Summary of The Company: TransFirst
TransFirst is a privately-held credit card processing company offering merchant accounts, credit card processing equipment and merchant services to businesses across the country. According to the Better Business Bureau, TransFirst has been in business since 1995 and obtained BBB accreditation on August 13, 2009. The company currently has a BBB rating of A+ as it has met all BBB accreditation factors including supplying all company information to the BBB, the length of time the company has been doing business, and the company’s response and resolution to complaints.
TransFirst has several alternate business names that include: United Merchant Services, Solveras Payment Solutions, TransFirst ePayment Services, TransFirst Merchant Processing Center, TransFirst Holdings, Inc., and TransFirst, LLC. The company’s main website URL is http://www.transfirst.com, yet they also have an additional web address of http://www.yestotransfirst.com that redirects to the first URL. Their Facebook page has 331 likes at the time of this review.
TransFirst Company Review
As to date, there have been over 124 complaints filed against TransFirst through the BBB with 36 cases closed within the past 12 months. Most complaints filed were for advertising and sales issues, problems with a product or service, and billing and collection issues. There has also been four negative reviews on Yelp and numerous negative reviews posted on Ripoff Reports.
While many of the issues could be resolved by reading the contract, and then having a lawyer explain the finer details, there are several disturbing factors to several reviews that should be noted by merchants who choose to do services with TransFirst.
First is the inconsistency of fee details from what the sales representative quotes to the merchant and from what is detailed in the contract. One merchant on January 6, 2014 was not told there would be a $100 application fee by the sales representative and this fee was not detailed on the contract yet the merchant was charged anyway.
Another instance was on September 9, 2013, when a merchant had requested a monthly service fee adjustment and a breach security fee adjustment for leasing a credit card terminal. TransFirst claims they agreed to the fee adjustments but their computer system did not make the changes. Since the merchant did not challenge the issue within the limited time frame, they were charged the regular fees even though it was obvious that TransFirst was at fault for the problem.
A reason to the above inconsistency in fee details and failure to carry-through with requested fee changes can be determined by the lack of proper management at TransFirst as reported by employee reviews at Glassdoor. While the employee reviews have been on the positive side, many people have noted that there is mismanagement and a high turnover of employees in the office. These factors can contribute to miscommunication and poor training with the employees, which trickles done to problems for the customers.
One other issue merchants should be aware of is the “Liquidated Damages” clause for the early termination fee. Most companies will have a set early termination fee if a merchant should cancel their agreement services before the contract expiration. Liquidated Damages clauses are when a merchant will have several different early termination fees based on how long a merchant has been under contract. It’s been reported that TransFirst may charge a $250 fee if there are less than 12 months remaining on the contract and $500 if there are more than 12 months remaining. This is not a recommended business practice that a company should engage in.