Does Truist Merchant Services only make sense if you already bank with Truist?
Summary
The two advantages Truist spells out, next-business-day funding and a monthly statement credit of $5 or $10, both depend on having Truist business deposits. The rates themselves are not published anywhere on Truist's site, so there is nothing to compare until a consultant calls back with a quote. Next to any rate, the credit is small: $10 a month on $30,000 of card sales works out to about three hundredths of a percentage point.
What you can learn before anyone calls
Truist's small-business page covers in-person, online, and on-the-go payments, and mentions mobile POS, traditional and virtual terminals, online gateways, real-time fraud monitoring, encryption and tokenization, and Truist Merchant Connection, which keeps up to 30 months of transaction history. The only pricing language is "at competitive prices."
The quote form asks for:
- business name, city, and state
- your name, phone number, and email
- how you take cards today: retail storefront, mail or phone orders, mobile device, website, or not yet
There is no field for monthly volume or average ticket, so nothing on the form could produce a price. Truist says a merchant consultant will contact you within two business days.
The two banking perks, in rate terms
The funding line promises next-business-day funding "to a Truist business checking account," with a footnote that "not all merchant solutions or industry types are eligible for next-day funding." Those are the only two places the page mentions funding.
The statement credit is $5 a month when your combined Truist business deposits average more than $25,000 and less than $50,000, and $10 a month above $50,000. It is figured per calendar month and appears as a credit for the prior month.
What the merchant agreement says
Truist posts its "Truist Bank Merchant Agreement and Merchant Program Guide," revised January 5, 2024. The agreement is between the merchant and Truist Bank, and neither the public page nor the opening sections of the agreement name an outside processor. Payment comes from the bank or an affiliated institution holding the merchant's operating or reserve account.
A few concrete terms from the opening sections: an approved authorization for Visa, Mastercard, and Discover stays valid for 30 days. On a chargeback, the merchant pays the transaction amount, the chargeback fee from the attached fee schedule, and any card network fine or assessment. That fee schedule is a separate document, so the public agreement carries no dollar figures. The bank can amend the agreement with prior written notice.
Sources
- truist.com/small-business/merchant-services
- truist.com/merchant-quote
- truist.com/content/dam/truist-bank/us/en/documents/agreement/truist-me…
Related on this site
- Is card processing from your own bank cheaper than Square or Stripe?
- What does it cost to get card sales into your bank faster than the next business day?
- Where on a merchant statement do you find what card processing actually cost you?
- Who publishes a card rate, and who does not
- What a 'get a quote' button is for
- Every provider we hold, and which publish a rate
Written by Kaz (pen name). Figures are copied from providers' published pricing pages on the dates shown. We have not used these products. Corrections: contact form.