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Pros / iTransact doesn't have a monthly minimum.

Cons / If you cancel your account before your contract expires, iTransact charges you an early termination fee as well as liquidated damages.

 Verdict / The processor has better-than-average interchange-plus rates and low fees but requires you to sign a long-term contract.

iTransact is a credit card processor based in Farmington, Utah. It resells accounts from First Data, Chase Paymentech, Elavon and TSYS. This processor offers its own mobile app for processing as well as an analytics dashboard to help you manage your business and project future revenue. It offers reasonable rates and fees but has poor service terms and setup times.

This processor offers both interchange-plus and tiered rates. The interchange rate is competitive, with a markup of 0.25% and a per-transaction fee of $0.10, which are better than average. Its tiered rates are less competitive, starting at 1.64% for both qualified debit and credit cards and a per-transaction fee of $0.20.

The fees charged by iTransact are relatively low. The monthly fee is $4.95, which is one of the lowest among the processors we reviewed. The PCI-compliance fee is $90, which is below average, and this processor does not charge a monthly minimum, which is beneficial if you're new to processing and worry about meeting the minimum that most processors charge.

If you want to process online, iTransact can help you by setting up a secure payment gateway for you. It charges a gateway fee of $99, which is high among the processors we reviewed. You also pay a monthly gateway fee of $14.95 plus an additional $0.10 per transaction. If you choose to process online, iTransact requires you to open another merchant account and charges you monthly fees for both accounts.

We rated iTransact low on the transparency and consistency score because it does not list any information about its pricing, fees or service terms on its website. The information our testers were quoted was inconsistent as well.

When looking for a credit card processor for your business, you want one that doesn’t require a long-term contract. These long-term commitments can hinder your flexibility and often come with early termination fees. iTransact has a three-year contract and that automatically renews for two-year terms and carries a $375 early termination fee as well as a liquidated damages clause. You want to be sure to read the contract and find out if these terms are in the contract that you receive. If they are, check with your rep and see if you can get them waived.

The customer reps that our testers spoke to at iTransact were knowledgeable and provided an explanation of industry terms, such as EMV and PCI. When we filled out the online contact form, we never received a response, so it may be best to contact iTransact directly.

Summary

iTransact offers competitive interchange-plus pricing and low fees and has some useful technology, such as analytics dashboard and a mobile processing app, that may be helpful for small businesses. However, it requires you to sign long-term contract that automatically renews and includes an early termination fee and liquidated damages.

Specifications and Benchmarks

Quick Picks

Noteworthy Feature
No monthly minimum
Best For
Seasoned merchants

Tier Pricing

Swiped Debit Card
1.64-3.04%
Swiped Credit Card
1.64-3.04%
Per Transaction
$0.20

Online Processing Fees

No Gateway Setup Fee
$99
Monthly Gateway Fee
$14.95 + $0.10 per transaction

Interchange-Plus Pricing

Interchange-Plus Markup
0.25%
Per Transaction
$0.10

Other Fees

PCI Compliance
$90
PCI Non-Compliance
$20
Chargeback Fee
$15

Setup & Service Terms

Ease of Application
54%
No Contract Required
No Cancellation Fee
No Setup Fee
Quick Setup Time
Quickly Clears the Account

Costs

Transparency & Consistency
33%
Minimum Cost for EMV Upgrade
$300

Customer Support

Customer Service
80%
Dedicated Account Rep
Phone 24/7
Live Chat

Ongoing Fees

Monthly Fee
$4.95
Monthly Minimum
None
No Annual Fee