PROS / This processor specializes in working with high-risk businesses, such as e-cigarette stores, marijuana dispensaries and international companies.
CONS / The Transaction Group charges one of the highest PCI-compliance fees in our review.
VERDICT / With higher costs and a long-term contract, The Transaction Group may be the best option only for certain kinds of businesses.
The Transaction Group is credit card processor based in Jacksonville Beach, Florida. This processor has been in operation since 2004 and specializes in offering merchant accounts to high-risk businesses, such as medical and recreational marijuana dispensaries, merchants with bad credit, and internationally based companies.
This processor offers the industry-preferred interchange-plus pricing, but its rates are among the highest of the credit card processors we reviewed. The Transaction Group's interchange-plus markup is 0.50% and the per-transaction fee is $0.10. This processor does not offer tiered rates to its merchants.
In addition to the processing costs, The Transaction Group charges a monthly fee of $15, a monthly minimum of $25 and a PCI-compliance fee of $120. The PCI-compliance fee is among the highest we encountered in our review, and the monthly fee is also higher than average.
The Transaction Group rated decently on our in-house transparency score, earning a 78%. It posts information about its terms and pricing but omits fee details from its website. We appreciate that it recommends interchange-plus pricing, as industry experts prefer this pricing model. Multiple reviewers contacted The Transaction Group and received consistent information each time, which is another factor we valued in our evaluation.
This processor received a lower score for its setup and service terms because it requires you to sign a two-year contract that automatically renews. If you cancel your account before the term is over, you are charged a $595 early termination fee. The Transaction Group also has a slow setup time. Its application requires more documentation than many of the other processors we reviewed, and it can take up to four days for underwriters to approve your account, which is longer than the two-day average most common in the industry.
The Transaction Group provided our testers with good customer service. The reps answered our questions and explained technical aspects of the industry, such as PCI compliance. The reps followed up with us by phone and email. We did not receive a reply after we filled out the contact form on The Transaction Group's website and would recommend calling directly. This processor does not offer a dedicated account rep or live chat but does provide 24/7 phone support.
The Transaction Group offers accounts to high-risk merchants and has recently begun serving marijuana dispensaries. If offers interchange-plus pricing, although the rates are higher than many other processors and it requires you to sign a long-term contract.