The Transaction Group – Review

Company Background: The Transaction Group specializes in credit card processing and merchant account services for various types of businesses as an independent sale rep for PowerPay, a point of sale processing company in Portland Maine. TTG was founded in 2005 and is based in Jacksonville Beach, Florida.

Rates: Rates vary depending on the services provided. Online credit card processing rates start as low at 1.79% with a 25-cent transaction fee incurred. There is a gateway fee of $19.99 and a bank fee of $10.00. Point of sale transaction fees include processing rates as low as 1.09% with a 19-cent transaction fee incurred. A $10.00 statement fee also applies. Mail/phone credit card processing rates are as low as 1.79% with a 25-cent transaction fee and a $10 statement fee. Mobile device credit card processing offers rates as low as 1.09% and a 19-cent fee for transactions. A $10 bank fee also applies.

Security features and Account Services Provided: The Transaction Group offers solutions for internet businesses, retail merchants, professional service providers, trade and craft show vendors, home-based business owners, mail merchants, and telephone merchants. The company also specializes in working with high-risk businesses which are set up outside of the US.

The company’s AuthorizeNet service offers quick approvals, secure servers, refund issue, voiding of transactions, recurring billing, and an easy installation process. There is also a Dial Pay options which offers automated 24/7 service for phoned in Visa and MasterCard transactions using a toll free 800 number. There is also a service for person-to –person sales in-house where credit cards are processed at a retail terminal.

Accepted Forms of Payment and Other Services: The Transaction Group accepts major credit cards including Visa, MasterCard, Discover, and American Express. The company also processes ACH transactions and has the technology available for processing credit card transactions through smartphones. TTG also offers customers the ability to ‘freeze’ their accounts for a period of 3 months for businesses that work seasonally.

Bottom Line: The Transaction Group offers 24/7 customer support and appears to be popular with small businesses due to their variety of payment processing options. However, TTG is an independent sales agent for another company, PowerPay which likely indicates they are adding additional fees on to the service charges for their own profitability.

Customers seeking processing services will need to undergo a credit check and individuals with a credit score below 600 may not be approved for an account or may be required to have a co-signor. TTG does not require long-term contracts for services, using instead month to month contracts that do not carry an application, setup, or cancellation fee.

BBB Rating:  Not Rated

Posted on Monday, May 7th, 2012