Truevo Overview

Truevo May Have Overcharged You

If you accepted credit cards through Truevo 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.

International E-Commerce and High Risk Processing

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. The company also advertises a virtual POS platform to facilitate MOTO transactions.

Truevo Location and Ownership

Truevo lists its headquarters at MWH Building, 1st Floor, Oratory Street, In-Naxxar NXR 2504, Malta. Dave Liu is the founder, chairman, and executive director of Truevo.

Truevo Review Table of Contents

  • Costs & Contract: Truevo offers variable contract terms depending on each business’s type, location, and processing history.
  • Complaints & Service: Truevo has received fewer than 10 public complaints.
  • BBB Rating: Truevo currently does not have a profile with the Better Business Bureau.
  • Sales & Marketing: Truevo does not appear to hire independent sales agents and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Truevo
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Products & Services Offered

  • Credit and debit card processing
  • Online payment gateway
  • Virtual terminal
  • Original credit transfer
  • Offshore merchant accounts

Types of Businesses Served

  • Retail
  • E-commerce
  • International
  • High risk
  • CBD

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Truevo Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%+
Keyed-In Rate 1.00% - 4.99%+
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms 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. Merchants 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 merchants who 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 merchants pose. High risk merchants 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:

  • Merchants 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 merchants are dissatisfied with their pricing at this time. It is possible that Truevo offers a wide range of potential contract types, so merchants should understand how to spot undesirable terms in their contract.

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Response from Truevo

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Truevo Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

No Public Complaints

We are unable to locate any negative Truevo reviews, which is a good sign that the company isn’t a ripoff or a scam. Truevo has been active for more than five years, so it is a positive sign to see that it has maintained such a clean complaint record. We will interpret this lack of merchant complaints as evidence that the company is operating ethically.

Truevo Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Truevo. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Truevo 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 merchants well.

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Response from Truevo

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Truevo BBB Rating Summary

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.

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Response from Truevo

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates 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 any Truevo sales complaints that mention deceptive conduct. We will therefore assume for the time being that the company’s sales approach is transparent and ethical.

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.

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Response from Truevo

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Truevo Marketing Example

Truevo Logo

Our Opinion of Truevo

A Solid Option for European High Risk Merchants

Truevo rates as a reliable merchant services provider according to our rating criteria. The company enjoys a clean complaint record and is able to serve high risk merchants in a wide range of countries. However, merchants 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, merchants should be sure to compare Truevo’s pricing to that offered by other top-rated high risk payment processors.

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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.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,567,184 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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