When the salesman first approached me about changing my credit card processor I was quite hesitant. He went through a series of calculations that showed how I would reduce my processing fee from 1.8% to 1.46%.
I decided to sign the application, which became the contract in late April.
Transtech was supposed to come set up the processor the next day, but it took two weeks. Meanwhile, they charged me the application fee that was supposed to be waived per the contract, and they charged me for not using their service in April - I couldn't.
I finally started using the processor in early May. When I received my first statement I about fell off my chair. The fees were more than 4% for the processor. This is far from what the salesman quoted me and what I signed on the contract. Furthermore, the contract showed that I would pay 0.12 per transaction. They are charging me $0.27 per transaction. They state that they did not accept my application, which is the contract. Well if that is the case, the contract should be null and void.
Customer Service said they would look at reducing, but then never got back to me.
The contract also states that they would pay the cancellation fees from the previous provider, which Transtech refuses to pay.
Now they are trying to charge me $595 to cancel the contract, for early termination; the contract states $495. This is an outrageous amount for the fees that they charge compared to other processors.
If anyone signes up for this processor good luck!
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