TD Bank Merchant Solutions Review

TD Bank Merchant Solutions Overview

TD Bank Merchant Solutions is the merchant services division of TD Bank, one of the largest banks in North America. The program provides payment processing services to businesses through a partnership with Fiserv (formerly First Data), which serves as the back-end processor for TD Bank’s merchant accounts.

TD Bank, N.A. is a wholly owned subsidiary of Toronto-Dominion Bank, one of Canada’s largest financial institutions. The merchant solutions program leverages TD Bank’s extensive branch network and banking relationships to offer integrated payment processing alongside traditional banking services.

TD Bank Merchant Solutions Products

According to our review, TD Bank Merchant Solutions offers the following payment processing products:

Credit and Debit Card Processing: Standard card acceptance for Visa, Mastercard, American Express, and Discover through Fiserv’s processing infrastructure.

POS Systems: TD Bank offers Cloverpoint-of-sale systems through its merchant solutions program, providing businesses with modern hardware and software options.

E-Commerce Solutions: Online payment gateway services for businesses needing to accept e-commerce payments through their websites.

Mobile Payment Processing:  Mobile payment acceptance solutions for merchants processing transactions outside of a fixed location.

Integrated Banking: As a bank-operated merchant services program, TD Bank offers the advantage of integrating payment processing with existing business banking accounts for streamlined fund settlement.

Clean Complaint Record

We are unable to locate any negative TD Bank Merchant Solutions reviews. This means that there are no accusations of the company being a scam or engaging in fraud. Given the relatively low rates advertised by the company, it reflects well on the company that there are no public complaints accusing the company of misrepresenting its pricing structure.

TD Bank Merchant Solutions Lawsuits

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

TD Bank Merchant Solutions Customer Support Options

TD Bank Merchant Solutions provides 24/7 telephone support, and an automated form for telephone/email responses to support requests. Though this is not as comprehensive as what some of the best merchant accounts for customer service may provide, the 24/7 phone line and ability to initiate email support offer above-average options for support.

No Red Flags

Though there is no evidence to suggest that merchants are having negative experiences with the company. The lack of complaints, reasonable customer service options, and clean legal history are the reasons behind the company getting an “A” rating in this category.

No BBB Profile Available at This Time

The Better Business Bureau does not currently maintain a profile for TD Bank Merchant Solutions. We therefore will not factor a BBB rating into this review.

Undisclosed Contract Terms

Given the company’s advertisement for Clover POS systems and the use of the Payeezy payment gateway, it is possible that TD Bank Merchant Solutions relies on First Data for its payment processing network. First Data offers a wide variety of contract terms and pricing plans, but its standard agreement is typically a 3-year contract with an automatic renewal for 1 year, an early termination fee of $495, a monthly PCI compliance fee of $19.95, and tiered pricing. Merchants who process up to $50,000 each month will receive a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Merchants whose monthly charges exceed $50,000 will receive a swiped rate of 2.29% plus $0.19 and a keyed-in rate of 3.29% plus $0.19. Another facet of these contracts are non-cancellable, long term equipment leases through First Data Global Leasing.

Although its merchant agreement may impose a tiered rate structure comparable to First Data’s, this pricing schedule suggests that TD Bank Merchant Solutions offers merchants the option of selecting interchange-plus pricing. Interchange-plus pricing is the most transparent and straightforward pricing model available to merchants. Requesting interchange-plus pricing is an important component of effectively negotiating a merchant agreement.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, TD Bank Merchant Solutions also dedicates a portion of its website that advertises its virtual terminal and payment gateway. The company relies upon Payeezy as a payment gateway. Payeezy provides 2 pricing plans. The first plan, known as the Basic Plan, imposes a rate of 2.90% plus $0.30 with no gateway, statement, or batch fees. The second plan, known as the Pro Plan, imposes a rate of 1.89% plus $0.30, a monthly fee of $19.95, and no other fees.

TD Bank Legal Considerations

While we have not identified any significant lawsuits directly targeting TD Bank Merchant Solutions’ payment processing services, it is worth noting that TD Bank has faced various regulatory actions and settlements related to its broader banking operations. Merchants should be aware that TD Bank’s merchant services are processed through Fiserv, which has its own regulatory and complaint history that may be relevant to the merchant account experience.

Merchants who believe they have been the victim of unfair business practices should consider filing a complaint with the Better Business Bureau, the Consumer Financial Protection Bureau (CFPB), or their state’s attorney general office.

TD Bank Merchant Solutions Sales Tactics

TD Bank Merchant Solutions does notappear to hire independently contracted sales agents to market its services. The company’s website does not advertise any partnership programs by which other businesses or individual agents can sign up to sell their services. However, the company’s automated telephone directory lists that the company offers an affiliate program. This is a common hiring practice within the credit card processing industry that often results in a sales team composed of poorly trained or unregulated agents.

No Misleading Quotes

To its credit, TD Bank Merchant Solutions does not appear to list deceptive rate quotes in its official materials. The company discloses its transaction rates for in-store payments. While it does not disclose a dedicated virtual terminal rate, it does convey that it is a reseller of Payeezy, whose terms and conditions are readily available.

It is possible that the company alters Payeezy’s standard contract terms but that is unclear. The company does not provide a readily accessible merchant agreement listing any additional fees though. If you suspect that the company is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

Given its lack of a reseller program, dependable payment gateway, and lack of issues with sales practices, we award TD BankMerchant Solutions an “A” in this category.

A Solid Option All Around

TD Bank Merchant Solutions offers a multitude of benefits to merchants from its POS systems, reliable payment gateway, and interchange-plus pricing option. The company’s lack of complaints regarding sales practices, deceptive rates, or poor customer service is an especially good sign considering the size and scope of the company. For these reasons, TD Bank Merchant Solutions is a viable option for most standard risk merchants.