Universal Transaction Processing Overview
A UK Processor Backed by Barclays
Founded in 2013, Universal Transaction Processing is a merchant account provider that serves retailers of all sizes in the UK. The company uses Barclays as its backend credit card processor, which is surprising considering that the UK merchant services industry typically relies on companies like First Data and Global Payments. The company also provides merchants with virtual terminal services.
Universal Transaction Processing Location and Ownership
Michael Ault is the founder and CEO of Universal Transaction Processing, which is headquartered at Sapphire Plaza, Watlington St, Reading RG1 4RE, UK.
Universal Transaction Processing Review Table of Contents
- Costs & Contract: Universal Transaction Processing appears to offer variable contract terms that may resemble that of Barclaycard Merchant services which potentially include an early termination fee of up to £25,000.
- Complaints & Service: Universal Transaction Processing has received fewer than 10 public complaints.
- BBB Rating: Universal Transaction Processing does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: Universal Transaction Processing appears to hire independent sales agents and has received some complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Universal Transaction Processing
Types of Businesses Served
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Universal Transaction Processing Rates, Fees, and Costs
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Virtual Terminal Rate||1.00% - 4.99%|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||Up to £25,000|
|Monthly Fee||Up To £25|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||Undisclosed|
Variable Contract Terms
There is currently very little public information available about the standard Universal Transaction Processing contract. The company does not share its pricing or contract terms on its website, and there are currently very few merchant complaints that list specific rates or fees. One complaint in the comment section of this review states that the company offers a 48-month contract with an early termination fee that can reach up to £25,000, which is a staggering amount. It does not seem likely that Universal Transaction Processing charges termination fees that are this high very often because it would almost certainly be mentioned in more merchant complaints. The cost of the early termination fee referenced in that complaint may indicate that the company include’s a liquidated damages clause in its contracts.
Partnership With Barclays
Universal Transaction Processing uses Barclays as its processing bank, which may mean that Universal Transaction Processing merchants receive their statements from Barclays. The company’s rates and fees may be similar to those offered by Barclaycard, which generally provides an 18-month contract term with a variable early termination fee. Under a typical Barclaycard merchant agreement, a flat fee of 1.25% applies to all transactions. A monthly fee is attached to each option. Countertop terminal services are assessed a monthly fee of £15, while portable terminals cost £20, and mobile payments the most costly at £25.
The Universal Transaction Processing website states that the company customizes its pricing and terms for each individual merchant, but that its costs include a monthly terminal rental fee and per-transaction rates.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Universal Transaction Processing also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Review Your Contract Carefully
In the absence of any concrete information about the company’s pricing, merchants should be prepared to forcefully negotiate for lower pricing before contacting the company. Merchants are also encouraged to compare UTP’s pricing to the cheapest merchant account providers. If you have any knowledge of the standard Universal Transaction Processing contract, please share that information in the comment section below this review.Are you happy with your Universal Transaction Processing fees? Tell us about them before your go!
Universal Transaction Processing Complaints & Customer Reviews
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Total
We are currently able to locate fewer than 10 negative Universal Transaction Processing reviews, and there is no evidence that the company is a ripoff or a scam. The available complaints cite hidden fees, misrepresented rates, fund holds, persistent sales calls, and poor customer service. Universal Transaction Processing’s low complaint record may be partially explained by the fact that it has only been active since 2013. It may also be because merchants receive their credit card processing statements from Barclays and post complaints about Barclays rather than UTP. In the absence of any evidence that this is occurring, we will assume for now that Universal Transaction Processing simply offers solid customer support and does not maintain policies that generate large numbers of complaints.
Universal Transaction Processing Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Universal Transaction Processing. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Universal Transaction Processing Customer Support Options
UTP offers phone and email support to all of its users, which is our basic expectation of any top merchant account for great customer service. It therefore receives an “A” in this section.
Universal Transaction Processing BBB Rating Summary
The Better Business Bureau does not maintain a profile for Universal Transaction Processing at this time. We therefore will not factor a BBB rating into this review.
Truth In Marketing & Advertising
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Outside Sales Team
Universal Transaction Processing appears to utilize telesales and independent sales agents to market its products and services. The use of telemarketing and independent agents is commonly tied to elevated complaint rates due to merchants’ general distaste for sales calls and the difficulty of managing independent agents. Predictably, we are currently able to locate a low number of Universal Transaction Processing complaints that describe higher-than-expected rates, undisclosed fees, and annoying telemarketing calls.
No Deceptive Rates
Although the number of complaints is relatively low, their content indicates that the company does generate some negative feedback with its sales approach. To its credit, Universal Transaction Processing does not list any misleading rate quotes or guarantees on its website, but we have lowered its grade slightly due to its complaints. If you suspect that Universal Transaction Processing is charging you hidden fees, we recommend seeking a third-party statement audit.
About Phillip Parker
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.