T1 payments are the first type of payment made by a business to its employees. They are typically made on the first day of each pay period and include all regular wages earned during that period. T1 payments may also include any overtime wages, tips, commissions, or other forms of compensation earned during the pay period.
Major Services Provided By T1 Payments
With the help of advanced technology, T1 payments can be available for all credit and debit card organizations. By applying modern payment methods, the company provides some essential business tools: management tools, mobile payments, fraud protection, chargeback prevention, and many more. The company takes pride over other competitors by working with almost all high-risk industries like Vapes and e-cigarettes, Match lists, Fantasy sport, Telemarketing, CBD products, Cannabis, Online gaming, Multi-level marketing, Adult entertainment, and Airlines, Health and wellness, Lottery and many more industries. Here is the list of their most of primary services and their t1 payment review:
- Virtual Terminal
Have you heard about virtual terminals? It is a kind of terminal that help you to use a transaction upload feature for any high-risk credit card processing. A virtual terminal is widely useful for MOTO businesses where you must upload bulk transactions.
- End-to-end payment processing
Like all other payment processing companies, T1 payments do not use any other payment gateway, and it provides end-to-end payment processing that doesn’t need any third party to interact with any of their transaction.
- Global payment processing
Whether the majority of payment processing provider companies only offers a few exchanges in limited currencies, T1 payments are more significant and provide exchanges in multiple currencies. These services become a boon for high-risk merchants who have to operate their businesses internationally. With the help of T1 payments, you can access to receive payments from more than 160 countries. It also provides you with some of the most value-added facilities to make more facilitate any international transaction process. The company offers their customer to settle in 27 different currencies too.
- Payment gateway
In this highly advanced era, a payment gateway for any business is essential. It is nearly impossible for us to only depend on cash. Payment through the mail and phone makes it much easier than you can imagine. T1 payments provide the most precious payment gateway with many online payment modes like robust reporting structure, recurring billing, etc.
- Marketing and pricing
T1 payments use such an incredible trick for marketing and advertising. The company uses the best process to utilize all avenues to promote without disclosing the company’s terms and prices. Moreover, they have set up a highly skilled sales team that directly connects and deal with their clients. The sales team is only allowed to share the company’s offerings and pricing if merchants reply positively to their onboarding process.
However, despite applying a strong marketing and advertising process to promote itself, the company also has many independent sales agents. As a service provider company having an independent sales agent is a bad sign for a processor. Due to unethical practices and sales tactics, the company has also faced a few complaints.
- Legal problems
T1 payments have many complaints against the company regarding unethical practices and legal problems. However, we should not consider a legal problem as poor service and product quality. But, by studying legal issues with any individual company, customer or merchants can judge any service provider company whether it engage in any deceptive tactics or not.
In 2016, the company faced two major lawsuits, the defendant and the plaintiff. At the same time, both of these lawsuits were filed by Dermaktive. Dermaktive argues that the company stole millions of dollars from their business through unethical practices. On the defence side, T1 also complained that Dermaktive breached most merchant contracts by defrauding their valuable customers.
Vantiv also filed another lawsuit in 2017. While there is not any solid proof of the complaint, it reveals that The company has an ISO of Atlantic-Pacific processing systems with little capacity.
Other notable features and reviews of T1 payments
Some other notable features and T1 payment reviews are discussed under –
- Higher and fast approval rate
As per the report of BBB, when it comes to high-risk merchant accounts, T1 payments are approved by almost 99.9% of their clients. At the same time, the only time for the turnaround is less than 48 hours. However, when it comes to the full onboarding process, it takes up to 2 to 5 days to negotiate.
- Global reach
Offering such payment processing services at the global level is not a gimmick. It requires lots of work and dealing with different global banks. This allows T1 payments to support high-risk merchant accounts with domestic and international processing.
- Uncapped Volume
T1 Payments provides uncapped volume services for their valuable customers. By using these services, customers get an uncapped volume merchant account where they can do unlimited transactions.
- Shopping Cart Integrations
T1 payment review provides one great benefit by integrated high-risk merchant accounts into shopping carts with different e-commerce websites. Review of T1 payments is the only leading company that provides its integrated services with more than 175 shopping carts. The simple meaning of this integration is that you get the best shopping experience with T1 solutions.
Magento, Shopify, and WooCommerce are among the most popular shopping carts that integrate with T1 solutions.
- Simple application process
Simplicity is the key to success. T1 payments design its application in such a way that it works straightforwardly. All you need to do is fill up the online application form, and you can get help from the sales team of T1 payments. Once you go through the onboarding process with our dedicated success manager, you can get quick access to start such an amazing payment-accepting service.
Reputation and Review of T1 payments
There is no doubt about the reputation of the T1 payment. Because the company only covers the majority of its high-risk merchant accounts compared to any other competitor. BBB also accredits T1 payments. As per the BBB report, there were more than 16 customer complaints successfully dealt with by T1 payments last year. Regarding rating, BBB gives a D+ rating to T1 payments, which is quite lower than any other company like TrustPilot.
The disadvantage of T1 payments review
Most merchants judge the company by reading the long list of legal history. There are other issues also about the services of reviews of T1 payments. Here is the list of some major issues:
- Too much expensive for high-risk merchants
When it comes to any company, price is a major factor. At the same time, most of the companies offer a month-to-month contract, interchange, and many other things to their low-risk and regular clients. It is not suitable for high-risk merchants to pay hefty service charges for such services.
- Excessive complaints
Whenever you try to figure out the company’s reputation, you find there are so many complaints against the T1 payments, which claim that the company is trying some unethical practices like sudden account holds, rip-offs, and rude behaviour of customer support. Even in some cases, the company only give 2-3-day notice to customer with has lots of money withheld virtually on their account.
As we discussed above, the review of T1 payments is more likely on the negative side. However, their services are so adequate for their high-risk merchants. But, when it comes to the price and terms of the company’s services, it is nearly impossible to accept. Lastly, merchants should avoid it at any cost with countless complaints about the company.