Tranfirst is a company that many merchants are currently working with, however many don’t even realize it. As with many of the larger processors, TransFirst also works as a backer for a number of smaller credit card processors, who write their accounts under their name, but are acting as an additional middle man between the merchant and the ISO. This has little to do with Transfirst directly, and we will be looking into and review some of this subsidiary companies in the coming months.
There are some warning flags with TransFirst which unfortunately seem to be the same standards ones we here from most merchants that have been in the industry for some time. Hidden contract language and merchant’s thinking they were getting a much better deal than the one that was actually written in the contract. While sadly not uncommon, these are the exact tactics that keep websites like this running. It is important to always examine your contract correctly if you’re not positive, or use a site like this to weed through the available options and work with a company that doesn’t hide things in the application process (no matter how small).
One of the biggest red flags that we come across in the industry is the prevalence of 3 year contracts. Why the credit card processor needs you to sign a contract is beyond us here at CheapestMerchantAccounts, the merchant account relationship should be a two way street – the credit card processor provides a service to the business owner (a way to accept credit cards) and in exchange the merchant allows the processor to take a small percentage of the transaction cost, adding statement fees and other items to cover their operating expenses. Where a contract should be required is beyond us. TransFirst takes this a step further than the typical credit card processor as along with 3 year contracts, they also have an auto-renewal policy which means once you sign up with them, you face an arduous task of extricating yourself from them.
Stay or Switch from TransFirst To Another Merchant Service?
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Advice from Fellow Small Business Owners
I used these guys because my bank said they were the provider. From the get-go, they started adding fees that I never imagined. Finally, after almost a year, I told them to take a hike. They said “sure” but we will charge you $495. What a rip-off. These guys are the worst.
Bad deal! Easy to get set up, but then the fees started adding up. They would not process charges. Belligerent staff. 3 year contract with very high cancellation penalty. Do anything you can to avoid this company. I paid the cancellation fee and am now with a very helpful provider that acts like a PARTNER in the business. I no longer treated like a criminal.
Hi Bob! I am into the most expensive agreement with this company now. I would like to cancel it. Do you mind telling me how much it costs for a 4-year contract. I want to hear some advices from you. The representative did not disclose any information about fees and terms. Thanks alot.
transfirst should be within the 5 worst merchant list