Trust Payments is a payment service provider founded in 1997, a subsidiary of the UC Group, and its headquarters in the United Kingdom. The company provides international payment services to merchants, governments and consumers. They now offer comprehensive payment solutions, including digital payments, acquiring and processing services, fraud prevention tools, and value-added services.
Through the years, they have acquired various companies to expand their services.
In 2022, Trust Payments acquired WonderLane and Stor and partnered with JCB, FSB, and Certergy, thus increasing its influence.
Moreover, the company provides payment solutions to merchants, including e-commerce stores, travel companies, subscription businesses and government bodies. Their solutions allow merchants to accept payments from customers across the globe in different currencies, providing customers with secure and reliable payment options.
The Trust Payments Review is divided into several sections that explore the different aspects of Trust Payments. It includes the following.
Features and Services
The company offers the following services to its customers.
Contactless Payment
Trust Payments offers a convenient and secure contactless payment solution. With it, customers can securely pay with their cards or mobile devices wherever they shop. Thus, it is a great solution for any business offering contactless payments.
Chip and Pin Entry
Trust Payments also features a chip and pin entry system allowing customers to authenticate their transactions securely. It helps businesses ensure that only authorized payments are processed, and their customer’s data is protected. Moreover, customers can also benefit from the added security of chip and pin entry.
Multi-currency Payments
It provides the ability to process payments in multiple currencies. It allows businesses to accept payments from customers worldwide without worrying about conversion fees or additional charges. As a result, it can be a great solution for businesses that sell internationally.
POS Systems
Trust Payments also offers point-of-sale systems that help businesses manage their payments efficiently. With these systems, businesses can process payments quickly and easily, ensuring a smooth customer experience. It can be especially useful for businesses that need to process high volumes of payments.
Costs & Contract
When it comes to costs and contracts with Trust Payments, there are a few negatives that need to be considered. The first is that the pricing structure can be complex and difficult to understand, making it hard to determine exactly how much you will pay for the services.
A one-year contract can lock customers into a payment plan they may not have fully considered. Additionally, there is a cancellation fee if you decide to end the contract before the one-year term has expired.
Trust Payments also charges additional fees for certain services, such as refunds. It can make it difficult to accurately plan and budget your business needs.
Finally, customers are also responsible for credit card processing fees and other services, which can add up quickly. It can cause trouble for the users in the long run when it comes to managing their finances.
Overall, ensuring you understand the costs and contracts associated with Trust Payments before signing up for any services is important. Ensure to consider all fees before committing to a plan. Being informed before signing up can help ensure you get the best deal possible.
Lawsuits and Fines
No outstanding lawsuits or fines have been reported against Trust Payments. But the company must comply with the Payment Card Industry Data Security Standard (PCI DSS) standards. Adherence to this standard ensures that customers’ financial data is stored and transmitted securely. Trust Payments also operate under the Financial Conduct Authority (FCA) guidelines and are subject to regular reviews.
These factors can cause fines or other actions if the company fails to comply. In the past, companies have had to pay hefty fines in cases of data breaches or failure to adhere to the FCA regulations. However, it is important to note that Trust Payments has never been subject to any fines or penalties from these regulatory bodies.
BBB Rating
The company has not yet earned a rating from the Better Business Bureau. Trust Payments may not have existed long enough to build a solid customer service reputation.
In addition, a few negative customer reviews are scattered across the internet, with many customers citing slow customer service response times and payment delays. It could be a sign of a lack of professionalism or inadequate customer service, which could frustrate customers.
Any business needs to provide good customer service and quick payment processing. Customers may hesitate to use the service if these are not up to par. Therefore, it is highly recommended that merchants do their due diligence and read customer reviews before committing to Trust Payments.
Sales & Marketing
No matter how much trust and assurance a company has built up, it can all come crashing down if sales and marketing teams are not working to their best capabilities. The company has no independent sales force and relies heavily on partners to make up most of its sales.
It leaves them at risk if any partner works outside their expected parameters. Without an internal ability to monitor sales and marketing activities, there is a heightened risk of non-compliance that can lead to legal issues for the company.
The Trust Payments review process reveals a lack of rigorous oversight and monitoring of sales and marketing activities which could make the company vulnerable to potential issues. Without processes and procedures to ensure that partners are adhering to regulations, there is the potential for significant financial losses should something go wrong.
The company must ensure its sales and marketing teams operate within the boundaries of accepted standards and best practices to protect its reputation and assets. A proper review of sales & marketing activities is essential to ensure the company remains compliant and protected from potential legal issues.
Reviews
The importance of review and feedback when considering a service provider cannot be understated. Knowing what people say about the company you are dealing with is integral in making an informed decision.
Merchants should consider the following reviews before signing up for Trust Payments.
Experiencing Multiple Errors
Users have experienced multiple errors in the Trust Payments system, such as issues with transactions, payments not being processed correctly, and error messages when attempting to make a payment. These issues can cause frustration, confusion and a lack of confidence in the system.
Non -Cooperative Staff
Customers are frustrated not only with the errors in the system but also with the uncooperative staff. The customer service team is often slow to respond or unhelpful when it comes to fixing problems, which can make customers feel as if they are being ignored and taken advantage of.
Inadequate Security Measures
Trust Payments also has inadequate security measures, exposing customers to potential fraud or identity theft. The lack of security is especially concerning since many customers rely on the system to process financial transactions.
Complicated Interface
The interface for the Trust Payments system is also incredibly complicated and difficult to navigate. Customers often have trouble understanding how to use the features, which can be frustrating and time-consuming. Due to the complex interface, customers sometimes have difficulty performing tasks such as canceling or changing payments.
Unreliable Service
The Trust Payments system is often unreliable. Customers have reported that payments are not processed correctly or on time, and they may be unable to access their accounts due to server issues. It can lead to additional frustration and confusion, as customers cannot complete transactions or check the status of their accounts.
Technical Glitches
The server also experiences frequent technical glitches, which can cause errors and problems with the system. These issues can be difficult to diagnose and fix, leading to further frustration for customers. Additionally, the company does not always offer solutions or assistance with technical issues, leaving customers to figure out solutions independently.
Employee Complaints
For any organization, employees are its biggest asset. Therefore, it is important to ensure they are happy and satisfied in their work environment. Unfortunately, not all organizations can provide this atmosphere.
The employees at Trust Payments have submitted several complaints regarding their working environment. It includes job security, poor management, and inadequate resources.
These concerns have been echoed by many of the employees, who have found it difficult to work in a hostile and adverse environment. Even though Trust Payments has implemented some measures to address these issues, the employees are still unsatisfied.
As such, Trust Payments must take adequate steps to ensure that their employees are properly taken care of and that their workplace is conducive to their growth and development.
The company must investigate these complaints and ensure its employees get the best treatment. It will help improve employee morale and ensure Trust Payments remains competitive and successful in the marketplace.
Conclusion
Trust Payments is an intuitive and reliable platform for sending money worldwide. It has plenty of features that make it convenient and secure for users. However, it does have some drawbacks, such as technical difficulties, high fees, and limited customer service options, that should be considered before deciding to use the platform. Ultimately, though it is a great tool for sending money around the globe, merchants should research it to determine if it is the right fit for them.
By considering all of the necessary factors, merchants can make an informed decision on whether or not Trust Payments is the right payment solution for them.
