Suntrust Merchant Services

SunTrust Merchant Services About

SunTrust Merchant Services offers back-end processing of payments through First Data Corporation and has joined forces with Clover to provide Clover's POS solutions.

The business uses SunTrust Bank for acquiring bank services. Equipment leasing is offered in conjunction in conjunction with First Data Global Leasing.

Also details: www.cardsactivation.com

SunTrust Merchant Services Overview

SunTrust Merchant Services (SMS) is an SunTrust Bank division, headquartered in Richmond, Virginia. It's mostly a reseller for merchant account services to First Data Corporation.

SunTrust also offers POS solutions to different segments of the market via its collaboration with Clover.

SMS comes with a tiered price plan, but it isn't as transparent as interchange-plus , and might offer a less competitive price since these are simply packages of First Data.

SMS does not offer many details on its website regarding its offerings. It appears that the majority of the processing and merchant services are completely outsourced to third party companies; processing is outsourced to First Data and POS solutions to Clover.

There is a huge deficiency of instructions for setting up and the support that clients can avail. Also, there is no motivation for companies to spend in resources that inform customers about the complexities of SMS processing and its contribution to the market.

In the end, SMS typically suffers from low customer feedback that is accessible on the web and in various reporting platforms.

Also details: suntrust-card-activation.com

Quick Facts

Head Quarters: Richmond, VA

Year Founded: 2002

CEO: Eric Mann

Employees:1000

Merchant Provider Risk Tolerance

Industries Served

1. Accounting & Tax Prep

2. Cigars & Tobacco

3. Clothing & Apparel

4. Convenience Store

5. Electronics

6. Gaming

SunTrust Merchant Services Products & Services

SMS offers merchants with payment processing services and also serves as a reseller for First Data Corporation's offerings. SMS offers a variety of options for accepting payments such as Mobile and Telephone Orders (MOTO) and check payments terminals with magnetic stripe, online payment gateways and Electronic Benefits Transfer (EBT). SMS also allows mobile processing options via ApplePay as well as other android-powered NFC payment options. PAYware Mobile from Verifone,

SMS offers the following product solutions for merchants:

Gift Cards Gift Cards SMS offers gift cards with customizable designs which allow retailers to monitor the patterns of spending and overall consumer trends.

Perka Rewards Program Digital loyalty for customers. program can be customized to reward customers and rewards for either repeat or new customers.

TransArmor First Data's fraud detection service utilizes encryption and tokenization technology to protect consumer data and improves efficiency in PCI compliance.

Insightics is another First Data offering to gauge consumer habits and market patterns to help businesses adjust their operations.

There are a variety of pricing plans available in the processing service, however, the basic plan available is the tiered payment plan, which comes with the option of a multi-year contract, that includes the monthly PCI compliance cost of $19.95.

Additionally, there is a significant early termination charge of $495. Additionally, the agreements have an unrepulsible policy for long-term leases of equipment purchased through First Data Global Leasing.

SunTrust Merchant Services Payment Processing

• Chargeback & Fraud Prevention

• Check Services

• Credit Card Processing

• Credit Card Terminals

• Debit Card Processing

• EBT Acceptance

SunTrust Merchant Services Billing & Invoicing

• Mobile Payments

• Online Invoicing

• Online Payments

• Payment Processing

SunTrust Merchant Services Advertising & Sales

SunTrust Merchant Services uses outside sales agents and heavily relies on cross-selling with existing bank clients to offer products and services for merchants.

There are numerous complaints about hidden charges and the company's reputation as a scam. Hidden fees are a common subject of most complaints especially when they appear in a flash and without explanation.

The information on pricing plans of the company is not comprehensive, since there's no specific details through their site. Therefore, there's a lot of uncertainty regarding fees that apply to its merchant offerings.

SunTrust Merchant Services Pricing, Rates & Fees

SMS provides merchants with price tiered that is more opaque than interchange-plus. Merchant processing services are offered at two prices:

Up to $50,000 in transactions per month

Swiped -2.69 percent plus $0.19per transaction

Keyed-in to 3.69 percent + $0.19per transaction

Amount of transactions > $50,000 per month

Swiped -2.29 percent plus $0.19per transaction

Keyed-in - 3.29 percent + $0.19for each transaction

SunTrust does not specifically mention payment fees on its website. There have been numerous complaints about fraud when it comes to payment processing, hidden costs and other costs.

SunTrust Merchant Services Contract & Terms

SunTrust Merchant Services contract terms are costly compared to industry norms. Contracts offered by the company are generally long-term and come with high fees for early termination.

SunTrust has tiered pricing plans that are not as transparent and impose additional costs, including PCI compliance fees. In comparison to payment processors SunTrust's contract is more costly and provides more stringent terms as compared to those offered by First Data.

SunTrust Merchant Services Complaints, Ratings & Reviews

SunTrust is not independently accredited by SunTrust is not separately accredited with Better Business Bureau (BBB) and awards the parent company an A+ grade.

The rating could be inaccurate since it's not just for merchant services but for the bank's total activities. The BBB declares the company as Truist Financial Corporation, a new entity that was created following the merger of BB&T and SunTrust.

BBB had received 773 reports over the last three years about Truist regarding products, hidden costs, and their sales practices.

SunTrust Merchant Services contract terms are high in comparison to industry norms. Contracts offered by the company are generally multiyear , and they charge high fees for early termination.

SunTrust utilizes tiered pricing plans that are not as transparent and charge additional charges, like PCI compliance costs. In comparison to payment processors SunTrust's contract is more costly and has more strict terms as compared to those offered by First Data.

SunTrust Merchant Services contract terms are costly compared to industry norms. Contracts offered by the company are generally long-term and carry substantial early termination charges.

SunTrust utilizes tiered pricing plans that are not as transparent and charge additional costs, including PCI compliance costs. When compared to payment processors SunTrust's contract costs more and provides more stringent terms in comparison to the plans offered by First Data.

Ripoff Report lists many negative reviews of SMS for its strict cancellation policies as well as early termination fees and other charges that are not disclosed. There are no lawsuits or yet-to-be-resolved FTC complaints filed against SunTrust Merchant Services.