To revolutionize the payment processing business and bring a breath of new air to the merchant services sector, TransNational Payments was established in 1999.
They are a leading figure in secure credit card processing, innovative payment technology, and reasonably priced full-service payroll administration in today’s market. Find out more about them in this ‘TransNational Payments Review 2022.’
What Does TransNational Payments Have to Offer?
Transparent pricing and excellent customer service are two benefits of using their payment processing services. TransNational Payments works on the principle of complete transparency and offers companies easy and stress-free payment solutions that enable them to succeed in their endeavors. Read their summary with the help of the table below.
Overall Summary of TransNational Payments in 2022
|Annual Fee||Up to $95|
|Early Termination Fee||Up to $500|
TransNational Payments Origin, Headquarters, and Owners
TransNational Payments, LLC is a licensed ISO of BMO Harris Bank, NA, with company offices at 9550 W. Higgins Road, 8th Floor, Rosemont, Illinois 60018.
TransNational Payments, LLC is a licensed ISO of BMO Harris Bank, NA. TransNational Payments was founded by John Pitzaferro, who also serves as its CEO.
Interesting News in History
TransNational Payments has been an industry leader in payment and technology solutions since 1999, serving businesses worldwide and earning a reputation as one of the most charitable and socially responsible corporations in the industry.
TransNational Payments is headquartered in New York City. Retailers and online merchants alike rely on TransNational Payments to handle their payments in-store, online, and wherever their company takes them.
TransNational Payments Overall Services Offered
TransNational Payments is a leading company in payment technology solutions, providing services to companies across the United States and Canada. Merchants and enterprises may take payments in-store, online, and through mobile devices thanks to payment processing services provided by third-party companies.
Payment processing, mobile payments, payment gateway, gift card and loyalty programs, point of sale solutions, and full-service payroll are just a few of the available merchant services. Some of the services they have to offer are:
- Card Processing In-Person
TransNational Payments accepts various credit and debit cards, including American Express, Discover, MasterCard, and Visa, to name a few examples. (American Express may need to get clearance from TransNational Payments separately.)
Standard credit card processing technologies and entire point-of-sale systems are available for accepting credit and debit card payments.
- In-Store Processing
Even if you do not have a comprehensive point-of-sale system in place, you may still use TransNational Payments to process your transactional information. If you have the appropriate equipment, you may be able to accept EMV/smartcards, contactless payments, and swiped cards.
Customers with a more significant number of payment options are more inclined to purchase from you. TransNational Payments also offers fleet card processing and the ability to create bespoke gas pump equipment.
- Online Processing
Credit card payments may be accepted via your website using TransNational Payments, allowing you to validate payments.
Supposedly, an e-commerce company claims it can easily transition your website from using a previous processor to its services. Additionally, over 80 recognized shopping carts are supported.
- Mobile Processing
Running a business is stressful enough without worrying about collecting past-due invoices. With mobile processing, you may receive payments from customers wherever they are.
When working with TransNational Payments, you may be able to transform your smartphone or tablet into a payment device. In addition, wifi terminals are provided on the premises.
Individuals who make deliveries, attend fairs or trade shows, or provide services in various locations may find mobile processing to be of significant value.
- Business Cash Advance
Those seeking immediate access to operational money may take advantage of a merchant cash advance, also known as an online company cash advance, offered by TransNational Payments. On the other hand, using a cash advance has a fee connected with its use.
The majority of the time, they are discouraged by the personnel. If you look at the numbers, you’ll see how much costlier they are compared to a standard loan.
How Much Does TransNational Payments Services Cost?
Multiple public claims have stated that a standard TransNational Payments agreement is a three-year agreement through Global Payments with a one-time early termination fee of $500 (if done in the first year) or $395 (if done in the first year), an annual fee of up to $95, and numerous other fees.
The monthly charge for a typical Global Payments agreement is $10 per month, the yearly maintenance fee is $299 per year, and the equipment lease is non-cancellable and lasts for 48 months.
An employee of TransNational has said that the firm only provides interchange-plus pricing; yet, many merchant complaints have detailed a rate quotation of 1.74 percent, which does not seem to be in line with a usual interchange-plus rate quote.
The company’s yearly price does not seem to include any costs associated with PCI compliance, nor does it appear to charge an additional PCI Compliance fee.
Is TransNational Payments Worth it?
- Easy Transactions
That’s what we enjoy most about TransNational’s software: how easy it is to use. Thanks to this feature, all credit card payments may be processed swiftly and efficiently.
Because it remembers previous customers’ credit card information, you won’t have to put it in each time they make a credit card payment to your business. As a bonus, it’s simple to generate reports on the transactions you’ve done.
- Overcharging Issues
Even while TransNational Payments does not participate in unethical advertising methods in its public materials, concerns against the corporation undoubtedly raise some questions.
If you believe TransNational is overcharging, our recommendation is to get an independent audit of your statements.
The Bottom Line
In terms of our evaluation criteria, TransNational Payments comes out around average for merchant service providers. Despite the company’s size and long history, the company’s consistent complaints are concerning.
TransNational Payments may enhance its rating by providing more information and clarity to its sales representatives on the termination charge.