North American Bancard Reviews Complaints for North American Bancard

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Rating:
3.5
On July 25, 2024
Last modified:October 4, 2024

Summary:

North American BanCard was founded in 1999 by Marc Gardner and is headquartered in Troy, Michigan. They are a registered Independent Sales Organization for Global Payments, Inc.

North American Bancard
North American BanCard was founded in 1999 by Marc Gardner and is headquartered in Troy, Michigan. They are a registered Independent Sales Organization for Global Payments, Inc. They have over 120,000 merchants and process over $12 billion transactions annually. They offer both card present and card- not-present processing solutions as well as ATM services, e-checks, gift cards, and e- commerce solutions. In 2009 they were named in Green Sheet Quarterly’s Who’s Who: the leading publication for the credit card processing industry.

North American BanCard is accredited with the Better Business Bureau and has an A+ rating with them. Over the past three years, they have had 408 complaints filed against them, with 155 closed within the past twelve months, 67 of the complaints were filed this year. 64 customers whom filed a complaint felt that the response they received was unsatisfactory, ten of those type of complaints were filed this year. The majority of the complaints filed cited billing/collection issues as well as problems with product/service. Unfortunately, North American BanCard does not allow anyone to read the complaints filed against them which is not very transparent and raises the question of if they’re trying to hide what exactly the complaints were regarding. 408 complaints is also a pretty high number when compared to the number of complaints similar sized merchant service providers have.

North American Bancard does seem to rely heavily on independent agents to offer their products and services. Although this is typical of any large merchant service provider, it can lead to a non-uniform sales experience for the merchant. For example, a business might get three different quoted for the same parent company from three different independent agents. It is always advised to get a quote directly from the inside sales staff as it will lead to a more uniform sales experience and guarantee the lowest rates the merchant service provider has to offer. One of their most recent marketing campaigns is their smartphone processing solution, phoneSWIPE. They advertise a free attachment for a smartphone which puts them in direct competition with Square and Intuit’s GoPayment, but with seemingly better rates.

North American Bancard offers a three year contract with a $295 cancelation fee. As stated before, their rates and fees schedule per transaction might differ from agent to agent. For example, one of their agents websites (nynab.com) offers rates “as low as 0.05%”. This is why it’s always advised to deal with the parent company directly as this quote is incredibly deceiving. 0.05% is the Interchange (true cost) rate on swiped debit card transactions from regulated banks. Meaning if 0.05% was actually the rate they charged, there would be no profit margin for the merchant service provider. Their advertised qualified rate for card not present accounts is 2.09%. We suggest that individuals considering working with North American Bancard perform their due diligence and ensure they careful compare their full schedule of rates and fees with the information they received during the sales pitch.

   

 

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