Truevo is a payment processing company that offers services for businesses of various sizes, including credit card processing and online payments. This article will review the company's service offerings, pricing structure, contract terms, and customer feedback. We will assess the transparency of their fees, the quality of their customer support, and the overall satisfaction levels reported by clients. By the end of this article, you will have a clear understanding of what Truevo provides and whether their services meet your business's payment processing needs.
About Truevo
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.
Truevo handles major debit and credit card transactions for various business types, focusing on mobile and e-commerce payments through their payment gateway. They also offer data reporting and analytics, along with a virtual POS platform for MOTO transactions.
Online Payment Gateway
Truevo’s online payment gateway allows businesses to accept credit card payments online, supporting a range of e-commerce payment solutions.
Point of Sale Solutions
Truevo provides POS solutions for accepting card payments in physical retail locations, including both traditional POS terminals and mobile POS options.
Virtual Terminal
Truevo's virtual terminal enables merchants to process payments over the phone or via mail order without physical card readers, accommodating remote payment processing.
Fraud Prevention
Truevo employs various fraud prevention measures, including real-time monitoring and customizable rules, to secure transactions and prevent fraudulent activity.
Multi-Currency Processing
Truevo supports multi-currency processing, making it easier for businesses to handle international transactions across different markets.
Payment Card Industry (PCI) Compliance
Truevo’s solutions comply with the Payment Card Industry Data Security Standard (PCI DSS), ensuring secure handling of cardholder information.
Integration Support
Truevo offers integration support for various e-commerce platforms and shopping carts, facilitating the implementation of their payment solutions across different online retail environments.
Truevo Customer Reviews
Here's What Their Clients Say
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Recent Lawsuits
No
Mixed Feedback, but Mostly Positive
Truevo has received relatively few negative reviews, indicating that it may not be associated with fraudulent activities. However, we have encountered some aggressive complaints against the company on websites dedicated to voicing grievances. Although these sites are mostly inactive now, the existence of such complaints raises concerns. If you have feedback on Truevo, feel free to share it in the comments below.
Legal Issues
Truevo faced a fine of €443,670 from the Maltese government in 2021 for alleged regulatory breaches. Further details on this matter and other legal actions against the company are challenging to obtain due to the complexity of Malta’s legal system. Dissatisfied clients seeking recourse against Truevo can consider reporting their concerns to relevant supervisory organizations.
Customer Support
Truevo provides phone and email support options, which meet the basic requirements for customer service expected from top-rated payment processors. While these support channels may suffice for most clients, there is room for improvement to enhance the overall customer experience.
Truevo maintains confidentiality regarding its pricing, with no publicly disclosed rates or fees and a lack of specific complaints in this regard. Operating as a high-risk payment processor across multiple countries, Truevo’s contract terms are likely to vary considerably based on each merchant’s business type, location, and processing history. While Truevo does not advertise any credit card processing hardware, merchants should be cautious about potential long-term leases associated with such hardware, if offered. It’s generally recommended for businesses to purchase their own equipment to avoid being tied to long-term, non-cancellable equipment leases.
High-Risk Means High Fees
Businesses collaborating with Truevo in high-risk sectors should anticipate higher-than-average fees and possibly face cash reserves on their accounts. This approach is common in the industry due to the increased risk of chargebacks associated with high-risk businesses. High-risk clients can mitigate fund-holds and chargebacks risks by being transparent with Truevo about their business type and products from the outset.
Truevo CBD Contract Terms
Truevo considers CBD oil merchants with an EU entity, but transactions will be blocked in countries where CBD is illegal. The underwriting criteria for CBD merchants include:
Shipping only to countries where the products are legal. Transactions will be blocked in certain countries, which currently include Australia, Brazil, Canada, China, France, Germany, New Zealand, Russia, Slovakia, and the USA. This list may be updated as international legislation changes.
Products must comply with EU legislation, with THC levels below 0.2%.
Clear labeling that products are derived from industrial hemp.
Independent certification confirming THC levels within EU thresholds and hemp derivation.
No medical benefit claims for the products.
Sales should be straightforward, without subscription billing.
No Red Flags
There are no known complaints regarding Truevo’s pricing, suggesting client satisfaction. However, the potential diversity in contract types offered by Truevo requires business owners to be vigilant and knowledgeable about their contract terms to avoid undesirable conditions.
Readers are also advised to review our selection of the top merchant accounts for comparison.
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.
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 stands out as a dependable credit card processing provider, meeting our stringent rating criteria with a solid track record and a commendable absence of complaints. Its ability to cater to high-risk businesses across a wide geographical spectrum further cements its appeal.
However, prospective customers should note the lack of publicly available details on Truevo’s pricing and fee structure, which could impact their decision-making process. Given this opacity, it’s crucial for business owners to exercise caution and compare Truevo’s offerings against other leading high-risk payment processors before finalizing their choice. We are closely monitoring the company for any changes and will update this assessment accordingly to provide the most accurate and up-to-date information.
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.
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In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
Testimonials & Complaints
How Did Truevo Treat You?
1 User Reviews
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
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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