Average Approval Rating:  

The Transaction Group’s average approval rating is one of the few features keeping them out of one of our top spots. Their average approval rating is about 95%. Although this is a really high approval overall most of the credit card processors we reviewed have an approval rating of 98% or higher.

Cost Per Month*:  

The Transaction Group’s average monthly cost is quite comparable to our top three credit card processing services. Like the other processors we reviewed The Transaction Group charges a $15.00 gateway fee and a $10.00 monthly statement fee. Contrary to most other merchant services The Transaction Group does not require a monthly minimum. This is great for very small businesses that don’t do a lot of business but still want the flexibility of accepting credit cards.

However, The Transaction Group does have an additional $10.00 monthly bank fee. Although this is less than the typical minimum monthly fee of $25.00 it is still a monthly fee.

Additional fees include a 2.20% discount rate for internet transactions (face-to-face transactions are 1.75%), a $.20 transaction fee and a $.05 address verification fee. The Transaction Group will also waive the address verification fee for 250 transactions every month.

Startup Cost:  

The Transaction Group does not charge a startup fee, nor does it charge an application fee or apply cancellation fees.

Account Setup Time:  

The Transaction Group’s typical account setup is between 1 and 2 days. This is dependent on what time of day you call, the time it takes to fax and gather your information and so forth. To expedite the process a bit we would like to see The Transaction Group incorporate a paperless or online application for the first leg of the process.

Customer Service:  

The Transaction Group offers 27/7 customer service support, this includes after hours phone contacts. You can also contact The Transaction Group through email or fax.

We would like to mention that The Transaction Group’s homepage also includes several information articles about the merchant services and credit card industry.

Internet Based Features:  

The Transaction Group’s internet business support includes a gateway through Authorize.net (one of the most respected gateways in the business), virtual terminal support and shopping cart services. Online support also includes real time processing, secure socket layering, CVV2 verification and address verification for fraud protection.

P.O.S./Swiper Based:  

The Transaction Group offers a broad selection of card readers including traditional swipers and wireless machines. They promise to never charge application fees or set up fees.

The Transaction Group is a great credit card processor for any small business looking to accept credit cards, either in their retail store or online. They offer competitive rates, fair monthly fees and an array of features. We’d like to see The Transaction Group have a higher approval rating, a slightly better discount rate and a paperless application.