Truevo Reviews & Complaints

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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.

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.

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 Customer Service Number

  • +356 2247 4000 – Customer Support

Other Support Options

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

Cost & Fees Summary
Cancellation Penalties Variable
Monthly & Annual Fees Variable
Processing Rates 1.00% - 4.99%+
Equipment Leasing 48 month (locked)

Variable Contract Terms

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 Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
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 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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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

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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