Best for
Merchants and retailers of all sizes that are located in the UK.
Specializes in
Universal Transaction Processing specializes in working with retailers of all sizes. The company is based in the UK and relies on Barclay as its backend credit card processor. This is unlike most other merchant account providers in the UK.
Pricing Summary
Setup Fee: N/A
Monthly Fee: Up To £25
Swipe Rate: 1.00% - 4.99%
Keyed-in Rate: 1.00% - 4.99%
Early Termination Fee : Up to £25,000
Contract Terms:
Universal Transaction Processing was founded in 2013 and Michael Ault is the founder and CEO of the company, which is headquartered in the UK.
The company is a merchant account provider that also offers virtual terminals.
Universal Transaction Processing states on their website that they aim to streamline services for merchants to allow for faster access to their funds and fewer chargebacks.
Universal Transaction Processing was founded in 2013 by Michael Ault, who had decades of experience in the industry. The company’s goal is to streamline as much of the payment processing process as possible.
The company takes staff training very seriously and ensures that they are not only well-versed in the products Universal Transaction Processing offers, but that they also have an excellent understanding of how the marketplace and industry work.
Universal Transaction Processing offers many payment solutions, including credit and debit card machines, virtual terminals and ecommerce payment gateways.
Head Quarters
Sapphire Plaza, Watlington St, Reading RG1 4RE, UK.
Year Founded
2013
CEO
Michael Ault
Employees
Unknown
Merchant Provider Risk Tolerance
Applications are processed quickly, within 48 hours.
Transparent pricing.
Simple and streamlined start-up process.
Good customer service.
Competitive rates for merchants.
Not a good fit for high risk businesses.
Charge an early termination fee.
Long contract terms.
Uses telemarketers to sell products.
Hardware & Software
Universal Transaction Processing offers many different types of credit card machines, which are all supplied with the latest in technology and security. They offer multiple solutions to fit virtually any business model, including:
Countertop card machines
Portable card machines
Mobile card machines
Universal Transaction Processing also provides online payment gateways and virtual terminals for merchants in need of them.
Value Added Services
Most of Universal Transaction Processing’s focus is on payment processing. However, they do offer cash advance services for merchants who are in need of additional cash flow into their businesses.
Merchants can use cash advances to cover the cost of payroll, equipment or anything else their businesses may need. With flexible merchant funding, Universal Transaction Processing can provide unsecured funding to merchants who currently accept credit card payments.
Supported Payment Types & Services
Universal Transaction Processing offers payment processing for Visa, Mastercard and American Express. The company does not mention the ability to process payments for Discover on its website. It also does not indicate that it currently accepts electronic checks.
Discloses All Important Terms
No
Public Pricing Available
Unknown
Universal Transaction Processing is much more transparent about its pricing and fees than other merchant account providers. They have a dedicated web page that includes a pricing calculator and an online application form.
The costs they list include:
Swiped rate - 1% - 4.99%
Keyed-in rate - 1% - 4.99%
Virtual terminal rate - 1% - 4.99%
Early termination fee - up to £25,000
Monthly fee - up to £25
Pricing Model
Unknown
Swiped Rate
1.00% - 4.99%
Keyed-in Rate
1.00% - 4.99%
Mobile Payment Rate
Unknown
Virtual Terminal Rate
1.00% - 4.99%
Monthly Fee
Up To £25
Payment Gateway Fee
Undisclosed
Batch Fee
Unknown
Early Termination Fee
Up to £25,000
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
Up to £25,000
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
N/A
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
Unknown
Statement Fee
N/A
There is very little information on the Universal Transaction Processing website that discusses contracts and terms. Some customer reviews appear to indicate that the company offers a 48-month contract with hefty early termination fees. This could indicate that the company also includes a liquidated damages clause in its contracts.
Contract Length
Unknown
Early Termination Fee
Up to £25,000
Universal Transaction Processing states that getting set up is a very simple, streamlined process.
Merchants use a link to access the UTP pricing calculator and online application form. Once the application form is filled out, they will receive an electronic application to sign in their email.
The application is processed within 48 hours, with all credit checks and underwriting completed during that timeframe. Approval should happen within the 48-hour window and Universal Transaction Processing will send out all equipment.
Universal Transaction Processing clearly lists phone numbers for their sales and support team on their website. They also have a contact form, email address and information for international offices on their website.
BBB Rating
Universal Transaction Processing is not affiliated with the Better Business Bureau so they currently do not have a rating. This could be because the company is located in the UK and not in the United States.
Other Online Reviews
There are many other helpful, positive reviews for Universal Transaction Processing posted online. Most reviews are 5 stars and include information about helpful customer service, quick and easy setup with credit card terminals, efficient and fast equipment, and excellent rates for merchants.
There are some poor reviews online that mention poor customer service, contract discrepancies, push sales representatives and larger than normal early termination fees.
Universal Transaction Processing does not list any deceptive misleading rate quotes on its website to try and attract business. But they do use telemarketers to get merchants’ business. Also, many merchants do not want to enter into such long contracts with their payment processing companies.
BBB
N/A
N/A
No Reviews
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
Lawsuits
Unknown
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks