TransNational Payments Overview
TransNational Payments May Have Overcharged You
If you accepted credit cards through TransNational Payments or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
A Global Payments Reseller
Formerly known as “TransNational Bankcard,” TransNational Payments is a merchant account provider that primarily serves small to mid-sized businesses in the United States. Founded in 1999, the company is a reseller of Global Payments.
TransNational Payments Location and Ownership
TransNational Payments, LLC is a registered ISO/MSP of Wells Fargo Bank N.A., Walnut Creek, California and 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 the founder and CEO of TransNational Payments.
TransNational Payments Review Table of Contents
- 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 and has received 24 complaints and 22 reviews in the last 3 years. The company has been accredited by the Better Business Bureau since 2005.
- 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.
- Rates & Fees: How Merchants Got The Best Rates With TransNational Payments
Types of Businesses Served
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TransNational Payments Rates, Fees, and Costs
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Virtual Terminal Rate||1.00% - 4.99%|
|Payment Gateway Fee||Undisclosed|
|Annual Fee||Up To $95|
|Annual Maintenance Fee||$299|
|Early Termination Fee||Up To $500|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||48 Month (locked)|
TransNational Payments Pricing
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 typical Global Payments agreement also includes a monthly fee of $10, an annual maintenance fee of $299, and a non-cancellable equipment lease lasting 48 months.
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.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, TransNational Payments also dedicates a portion of its website that advertises its virtual terminal and payment gateway. However, pricing for these services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Unfavorable Equipment Leases
The primary cause of complaints about TransNational Payments is the fact that the company used to sell equipment leases through Northern Leasing Systems (a DBA of Lease Finance Group). Northern Leasing is notorious for offering long-term, non-cancellable, expensive contracts for equipment that sometimes doesn’t even work. There are numerous complaints about TransNational Payments’ 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 Fully Terminated Relationship?
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. Merchants are encouraged to compare TransNational’s pricing to that of cheap merchant account providers.Are you happy with your TransNational Payments fees? Tell us about them before your go!
TransNational Payments Complaints & Customer Reviews
|Total Online Complaints||30+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
Some Cause For Concern
We are currently able to locate over 30 negative TransNational Payments 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.
TransNational Payments Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against TransNational Payments. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
TransNational Payments Customer Support Options
TransNational Payments offers a dedicated support phone number and email address on its website, but these channels are not sufficient enough to qualify it as a top-rated payment processor for 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.
TransNational Payments BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||10|
|Billing & Collection Complaints||12|
|Advertising & Sales Complaints||0|
|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.
Over 20 Complaints
As of this review, the Better Business Bureau is showing that TransNational Payments earned BBB accreditation in 2005 and has an “A+” rating with 24 complaints filed in the last 36 months. Of the total complaints, 10 are regarding problems with products and services, 12 with billing and collection disputes, 1 with guarantee and warranty complaints, and 1 with delivery issues. TransNational Payments has responded to all of the complaints, but only 13 complainants verified that the issue was resolved to their satisfaction.
What Merchants Say
In addition to the 24 complaints posted to the company’s BBB profile, TransNational Payments has also received 22 informal reviews. 14 of these reviews are positive in tone while the remaining 10 are negative. The most recent review cites frustration with an early termination fee:
STOP! Don’t start with this company (TransNational Bankcard) unless you plan to never quit with them. We were naively satisfied with them for 7 years partly because we didn’t know how to verify all the charges. We did always get our money into our account which is one good thing to be said for them. The machine broke from this company so we decided to go with a different company. (way cheaper price for the same machine and better prices.) We are experiencing the same thing as many others report that they claim there is a cancellation fee and/or a closure fee and they want to keep charging after we haven’t used them for quite some time. I even have it in writing what the closure fee would be and they put through a charge almost double that. I have called at least 3 times about it and someone will call me back ……which so far hasn’t happened. A statement from their paper work says “Without question, we will always be here to provide you with the best option for your business financially and otherwise.” ????
Early termination fees are standard among most merchant agreements. They are also one of the most costly fees. Even in the event that a contract includes one, understanding how to cancel an account without paying a fee can save merchants its cost.
An Adjusted Rating
In light of these figures, we have adjusted the BBB’s grade to a “B” for the purposes of this review.
Truth In Marketing & Advertising
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Varied Sales Complaints
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 complaints 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.
No Deceptive Advertising
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. If you suspect that TransNational is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.
TransNational Payments Marketing Example
About Phillip Parker
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 and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, 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 on this website.