One of the first merchant service providers in the industry is BB&T Merchant Services. It is the credit card processing business of the Branch Banking & Trust Company. BB&T was introduced in 1913 and is currently one of the top ten commercial banks in the USA. Till 2022, BB&T and Truist Bank combined, but the process is still underway. The BB&T merchant service review will concentrate on the processor operations before merging.
BB&T’s headquarter is situated in Winston Salem, North Carolina, and the CEO is Kelly King. BB&T, like many other merchant service providers in the market, BB&T is not a direct processor. The provider utilises the TSYS services to process payments and offers merchant accounts to clients. In 2019, the entire BB&T Bank merged with SunTrust to form Truist.
A minimum two-year duration was given before the BB&T businesses could fully assimilate with Truist. While BB&T Merchant Services is still a valid name, it will soon convert to Truist Merchant Services entirely. Let’s read the BB&T merchant services review below to know more. Below, you will find information like BBT merchant services pricing, BB&T products and services, and much more. So, let’s begin the tour immediately!
Products and Services Associated with BB&T
There are not too many specifics on the company’s website regarding their offer, but internet reviews and feedback contain information. Because most of their users already have business accounts, marketing is focused on them, which explains the website’s lack of content. In light of it, the following is an assessment of their offerings:
There may be certain things that traders must understand. First, BB&T Merchant Services is said to be the company that offers merchant accounts. Secondly, the company Bank also issue and activates the merchant account. The merchant should be associated with two organisations – BB&T Merchant Services and TSYS or Global Payment.
As per the BBT merchant services support, BB&T Merchant Services will look after all customer and account management services. In contrast, Global Payments or TSYS will be accountable for payment processing. Both names are widely used in the processor industry, and merchant service providers frequently employ many backend processors.
Due to the close relationship between the acquiring bank and the merchant provider, BB&T offers next-day execution to merchants. It can take longer if a company has an acquisition account with another bank.
In-Store and Mobile Payments
A countertop interface or POS solution is needed for in-store purchases and payments. The company previously promoted an Android-compatible POS or cloud-based terminal. In the earlier days, their website also indicates iPad compatibility. There is a possibility that these tablet-based solutions come from a different supplier. Nevertheless, they are probably functional with other commercial third-party gear.
The VeriFone VX520 and Ingenico iCT220 are the key countertop terminals BB&T Merchant Services promotes as being available for in-store payments. Most standard payment mechanisms, like EMV, magstripe, or NFC, can be used by either terminal to accept payments. Such terminals can be purchased in full or in six monthly instalments. Additionally, there are hints of devices and gadgets leasing in customer reviews.
BB&T promotes mobile payments and offers to set you up with a price plan, but they do not provide device specifications on their website. The hardware is up to date with current market trends, and NFC and EMV are ready, according to the scant information that is currently accessible about it.
Payment Gateway and Virtual Terminal
Businesses operating in the e-Commerce industry require payment services. Payment systems enable businesses to accept payments made over the phone, via the mail, or through e-commerce websites instead of in person. Card-not-present payments are performed through the online interface by tapping into the data. According to numerous reports, BB&T employs Authorize.net as its payment processor, making it one of the most popular providers on the market. Through their virtual terminals, businesses can also accept e-Check and ACH payments.
Know the Rates, Fees, and Contract Terms BB&T Merchant Services
In addition to the above, it is important to understand the BBT merchant services pricing, rates, fees, and contractual terms. In this section, you will find all these details. So, don’t waste your time and let’s begin reading!
The typical BB&T deal is a 3-year contract through TSYS with an automatic renewal for another year, as per multiple sources. The typical pricing in a normal TSYS contract is 2.50 per cent plus $0.20 for swipes and 3.50 per cent plus $0.20 for keyed-in transactions. Other TSYS merchant agreement elements include an early termination fee of $195 to $295, an equipment lease that is non-cancelable for the duration of the contract, and a PCI Compliance fee of $75.20 per year, generally paid at three months.
Merchants are urged to haggle and get some expenses slashed or eliminated since these conditions may differ depending on the agency setting up a bank account and a merchant’s company profile. According to the merchant, BB&T seems to provide interaction or stratified pricing, allowing processing for seasonal merchants. While not comparable with the lowest merchant services, the terms given are fairly similar to the market average and are relatively similar to the normal terms provided by TSYS.
Virtual Terminal and Payment Gateway Pricing
BB&T Merchant Services reviews advertise its online transit and transaction gateway options on its site, apart from providing storefront online payment services. Nevertheless, none of those other services discloses their prices. These e-commerce services frequently have additional fees and charges, such as gateways fees, tech support fees, batching fees, and processing and transaction rates.
Possible Long-Term Equipment Leases
It’s important to note that we discovered a merchant complaint in which the complainant claimed that BB&T signed him or her up for an instrument lease via MBF Lease, a DBA of Northern Leasing Systems. Merchants are urged to steer clear of Northern Leasing Systems anytime possible because of its reputation for issuing pricey, lengthy contracts. We are hesitant to believe that BB&T regularly buys equipment from Northern Leasing because this allegation seems to be a unique incident. Merchants should always be aware of the possibilities, though.
Downsides of BB&T Merchant Services
On the BBB, there are astonishingly 810 complaints. Daily complaints seem to be made about the service provider, although many are bad comments about BB&T Bank, not the merchant processing section. Irrespective of where the concerns are directed, there is a rising trend in the number of complaints against BB&T, which is not a good sign.
There are grievances regarding nearly every aspect of the company, including fund holds, subpar customer support, hidden fees, unclear payment terms, and price rises over time. The early withdrawal fees were not disclosed when the deal was signed, which was the subject of the most frequent complaints. Even while you cannot rule out any particular concern that consistently appears in reviews, the sheer volume of complaints is alarming.
To gain further knowledge, keep visiting our website and consider reading the BB&T merchant services review. You can also connect to BBT merchant services phone to get further details.