Truevo Credit Card Processing 2023: Reviews & Complaints
+356 2247 4000 Company Overview
Founded in 2013, Truevo is a merchant account provider that serves both standard-risk and high-risk merchant sectors. Online gaming, gambling, traveling, and entertainment are among the industries the company services. The company was originally named “Swish Payments” but rebranded to Truevo in 2017. Truevo claims to offer European CBD merchant accounts, but this service is unavailable in Australia, Brazil, Canada, China, France, Germany, New Zealand, Russia, Slovakia, and the U.S.
In 2023, Truevo partnered with WLPayments to offer more gateway services across Europe.
Article Summary
Before we dive in, here’s a short summary of what we’ll cover:
- Truevo’s various payment processing services.
- Offers processing to many high-risk businesses with a focus in Europe.
- There is little information about the Truevo contract.
- The company has received few complaints.
Truevo Payment Processing
Truevo processes all major debit and credit cards for most business types. Their focus is on mobile and e-commerce payments through their payment gateway, as well as data reporting and analytics of those payments. The company also advertises a virtual POS platform to facilitate MOTO transactions.
Online Payment Gateway
Truevo offers an online payment gateway that enables businesses to accept credit card payments online. This includes a range of e-commerce payment solutions.
Point of Sale Solutions
Truevo provides point-of-sale (POS) solutions that allow businesses to accept card payments in physical retail locations. This includes both traditional POS terminals and mobile POS solutions.
Virtual Terminal
The virtual terminal offered by Truevo enables merchants to process payments over the phone or via mail order, without the need for physical card readers. This service is designed to accommodate remote payment processing.
Fraud Prevention
Truevo implements various fraud prevention measures to ensure the security of transactions. This includes real-time monitoring and a set of customizable rules to detect and prevent fraudulent activity.
Multi-Currency Processing
Truevo’s services include the ability to process payments in multiple currencies, facilitating international transactions for businesses that operate across different markets.
Payment Card Industry (PCI) Compliance
Truevo’s solutions are designed to meet the requirements of the Payment Card Industry Data Security Standard (PCI DSS), which sets the security standards for handling cardholder information.
Integration Support
Truevo provides support for integration with various e-commerce platforms and shopping carts, ensuring that their payment solutions can be easily implemented across different online retail environments.
Location & Ownership
Truevo lists its headquarters at The Watercourse 3rd Floor, Triq L-Imdina Zone 2 Central Business District, Birkirkara, Malta, CBD2010. Dave Liu is the founder, chairman, and executive director of Truevo.
Table of Contents
- Costs & Contract: Offers variable contract terms depending on…
- Complaints & Service: Has received fewer than…
- BBB Rating: Currently does not have a…
- Sales & Marketing: Does not appear to hire independent sales agents and has not…
Truevo Customer Reviews
Here's What Their Clients Say
| Item | Result |
|---|---|
| Total Online Complaints | <10 |
| Live Customer Support | Yes |
| Most Common Complaint | N/A |
| Recent Lawsuits | No |
Few Public Complaints, But Concerning Ones
We are only able to locate a few negative Truevo reviews, which is a good sign that the company isn’t a ripoff or a scam. Previously we believed this to be true without reservation, but we have recently seen a small number of very aggressive complaints against the company in the form of websites specifically made to complain about the company. However, these sites are mostly no longer functioning and it is unclear what has happened, if anything. If you have your own Truevo review to make, please do so in the comments below.
Truevo Lawsuits and Fines
It appears that Truevo was fined by the government of Malta (where it is incorporated) in 2021 to the sum of €443,670 for alleged regulatory breaches. The legal system of Malta is rather byzantine, so it has been difficult to find further information on this or other legal actions against the company. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Truevo Customer Support Options
Truevo lists phone and email customer support contact information on its website. This just barely meets the minimum level of service that we expect from top-rated payment processors for great customer service, but it appears to serve the company’s clients well.
Truevo Customer Service Number
- +356 2247 4000 – Customer Support
Other Support Options
- Support form
- Customer service email address at [email protected]
Truevo Online Ratings
Here's How They Rate Online
No Dedicated Profile
The Better Business Bureau does not maintain a profile for Truevo at this time. We therefore will not factor a BBB rating into this review.
Truevo Fees, Rates & Costs
A Closer Look at The Contract
| Item | Result | >
|---|---|
| Cancellation Penalties | Variable |
| Monthly & Annual Fees | Variable |
| Processing Rates | 1.00% - 4.99%+ |
| Equipment Leasing | 48 month (locked) |
Variable Contract Terms
Truevo does not disclose its pricing to the public, and there are no complaints that mention specific rates or fees charged by the company. As a high-risk payment processor operational in multiple countries, it’s likely that the company’s contract terms will vary dramatically depending on each merchant’s business type, location, and processing history. Truevo does not market any credit card processing hardware, but it is possible that such hardware might come with a long-term lease. Businesses are advised to purchase their own equipment whenever possible to avoid getting locked into long-term, non-cancellable equipment leases.
High-Risk Means High Fees
High-risk businesses that sign up with Truevo should expect to pay higher-than-average fees, and they may also be subject to cash reserves on their accounts. This is standard practice within the industry due to the elevated risk of chargebacks that many high-risk businesses pose. High-risk clients can reduce their risk of fund-holds and chargebacks by being open and transparent with Truevo about their business type and product lineup from the start.
Truevo CBD Contract Terms
Truevo will consider CBD oil merchants that have an EU entity, but the company will block transactions in countries where CBD is illegal. The company’s underwriting prerequisites for CBD merchants are as follows:
- Businesses should only be shipping to countries in which the products are legal. If the merchant would still want to ship to certain countries that are not supported by Truevo, transactions from such countries will be blocked accordingly. At present, transactions from the countries listed below will be blocked for all CBD products however since international legislation is continuously changing the list may vary following a review by the risk officer and approval by the CRO:
- Australia
- Brazil
- Canada
- China
- France
- Germany
- New Zealand
- Russia
- Slovakia
- USA
- All products are to be in line with EU legislation with THC levels below 0.2%
- Merchants need to clearly state that all products are extracted from industrial hemp.
- Merchants need to provide independent certificates which confirm that the THC levels are within EU thresholds and that the products are derived from industrial hemp.
- Products claiming to provide medical benefits will not be approved (e.g. products that claim to cure conditions or diseases etc.)
- Merchant should only be selling via straight sales (i.e. no subscription billing)
No Red Flags
We cannot find any Truevo complaints related to the company’s pricing, and there’s no reason to believe that the company’s clients are dissatisfied with their pricing at this time. It is possible that Truevo offers a wide range of potential contract types, so business owners should understand how to spot undesirable terms in their contracts.
We also encourage readers to check out our list of the providers of the best merchant accounts.
Truevo Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Item | Result |
|---|---|
| Uses Independent Resellers | No |
| Telemarketing | No |
| Misleading Marketing | No |
| Discloses All Important Terms | No |
Inside Sales Team
Truevo appears to rely on an in-house sales team and referral partners to market its services. We have not found only one Truevo review (in the comments below) that mentions deceptive conduct. We will therefore assume for the time being that the company’s sales approach is generally transparent and ethical.
This compares favorably to our list of best credit card processors.
No Deceptive Rate Quotes
Truevo does not list any misleading rate quotes or unrealistic guarantees in its official marketing materials. If you suspect that a Truevo sales agent has misled you about your rates, you can double-check your monthly bill with a third-party statement audit.
Our Truevo Review Summary
Our Final Thoughts
Truevo rates as a reliable credit card processing provider according to our rating criteria. The company enjoys a clean complaint record and is able to serve high-risk businesses in a wide range of countries. However, business owners should be aware that we have not found detailed information about the company’s pricing and fees. We will continue to monitor the company and update this review as needed. For now, readers should be sure to compare Truevo’s pricing to that offered by other top-rated high-risk payment processors.
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Andrew Palmer
Truevo are to be avoided at all costs I can post all correspondence they have stolen 1.6 Million Euro from one of my companies and 700k Euro from another and since 2018 have not returned this .Even asking for bank accounts but David Lui or Rachel Gauci will not answer the phone or reply to emails they have plainly just decided to keep the money it is 3 years they have no chargeback issue or problem from Acquiring Banks .Just Plain theft .Now the MALTESE law system means they are very clannish and corrupt so the Legal route is a risk