PNC Merchant Services Review
The 1983 merger of PNC Pittsburgh National Corporation and Provident National Corporation created PNC bank. By virtue of this merger, PNC became the largest bank in Pennsylvania. Since then, PNC’s management has focused on organic growth, mainly through the expansion of its middle-market corporate business. The company has also grown through the development of its retail business through enhanced online products. The company plans to merge with BBVA USA. Once complete, the merged company will become one of the top five largest banks in the U.S.
The merger will also expand operations from coast to coast, particularly increasing presence in the Western states.
|Keyed-in Rate||3.45% + $0.15|
|Early Termination Fee||Up to $900|
|Contract Terms||3 Years|
PNC Merchant Services Overview
PNC Merchant Services is the merchant services division of PNC Bank, headquartered in Pittsburgh, Pennsylvania. The company operates as a First Data reseller, providing merchant accounts and Clover point-of-sale products.
Small businesses find great convenience in PNC Merchant Services virtual payment system. These payment systems allow them to process credit/debit cards for mail-in, eCommerce- and telephone orders. Reviewers indicate satisfaction with this system. Virtual payments run through PNC Merchant Services website, so no equipment is needed. In addition, PNC Merchant Services manages the website and has the robust cybersecurity features of a large financial institution. Many smaller businesses are better off teaming with a large payment processor rather than implementing their own security protocols, which is highly expensive.
PNC Bank is headquartered at 249 Fifth Avenue, One PNC Plaza, Pittsburgh, Pennsylvania 15222. Troy Baker serves as the senior vice president and managing director of the division.
PNC Merchant Services Pros & Cons
Chip card hardware available
Expensive hardware leases
Poor customer support
Limited pricing disclosed online
Early termination fee
Deceptive sales tactics
PNC Merchant Services Products & Services
PNC Merchant Services conducts business as a payment processor reseller. It gets most of its equipment from First Data and offers an extensive Clover selection. The variety of products and available business services make PNC a great choice for business owners who need a full-service banking approach, rather than a payment processor reseller that only provides equipment. PNC offers merchant cash advances and other types of business loans at competitive rates.
Some of the more popular products and services include the following:
Clover Family Package
Clover offers some of the most effective payment processing systems. For those who like the Clover brand, PNC provides a great option.
In today’s tech-driven world, mobile processing is a must. One day, customers may pay for everything with their phones. PNC provides user-friendly mobile payment processing solutions.
EMV & Contactless Acceptance
With COVID-19 continuing to spread, contactless acceptance has become a key tool in fighting the pandemic. PNC offers its customers this option, which may even be mandatory in some areas. Contactless acceptance goes a long way to preventing the spread of all contagious illnesses, so we can expect the concept to remain prevalent after the COVID-19 crisis abates.
It’s always important to verify if a check is authentic. PNC bank provides security tools that indicate when it is safe to accept a check.
Internet and eCommerce Package
Between the development of Amazon and the pandemic restrictions, more and more business has moved online. Consumers seem to like this arrangement, so signing up for a PNC Bank internet and eCommerce package is more than just a convenience. It is also a competitive necessity.
PNC Bank collects data that helps business owners make wiser decisions. For example, knowing the ratio of visitors to a website to sales inquiries generated by the site provides a window into its effectiveness.
PNC Merchant Services Advertising & Sales
PNC Merchant Services offers its customers the advantage of working with a name brand financial institution. Some merchant services companies only resell POS and other payment processing equipment and employ aggressive sales tactics, often through independent contractor salespeople who have little incentive to ensure a positive experience for customers. PNC Merchant Services sells through employee salespeople who are incenvtived to protect the company’s reputation.
However, no sales department is perfect, and we did locate a dozen online complaints about sales practices. These complaints stemmed from deceptive sales practices, such as nondisclosure of contract terms, misrepresentations of service length, excessive termination fees and unexpected charges. Most complaints were successfully resolved by the company.
PNC Merchant Services appears to be transparent in its advertising materials and even quotes its rates, which is unusually good for this industry. The company offers many promotions, including a $500 sign on bonus for new customers. However, it is still important to read the fine print because certain terms and conditions apply.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
PNC Merchant Services Pricing, Rates & Fees
PNC Merchant Services posts its pricing on its website, which is a big plus in an industry famous for opaque pricing structures. Its latest transaction rates stand at a flat 2.6% for swipes and 3.45% plus $0.15 for keyed-in swipes.
The company does not disclose, however, whether it charges a PCI compliance fee. Reviews show that PNC Merchant Services does charge fees for setup ($395), application and programming. Clients must also agree to a $5 statement fee and $15 to $20 monthly minimum.
Pricing At A Glance
|Pricing Model||Tiered Pricing|
|Keyed-in Rate||3.45% + $0.15|
|Mobile Payment Rate|
|Virtual Terminal Rate||1.89% + $0.23 - 2.90% + $0.30|
|Payment Gateway Fee||None|
|Early Termination Fee||Up to $900|
|PCI Compliance Fee||Undisclosed|
|Equipment Lease Terms||48 Month (locked)|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||$90 (Programming Fee)|
|Monthly Minimum||Up to $20|
PNC Merchant Services Contract & Terms
The company does charge high early termination fees. If you cancel before the three-year contract expires, you are liable for liquidated damages. Liquidated damages are the total loss to PNC Merchant Services as a result of the early cancellation. As a result, PNC Merchant Services can charge substantially more than the $495 early termination fee imposed by First Data.
Many customer reviews report unhappiness with the liquidated damages. Some cases cited early-termination charges of close to $1,000.
PNC Merchant Services Setup & Support
PNC Merchant Services offers the advantage of in-house customer service. Many vendors contract with outside companies to handle service, and this can make it difficult to ensure high-quality customer service and strong knowledge of the products. PNC Merchant Services customer service agents are available 24/7 to handle general questions, terminal support, authorization assistance and security breaches.
PNC Merchant Services Complaints, Ratings & Reviews
PNC Merchant Services has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
|Total Online Reviews||50+|
|Total Online Complaints||30+|