Banctek Solutions Review

Banctek Solutions Review

Author

Overview:
Banctek Solutions is doing great in most of the terms, but I found some things that are adding to their downside. So first see their negatives:

You already know that I am a big fan of social media networking because they provide a mean of direct communication between the company and us, the merchants. But Banctek does not have any such platform like, Facebook profile, Twitter account or a blog where merchants can connect with them online.

Secondly, their online application are not secures by apps like McAfee. Though that’s not a big deal, but merchants do have to be assured that their provided details are well secured.

Now come to their positive points:

Banctek Solution does provide interchange-plus pricing and as well as seasonal downtime. Great for seasonal merchants! Not only this, they are also open to negotiate the early termination fees and contract terms.

Now see their complaints count, actually there is none in this regard that you can find. Surprising! They have been in the marker for a decade but still I was unable to find any negative review or complaint filed against them, not even on BBB.

Lastly, they have posted names of their real current customers on their front page, which basically says; “We really do have happy clients, so feel free to join them.”

I am scoring Banctek Solution 4 out of 5 for now.

Date Established:
2002.

Location:
Denver, Colorado.

Domain Name(s):
www.banctek.com.

Parent/Partner Company:
Doesn’t look like Banctek Solutions is a subsidiary of any other company.

Type:
Registered ISO/MSP.

Acquiring Bank(s) (Acquirer):
Wells Fargo Bank.

Payment Processor(s):
First Data.

Payment Gateway(s):
They use their self-branded payment gateway, but can also set you up with Authorize.Net if you require it.

Trust Symbols:
The Banctek BBB profile is sporting an “A+” as of this review, with 0 complaints in the last 36 months.

Negative Reviews:
None found.

Common Complaints:
None.

Verifiable Testimonials/References:
Banctek has a list of its clients posted directly on the homepage. Some nice clientele, I might add.

Security/Privacy:
No on-site security features (i.e. McAfee, Security Metrics etc…).

Customer Service:
I’ve never had an account with Banctek, so I don’t really know how their post-approval customer service is. Please help us out if you’ve worked with them before.

Contract Duration:
3-years.

Cancellation Fee:
$350.

Interchange-Plus Pricing:
They do offer interchange-plus, but they normally opt for tiered-pricing.

Seasonal Downtime:
Seasonal downtime is also offered by Banctek.

Product/Service Offering:
Retail (Credit/Debit), e-Commerce, POS, Terminals.

Product/Service Specialty:
None in particular.

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One Comment

  1. A salesman named Ivan contacted me and promised he could lower the cost of transaction fees when accepting Credit Cards. Ivan gave me concrete numbers on what my fees would be based on current sales volumes. They sent me an incredibly long document to sign and send back.

    After signing, the company held back funds till I made multiple unnecessary changes to my website and contracts. It took several weeks for them to release funds.

    One month later, they held back another $3,000 dollars with no reason given. After fighting with this company for 6 months, I decided to cut my losses and move on. Now, I notice they automatically removed $695 from my account as a termination fee.

    This company was dishonest and made life impossible for me. Cash flow is critical in a small business like mine. The processor should work with and for small business… not again.

    I cannot stress enough to other business owners to stay away from BancTek solutions. Their slimy salespeople will lie through their teeth to get you to sign the 100 page contract and then you are screwed. Customer service was less than helpful… borderline rude.

    Businesses beware

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