the United States. The company is a reseller of Global Payments. Founded in 1999, TransNational Payments, LLC is a registered ISO/MSP of HSBC Bank USA, National Association of Buffalo, New York, with corporate offices located at 9550 W. Higgins Road, 8th Floor, Rosemont, Illinois 60018. John Pitzaferro is listed as the CEO of TransNational Payments.
- Sales & Marketing: TransNational Payments does not appear to hire independent sales representatives and has received a moderate number of merchant complaints about its sales practices.
- Costs & Contract: TransNational Payments appears to offer a three-year contract with an early termination fee of up to $500.
- Complaints & Service: TransNational Payments has received more than 30 public complaints.
- BBB Rating: TransNational Payments has an “A+” rating with the Better Business Bureau and has received 21 complaints in the last three years.
- Rates & Fees: How Merchants Got The Best Rates With TransNational Payments
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
TransNational Payments appears to employ both inside and outside sales W-2 representatives to market its services, but a company representative has stated that TransNational does not employ independently contracted 1099 sales agents. We have located multiple TransNational Payments reviews describing nondisclosure of fees and terms by the company’s sales reps, specifically regarding the company’s termination fees. Merchants also report severe rate increases following initially offered “grace periods” and an in-person rate quote of 1.74% that is deceptively low. The TransNational website currently advertises interchange-plus pricing, which suggests that a tiered quote like 1.74% may no longer be possible through the company.
Although TransNational Payments does not engage in unethical advertising strategies in its official materials, there is certainly some cause for concern according to complaints about the company.
TransNational Payments Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||$250|
|PCI Compliance Fee||Unknown|
|Equipment Lease Terms||None|
According to various public complaints, the standard TransNational Payments contract is a three-year agreement through Global Payments with an early termination fee of $500 (in the first year) or $395 (after the first year), an annual fee of up to $95, and other associated fees. A company representative has stated that TransNational exclusively offers interchange-plus pricing, but multiple merchant complaints mention a rate quote of 1.74%, which does not resemble a typical interchange-plus quote. It is also unclear at this time whether the company’s annual fee covers the cost of PCI compliance or the company charges a separate PCI Compliance fee.
The primary cause of complaints about TransNational Payments is the fact that the company used to sell equipment leases through Northern Leasing Systems (DBA Lease Finance Group). Northern Leasing is notorious for offering long-term, non-cancellable, expensive contract for equipment that sometimes doesn’t even work. There are numerous complaints about TransNational Payments’s equipment leases in which complainants state that they were misled about the terms of their leases and are now stuck with expensive machines that they don’t need. Some of these complaints received responses from TransNational Payments representatives, who held the merchants to their lease terms in most cases.
A company representative has stated that TransNational Payments terminated its relationship with Northern Leasing Systems in 2010 and no longer leases any equipment to merchants. Recent complaints filed against the company do not mention Northern Leasing, Lease Finance Group, or equipment leases, which seems to confirm this representative’s assertion. However, one complaint from 2011 reports an equipment lease through Northern Leasing, so it may be possible that the company did not completely terminate the relationship in 2010.
Overall, TransNational Payments appears to offer fairly average contract terms, but its score in this category has improved as a result of its terminated relationship with Northern Leasing.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||30+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
We are currently able to locate over 30 TransNational Payments negative reviews filed outside of the BBB on various websites, and some of these complaints accuse the company of being a scam or a ripoff. The most common complaints are merchants reporting deceptive sales tactics, nondisclosure of hidden fees, expensive, non-cancellable equipment leases, difficulty closing accounts, and a cancellation fee of $500. Most of these issues appear to be related to the agent who set up the account rather than the company’s customer service staff, but there are also a handful of complaints that mention unhelpful or unavailable customer service. Overall, TransNational Payments’s complaint volume is about what we would expect for a company of its size and time in business, and we are therefore assigning the company a “B” in this category.
Key Points - BBB
|Product & Service Complaints||9|
|Billing & Collection Complaints||6|
|Advertising & Sales Complaints||3|
|Guarantee & Warranty Complaints||1|
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.
As of this review, the Better Business Bureau is showing that TransNational Payments earned BBB accreditation in 2005 and has an “A+” rating with 21 complaints filed in the last 36 months (down from 24 as of our last update). Of the total complaints, nine are regarding problems with products and services, six with billing and collection disputes, three with advertising and sales issues, and two with delivery issues. TransNational Payments has responded to all of the complaints, but only 11 complainants verified that the issue was resolved to their satisfaction. In light of these figures, we have adjusted the BBB’s grade to a “B” for the purposes of this review.
About Phillip Parker
Hi, I’m Phillip Parker and I believe that the merchant account industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. I created this website to help you avoid the bad players, save money on fees, and get peace of mind with your merchant account. If you would like to help support my work, check out my cost analysis service. I can evaluate your statement and tell you exactly how much you're overpaying for your merchant account. Get more information here.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
Copyright & Disclaimer
Copyright © CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice.