Best for
Standard-risk and high-risk merchants in need of merchant accounts and payment processing services.
Specializes in
Truevo specializes in working with high-risk merchants; especially those in the online gaming, gambling, entertainment and travel industries. This company also specializes in working with European CBD merchants.
Pricing Summary
Setup Fee: None
Monthly Fee: Unknown
Swipe Rate: For local cards: 0.7% + £0.10 For EU cards: 1.4% + £0.10 For international cards: 2.8% + £0.10
Keyed-in Rate: Unknown
Early Termination Fee : Unknown
Contract Terms:
Truevo was founded in 2013 as a standard-risk and high-risk merchant account provider.
The company’s name was originally Swish Payments, but it was rebranded to Truevo in 2017.
Truevo is headquartered in Malta, and the company’s founder, chairman, and executive director is Dave Liu.
Truevo is a merchant account provider that is located in Malta. It got its beginning in 2013 under the name Swish Payments, but the company was rebranded to Truevo in 2013. Dave Liu is its founder, chairman, and executive director.
According to the company’s website, Truevo’s founder got his start in business by selling computer games and accessories online. He saw a need for payment processing services for businesses like his, and formed Truevo.
This company mostly has merchant customers in the UK and in Europe, and can provide its services to both high-risk and standard-risk businesses. Truevo states that its mission is to create payment products for entrepreneurs that make their lives easier so they can focus on growing their businesses. Truevo is a Financial Institution licensed by the Malta Financial Services Authority.
Head Quarters
The Watercourse, 3rd Floor, Triq L-Imdina, Zone 3 Central Business District, Birkirkara, Malta, CBD2010
Year Founded
2013
CEO
David Liu
Employees
51-200
Merchant Provider Risk Tolerance
Works with standard and high risk businesses.
Works with european CBD merchants.
No setup fee.
Accepts and processes payment in over 120 different countries.
Provides value added services.
Early termination fee not specified.
Only accepts online sellers.
Does not sell hardware.
Works with referral partners.
All contracts and terms are not provided.
Hardware & Software
Under the name Swish Payments, this company focused on selling POS systems and other hardware. But only a year after accepting its first payment, Truevo pivoted to online payment processing, which continues to be its focus today.
Truevo specializes in offering a payment gateway that is seamlessly integrated with the merchant’s shopping cart. The website mentions three that are integrateable:
PrestaShop
WooCommerce
Magento
Mobile app integration is also available through Truevo, and it can be customized for each merchants’ brand.
Truevo does have one page dedicated to POS systems on the company’s website. It only mentions a card machine POS that offers tap, swipe, EMV, and PIN capabilities. When used with a virtual terminal, it is also possible to process card-not-present payments as well.
Value-Added Services
Truevo offers additional value-added services to its merchant customers. They include:
Free business debit cards for merchants
A rewards program to offset transaction fees
Supported Payment Types & Services
Merchants that work with Truevo will be able to accept and process payments in more than 120 different currencies. The following payment options are available:
Visa
Mastercard (Maestro)
Google Pay
Apple Pay
Discloses All Important Terms
No
Public Pricing Available
Yes
Truevo transfers all funds into the merchant’s account on a four-day rolling basis. The company website lists the following transaction fees:
For local cards: 0.7% + £0.10
For EU cards: 1.4% + £0.10
For international cards: 2.8% + £0.10
There are no start-up fees, settlement fees, or fraud monitoring fees.
High-volume merchants with unique business models and/or monthly turnovers of £100 000 will receive customized pricing plans.
Truevo offers business debit cards for merchants that work on a rewards program. Merchants who use their cards will receive a fee rebate that is calculated from their incoming payments vs. their purchases. This rebate can be used to offset transaction fees.
Pricing Model
Unknown
Swiped Rate
For local cards: 0.7% + £0.10 For EU cards: 1.4% + £0.10 For international cards: 2.8% + £0.10
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
Unknown
Monthly Fee
Unknown
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
Unknown
PCI Compliance Fee
Unknown
Equipment Lease Terms
Unknown
Address Verification Service (AVS)
Unknown
Application Fee
No Fee
Account Setup Fee
None
Gateway Setup Fee
None
Annual Fee
Unknown
Monthly Minimum
Unknown
Statement Fee
Unknown
There is no information on the Truevo website regarding contracts and terms. Because this merchant account provider works with businesses that have varying risk levels, it can be assumed that it tailors its contracts to each merchant.
CBD merchants will have specific contracts that are outlined according to local laws at the time of onboarding.
There are no online complaints regarding this company’s contracts.
Contract Length
Unknown
Early Termination Fee
Unknown
Truevo does not specify how long the approval process may take, but standard-risk merchants should be able to begin accepting payments within a week if they choose to integrate with the company’s payment gateway. Installing the gateway only takes about 15 minutes.
Merchants that choose a POS system may need to wait up to 2 weeks to receive their equipment, and high-risk merchants may take a few weeks for account approval.
Truevo’s customer service team is available every day from 8 am to 8 pm CET/CEST. Its Contact page has a form that merchants may fill out, as well as phone numbers for sales and support.
BBB Rating
Truevo does not have a business profile or a rating with the Better Business Bureau.
Other Online Reviews
There are no positive or negative reviews for Truevo available online, and this company has a clean online complaint record. There are also no outstanding FTC complaints or class-action lawsuits pending for this company.
BBB
N/A
N/A
N/A
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
Unknown
Lawsuits
Unknown
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