SunTrust Merchant Services Review

SunTrust Merchant Services, a division of SunTrust Banks, provided businesses with payment processing solutions, including credit and debit card transactions, POS systems, and e-commerce integration. These services were designed to facilitate seamless payment experiences for both merchants and customers. Lets read more about SunTrust Merchant Services Review.

SunTrust Banks and BB&T Corporation combined in December 2019 to create Truist Financial Corporation, with its headquarters situated in Charlotte, North Carolina. This combination formed the United States’ sixth-largest bank, combining vast financial knowledge and resources. After the merger, SunTrust Merchant Services joined Truist’s full range of financial services.

Presently operating under the Truist name, the company still offers merchant services, supplying a range of payment processing options to fulfill the requirements of various businesses. These services consist of sophisticated POS systems, mobile payment choices, and secure e-commerce platforms, all aimed at boosting operational effectiveness and enhancing customer contentment.

The integration of SunTrust Merchant Services into Truist’s operations reflects the company’s dedication to delivering innovative financial solutions. Leveraging the combined strengths and resources of both legacy institutions, Truist aims to offer robust and reliable merchant services that empower businesses to grow and adapt in an ever-changing market landscape.

Key Features and Offerings of SunTrust Merchant Services | SunTrust Merchant Services Review

SunTrust Merchant Services, now operating under the Truist brand, offers a comprehensive suite of payment processing solutions tailored to meet the diverse needs of businesses.

Payment Processing Options: Merchants can accept a variety of payment methods, including major credit and debit cards, ensuring flexibility for customers. The service also supports mobile payment options like Apple Pay and Google Pay, catering to the growing preference for contactless transactions.

POS Solutions: Truist provides advanced POS systems designed to enhance transaction efficiency. These systems are customizable to suit various industries, offering features such as inventory management, sales tracking, and customer relationship management. The integration of these functionalities aims to streamline business operations and improve the overall customer experience.

E-commerce Integration: Truist provides strong e-commerce solutions for online businesses to make secure and efficient online transactions. These services consist of payment gateways that work with different shopping cart platforms, allowing smooth integration with current websites. Furthermore, Truist also enables businesses to coordinate in-store and online sales through an integrated system, supporting omnichannel sales strategies.

Mobile Payments: Recognizing the importance of mobility in modern business, Truist provides mobile payment processing options. Merchants can process payments using smartphones or tablets equipped with compatible card readers, making it convenient to accept payments on the go. This flexibility is particularly beneficial for businesses that operate outside traditional retail environments, such as food trucks, market vendors, or service providers.

Security Measures and Compliance of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, places a strong emphasis on security and compliance to protect both merchants and their customers.

Data Security: To safeguard transaction and customer data, Truist employs advanced encryption technologies that secure sensitive information during transmission and storage. This approach ensures that cardholder data remains confidential and protected from unauthorized access. Additionally, Truist implements robust firewalls and intrusion detection systems to monitor and defend against potential security threats.

PCI Compliance: Truist follows the Payment Card Industry Data Security Standard (PCI DSS), which is a list of security rules created to safeguard cardholder information. These criteria cover multiple factors, such as ensuring secure networks, safeguarding cardholder information, and enforcing powerful access control measures. Truist shows its dedication to ensuring a secure payment environment for clients by adhering to PCI DSS.

Fraud Prevention: To minimize the risk of fraudulent activities, Truist offers a suite of fraud prevention tools and features. These include real-time transaction monitoring, which analyzes transactions for unusual patterns or behaviors that may indicate fraud. Additionally, Truist provides merchants with access to fraud detection services that utilize machine learning algorithms to identify and prevent suspicious activities. By integrating these tools into their payment processing solutions, Truist helps merchants proactively manage and mitigate fraud risks.

Pricing Structure and Fees of SunTrust Merchant Services

Understanding the pricing structure and associated fees of SunTrust Merchant Services, now operating under the Truist brand, is essential for businesses considering their payment processing solutions.

Contract Terms: SunTrust Merchant Services typically offers multi-year contracts, often spanning three years. These agreements may include early termination fees, which can be as high as $495, should a business decide to cancel the service before the contract’s end date. It’s crucial for merchants to thoroughly review contract terms to understand the implications of early termination and any associated penalties.

Monthly Fees: Merchants may encounter various monthly fees, including account maintenance charges, which can range from $5 to $21. Additionally, there may be fees for services such as PCI compliance, which could be around $19.95 per month. Other potential monthly charges might include fees for statement processing and access to specific features or tools.

Transaction Fees: The pricing model for transaction fees is frequently structured in tiers. For companies with up to $50,000 in monthly transactions, swiped purchases may result in a fee of about 2.69% and $0.19 per transaction, while keyed-in purchases could be approximately 3.69% and $0.19 per transaction. If you process more than $50,000 per month, the swiped rates could go down to around 2.29% plus $0.19, while keyed-in rates could be 3.29% plus $0.19. The rates may differ depending on the business’s type and processing volume.

Hidden Costs: Merchants should be vigilant for potential hidden fees, which might include charges for batch processing, annual fees, or fees for non-compliance with PCI standards. Some users have reported unexpected fees appearing on their statements, underscoring the importance of carefully reviewing all terms and conditions.

Hardware and Software Support of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, offers a range of hardware and software solutions to meet diverse business needs.

Equipment Options: Truist provides various point-of-sale hardware options, including traditional countertop terminals, mobile card readers, and integrated POS systems. These devices are designed to handle multiple payment methods, such as credit and debit cards, contactless payments, and mobile wallets. The selection aims to cater to different business environments, from retail stores to service-based industries.

Software Compatibility: Truist’s software solutions are designed to blend well with their hardware, offering features such as sales tracking, inventory management, and customer relationship management. Moreover, these software programs work well with different third-party apps, enabling companies to tailor their processes to meet specific needs. This means that merchants can keep their current processes while still improving their features.

Integration Flexibility: Truist emphasizes the ease of integrating their systems with existing business infrastructures. Whether a business operates a physical storefront, an online platform, or both, Truist’s solutions are designed to unify payment processing across channels. This flexibility simplifies operations, reduces the need for multiple systems, and provides a cohesive experience for both merchants and customers.

Customer Support and Service of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, offers customer support through various channels to assist businesses with their payment processing needs.

Availability: Truist provides customer support via phone and email. For general inquiries, clients can contact 844-4TRUIST (844-487-8478) during business hours: Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET. For merchant services-specific support, the client support line is 877-672-4228. These channels aim to offer timely assistance to address various concerns.

Response Time and Quality: Although Truist aims to deliver fast and efficient customer service, certain users have experienced difficulties such as extended waiting periods and problems in resolving their issues. These instances show differences in how quickly responses are given and the quality of service provided, showing possible areas for enhancing customer support.

Support for Dispute Resolution: Truist offers assistance with chargebacks and transaction disputes, providing guidance on the necessary steps to address such issues. However, some merchants have reported dissatisfaction with the support received during dispute resolution processes, highlighting the importance of clear communication and effective assistance in these situations.

Ease of Use and Setup of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, emphasizes a streamlined and user-friendly experience for businesses adopting their payment processing solutions.

Onboarding Process: The initial account setup with Truist is designed to be straightforward. Businesses begin by submitting an application detailing their operations and processing needs. Upon approval, Truist provides the necessary hardware and software, assisting with installation and configuration to ensure seamless integration with existing systems. This approach aims to minimize downtime and facilitate a smooth transition to their services.

User-Friendliness: Truist’s payment processing systems are created with a focus on user-friendly design. The interfaces are neat and well-structured, enabling users to easily move through different functions like transaction processing, reporting, and account management. The systems can be used on different devices like desktops, tablets, and smartphones, giving businesses the flexibility to oversee operations from different places.

Employee Training: Recognizing the importance of effective utilization, Truist offers comprehensive training resources for business staff. These resources include detailed user manuals, online tutorials, and access to customer support for real-time assistance. Additionally, Truist provides guidance on best practices for payment processing and security protocols, ensuring that employees are well-equipped to handle transactions efficiently and securely.

Truist aims to equip businesses with the tools and support needed for effective management of their payment processing needs through a streamlined onboarding process, user-friendly systems, and comprehensive training resources. Truist’s dedication to improving its clients’ operational efficiency is emphasized by its commitment to providing user-friendly features and extensive support.

Pros and Cons of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, offers a range of payment processing solutions for businesses. Evaluating its advantages and potential drawbacks can help businesses make informed decisions.

Pros:

Comprehensive Payment Solutions: Truist provides a variety of payment processing options, including credit and debit card acceptance, mobile payments, and e-commerce integration, catering to diverse business needs.

Advanced Security Measures: The service emphasizes data security, employing encryption and adhering to PCI DSS to protect sensitive information.

Integration Flexibility: Truist’s systems are created to smoothly connect with current business structures, backing up both physical and online sales outlets.

Customer Support Availability: Multiple support channels, including phone and email, are available to assist businesses with their payment processing needs.

Cons:

Complex Fee Structure: Some users have reported that the fee structure can be intricate, with various charges such as monthly fees, transaction fees, and potential hidden costs, making it challenging to predict overall expenses.

Contractual Obligations: Frequently, the service entails multi-year agreements with potential early termination fees, possibly restricting flexibility for businesses exploring other choices.

Customer Service Variability: Feedback indicates inconsistencies in customer service quality, with some users experiencing delays or difficulties in resolving issues.

Limited Online Account Management: Certain account management features may not be fully accessible online, necessitating direct contact with customer service for specific tasks.

Comparison to Competitors of SunTrust Merchant Services

SunTrust Merchant Services, now operating under the Truist brand, offers a range of payment processing solutions. When compared to major competitors in the merchant services industry, several unique selling points and potential drawbacks emerge.

Square: Square is renowned for its user-friendly interface and transparent, flat-rate pricing, making it particularly appealing to small businesses and startups. Unlike Truist, which often requires multi-year contracts, Square offers month-to-month agreements with no long-term commitments. However, Square’s flat-rate fees may be higher for businesses with larger transaction volumes, whereas Truist’s tiered pricing could offer more cost-effective solutions for such enterprises.

PayPal: PayPal stands out in the realm of online payment handling, offering smooth integration with e-commerce websites and a reputable name that can boost consumer trust. While Truist provides e-commerce options, it does not have the same online visibility and worldwide reach as PayPal. In contrast, Truist offers a wider range of face-to-face payment options, such as advanced POS systems, which could benefit traditional businesses.

Helcim: Helcim is recognized for its transparent interchange-plus pricing and absence of long-term contracts, appealing to businesses seeking flexibility and clear cost structures. Truist’s pricing model, which may include various fees and potential hidden costs, could be less predictable. However, Truist offers a broader range of banking services, which might be beneficial for businesses looking for an all-in-one financial solution.

Stax by Fattmerchant: Stax offers subscription-based pricing with direct cost pass-through, which can be cost-effective for businesses with high transaction volumes. In contrast, Truist’s tiered pricing model may not provide the same level of savings for high-volume merchants. However, Truist’s extensive banking infrastructure and additional financial services could offer added value that Stax does not provide.

Final Verdict

SunTrust Merchant Services, now known as Truist, provides robust payment processing functions, extensive banking assistance, and secure options. Nevertheless, not all businesses may find its multi-year contracts and complicated fee structure suitable. Small enterprises could gain from its dependable assistance, while bigger enterprises may see worth in its strong, adaptable offerings.

FAQs

What are the contract terms for SunTrust Merchant Services?

SunTrust Merchant Services, now operating under the Truist brand, usually provides contracts that last multiple years, typically spanning three years. These contracts might contain cancellation fees that reach up to $495 if a company chooses to end the service before the contract’s expiration. Merchants must carefully examine contract terms to grasp the consequences of ending early and any related penalties.

Does SunTrust provide support for mobile payments?

Yes, Truist supports mobile payment processing, allowing businesses to accept payments via smartphones or tablets equipped with compatible card readers. This flexibility is particularly beneficial for businesses that operate outside traditional retail environments, such as food trucks, market vendors, or service providers.

How secure is SunTrust Merchant Services for transaction processing?

Truist employs advanced encryption technologies to secure sensitive information during transmission and storage. Additionally, Truist adheres to the PCI DSS, a set of security requirements designed to protect cardholder data. These standards encompass various aspects, including maintaining secure networks, protecting cardholder information, and implementing strong access control measures. By complying with PCI DSS, Truist demonstrates its commitment to maintaining a secure payment environment for its clients.