I feel robbed, decieved and completely ripped off following a recent call to close my TMG account. Due to some circumstances I had to close my merchant account with this company (closing my business). I had the account open for 8 years without a single chargeback or issue. I was told initially by a sales agent of a 3 year commitment which was not the problem. The problem is the Transtech, even after using them for 8 years will not close my merchant account unless I call 60-30 days prior to my anniversary date which no one doing business could even. I figured I would be completely in the clear due to the amount of time passed.
The company gave me two options in order to close my account. (and they are unrealistically high)
If I closed my account today I would be charged 500 dollars or I could continue to pay the monthly fees till the next years anniversary date (which if your business is closed your without a bank account). Since I did not file the cancellation request 20 days ago (which I was unaware of in the first place). The cancellation department would not work with me at all. They were completely uninterested in the reason why I am closing my business and the fact that I will not be able to pay for anything after I close in less than a month since my bank account will be closed. I am absolutely shocked and disgusted that after so many years of loyal service they are trying to rob me of so much more money. Closing a business is a very difficult thing to do. I have spoken to other business owners who said they have never heard of such a contract especially the size of the cancellation fee. I am not sure what my recourse is legally but I was completely lied to by the sale rep. (additionally lied to about a lease of a terminal offered through another company but associated with Transtech which I bad 50 times the value of the terminal and I still have to return it)
This whole situation is absolutely criminal!
Anyone starting a business or looking at swiching to transtech should not even bother. I have read tons and tons of negative postings regarding transtech and the deceptive business practices. I am almost sad that a company like this can stay in business doing things like this to a struggling small business community in a recession!
Stay away from Transtech and all the sister companies (summit, apex) because my experience from start to finish has been lies and deception to the max degree.
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