North American Bancard Review
North American Bancard (NAB) is a tier 1 ISO specializing in card processing and merchant services, such as mobile POS and terminals. The company is based out of Troy, Michigan, and was founded in 1992.
NAB’s rates vary from merchant to merchant based on business type, processing volume, and even the agent that sets up the account. They’ve been known to use deceptive sales tactics.
|Early Termination Fee||$295+|
|Contract Terms||Month-to-month, 3 Years|
North American Bancard Overview
North American Bancard is one of the largest merchant services providers in the United States. The company provides card processing, virtual terminals, POS equipment, and other merchant services to its clients. They focus on merchants operating in industries such as:
- Personal service
- And more
NAB offers very limited information about its rates online. But from what we can gather, they employ a fixed-rate model but with rates that vary from one merchant to another. The company prefers long-term contracts, which tend to include pricey contract break fees.
The company has received a large number of complaints, especially for its deceptive sales practices. They work with independent agents and they’ve been known to promise great rates but to pull the rug on unsuspecting merchants when the time comes to sign the contract.
North American Bancard Pros & Cons
North American Bancard Products & Services
North American Bancard uses First Data and Global Payments as its backend processors. So if you create a merchant account with NAB, you should expect to be serviced by one of these companies. Make sure that you verify which of them is in charge of your account before signing a contract with NAB.
Merchants will find a variety of card terminals to choose from with NAB. They have options that can support chipped cards, Apple Pay, and Google Pay. The company often says that its terminals are available for free. But typically this only means no upfront cost.
You’ll still end up paying expensive lease fees or having to sign a long-term restrictive contract to continue using your terminals.
NAB offers mobile payment processing through PayAnywhere. This can be run on both iOS and Android smartphones. It works with a Bluetooth-enabled card reader, which can accept all of the most commonly used types of cards and NFC-based payment methods.
The processing rates for PayAnywhere start at 1.69% per transaction, but you need to pay a monthly fee to get this rate. You can also choose the company’s Pay-As-You-Go model, which has no monthly fee by a per-transaction fee of 2.69%.
North American Bancard Advertising & Sales
North American Bancard uses a variety of deceptive sales tactics. For example, when you visit the company’s website you’ll find they claim to offer:
- Rates as low as 0.29%
- Free terminals
- No long-term contracts
But each of these claims is highly misleading. They only offer rates that are this low to their largest clients. Even then it will only apply to a small percentage of all transactions. There’s also no way to take advantage of the company’s supposedly free terminals without signing a long-term contract.
North American Bancard relies on independent sales agents and resellers to sign up new merchants. This has led to a number of complaints being filed against the company. Many merchants have complained about salespeople misrepresenting NAB’s fee structure and contractual terms.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||Yes|
North American Bancard Pricing, Rates & Fees
Generally speaking, the more transactions you process per month, the lower your rates with NAB can be. The company employs a tiered pricing system with rates that vary primarily based on your processing rate.
But unfortunately, the company has published very little information about its pricing and fees on its website. The only way to accurately predict what your rates from NAB would look like is to contact the company directly. But even then, according to numerous merchant complaints, you may not get an accurate quote until the time comes to sign your contract.
Pricing At A Glance
|Pricing Model||Flat Rate|
|Mobile Payment Rate|
|Virtual Terminal Rate||1.00% - 4.99%|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$295+|
|PCI Compliance Fee||$79+|
|Equipment Lease Terms||$39 Per Month|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Variables|
North American Bancard Contract & Terms
NAB has recently started advertising the option of month-to-month billing with no early termination fee. But this is a shift from its traditional practices. And merchants have continued to complain about high early termination fees even after NAB made this shift in its advertising.
Historically, the company has preferred an industry-standard three-year contract. This comes with an automatic renewal clause and an early termination fee of $295. But you may be able to negotiate more favorable contractual terms if you’re a medium-to-large company with some leverage.
North American Bancard Setup & Support
North American Bancard does at least make it easy to set up its products once you’ve signed an agreement with them. They have an online knowledge base to answer common questions. Additionally, you can access live online 1-on-1 support and recorded video training to complete your setup process with NAB.
The company offers domestic phone support during business hours and has an online FAQ. They recently added a live chat feature and email support. Online reviews of NAB’s customer support have been a mixed bag.
North American Bancard Complaints, Ratings & Reviews
Surprisingly, North American Bancard has an A+ rating with the Better Business Bureau. That’s despite the fact that they have more than 135 complaints on file. Unfortunately, only 17 of these complaints have been marked as resolved.
Some of the most common complaint themes for North American Bancard include:
- Deceptive sales tactics
- Hidden fees
- Non-disclosure of service length agreement
- High early termination fees
|BBB||A+, Accredited since 2001 (36 Reviews; 101 Complaints)|
|1.7 Stars / 136 Reviews|
|Yelp||1 Star / 98 Reviews|
|Total Online Reviews||500+|
|Total Online Complaints||200+|