TRU Payment Processing Review: Fees, Complaints & Lawsuits

Inside Sales Team

TRU Payment Processing appears to utilize a combination of inside sales agents, referral programs, and online advertising to market its services. There is no evidence at this time that the company operates as a “hiring mill.” However, we have located a handful of TRU Payment Processing complaints that describe misrepresentation or nondisclosure by sales agents, specifically in relation to the company’s 48-month equipment leases through First Data Global Leasing. This does not compare favorably to our list of best credit card processors.

A Detailed Sales Complaint

One of the most recent complaints filed against TRU Payment Processing was actually filed with the Better Business Bureau against the Truly360 brand. In this complaint, the merchant makes the following allegations:

Truly360 representative, ****** ********, disclosed to me a contract with Truly360 that was totally cancelable at any time for a cancellation fee of $495. And without my knowledge or consent he entered me into a lease with ***** **** [probably First Data – ed.] and Truly360 Merchant account. No contract was given to me at the time of signing. Once I received the letter from ***** ****, ON Nov 2, 2016, alerting me to a 48 month non-cancelable lease, I contacted ***** **** that same day and requested and received a copy of the contract. I also contacted Truly360 that day, and after many calls and requests, I finally received a copy of the contract from Truly360, approximately 10 days after signing. The contracts are different. The one that Truly360 showed me on the Ipad had a cancellation fee of $495. ***** **** did not. I never signed a lease with ***** **** nor did I supply my social security number or date of birth.

[…]

Truly360 represents themselves by being with ****** [probably Google – ed.] and are coming to take updated pictures for the ****** search engine. He comes in with a ****** logo on his shirt and starts to sell the ****** Growth package.

Well into the meeting he presents the merchant account and ****** machine. He states this is a free machine if we purchase the ****** package. He sells this as a package with a $199 dollars a month fee. It is at this time, with witnesses, that this conversation took place:

Me: I have no intention of getting into any contract or lease. I am still in a lease with ***** **** that ends in 2 months.

Rep: You can cancel at any time

Me: What is the cancellation fee?

Rep: I will waive it

Me: No offense but the merchant business has a lot of turnover. So tell me, if you were no longer working for this company, what would it cost me to terminate early?

Rep: $495

Me: Totally? For everything? (the ****** machine was on my desk and I made a circular motion over it).

Rep: Yes, totally

Business Partner: We can handle that

At no time did the rep disclose the ***** **** Lease. I was not given copies at the time of signing. I discovered the lease when I received the letter and immediately contacted Truly360 stating I was going to cancel the entire contract. I contacted ***** ****, stating I did not enter into a lease agreement.

Truly360’s Response

It is important to note that Truly360 categorically denied most details of this complaint in its responses. However, if the merchant’s version of events is accurate, then this would indicate that Truly360 is engaging in an increasingly common sales tactic within the credit card industry. Specifically, this tactic involves a merchant account provider strongly promoting a business service “program” that is unrelated to credit card processing, but then requiring that merchants sign a long-term equipment lease and processing agreement in order to participate in the larger “program.” This approach is usually profitable for providers because the margins on leased credit card equipment are incredibly high. In fact, here is an excerpt from a company representative’s response to the complaint cited above:

By signing a 4 year lease and combining processing we are able to eliminate ALL upfront fees with our marketing services and completely get rid of all of our fees after 4 years. With the profit we earn from the credit card processing we are able to continue to provide incredible marketing services for essentially NO cost to the business after the initial 4 years.

Some Cause for Concern

TRU’s overall number of sales complaints is low for a company that has been in business as long as TRU Payment Processing has, but the specific complaint content has lowered the company’s score to a “B” until we have more information about TRU Payment Processing’s current sales approach. If you suspect that TRU Payment Processing is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden fees.