Full-service processing and banking. They partner with Global Payments to provide credit card processing merchants’ accounts.
Business accounts for small to medium-sized businesses with community focus as their guiding factor.
Early Termination Fee :
Their headquarters is located in Charlotte, NC.
They have been in business as a credit card processor since 2020. Their parts Suntrust Bank and BB&T Bank are claimed to have been in business for 150 years.
The CEO is listed as William H Rogers Jr.
Consisting of Suntrust Bank and BB&T Bank, Truist Bank has partnered with Global Payments to create a partnership processing company. They offer everything from POS systems to merchant bank accounts and everything in between.
Because their main focus is being a bank, there is very little information beyond a generic single page on their company website.
They claim to be community-focused, but their customer complaint level speaks for itself. In the past 36 months, they have had 1,332 negative reviews. Their response has been a form email and no indication that the customer complaints were even actually addressed.
Merchant Provider Risk Tolerance
Hardware and Software
Truist claims to offer POS systems and hardware, yet there is no information as to what types of hardware or software they offer potential clients. All links on their merchant services page direct a potential client to speak with a representative.
They claim to work with software resellers across the credit card processing industry. This may mean they can offer the merchant’s choice in preferred front-end gear. Whether this just applies to software or may overlap into terminals and registers is unclear.
It appears they offer some sort of up-to-date analytics to help merchants make business decisions. There are no examples of how this functions in the real business world to let potential clients determine if the product would be helpful.
According to the website, each merchant is paired with a single relationship manager who will work exclusively with the business to ensure no question or need goes unanswered.
Supported Payment Types and Services
Truist states they accept all major payment types, however, without knowing what sort of terminals and registers are available, it is unclear how true this claim is.
We can safely assume they will accept:
Beyond these payment types, there is no further listing or indication.
Discloses All Important Terms
Public Pricing Available
There are no stated prices available on the company website. There are multiple references to fees scattered throughout the complaints. These include early termination fees, annual service fees, and hardware liquidation fees.
Mobile Payment Rate
Virtual Terminal Rate
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
It appears there are several options on contracts, although none of them are openly stated on the website. Judging by the existence of early termination fees, it can be assumed there is a standard length to their contracts. Although, there are mentions of the month-to-month contracts in the vast complaint log.
It is always good to remember that contracts are negotiable. If a company claims they are not, multiple processing companies are fighting for each merchant account.
Early Termination Fee
No information is available on either setup or support. This is most likely because a merchant needs to have an account to access the help or tech support lines. There may be a central help hub, but there is no indication that this is the case.
Setup will most likely hinge on what equipment the merchant chooses to go with and the type of business they are connecting to Truist.
Brick and mortar retail merchants will take longer to set up than an online eCommerce storefront looking to funnel payments through Truist’s gateway.
This rating comes despite the thousands of customer complaints, just in a couple of years since the company merged into its current state.
Most of the complaints are directed at the banking side of Truist’s business. Scattered throughout there is a steady stream of merchant account-related complaints.
The complaints on both sides of the business tend to relate to extremely poor customer service and a large number of bogus fees and penalties.
Truist has a 1.09/5 star rating from their customers.
Other Online Reviews
Several other websites have similar numbers of negative reviews available for consumers to read. One such website has more than two thousand interactions. 31% of the ratings were 1-star reviews with scathing reviews attached.
The vast majority of the reviews recommended anyone thinking about Truist would be better off taking their business elsewhere.
Total Online Reviews
Total Online Complaints
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