TSYS Merchant Solutions
Author: Kaitlyn Short
TSYS Merchant Solutions first began as a local hometown bank in Columbus, Georgia. In 1983, that bank became TSYS, a payment solutions provider that now serves millions of consumers in more than 80 countries and five continents. TSYS has over 35 years of experience in the payment processing industry and has received numerous awards. The company offers a wide variety of payment processing options, such as cards through traditional credit card machines, mobile credit card processing solutions, and payment gateways for your online needs. TSYS also offers some exceptional value-added services, including rewards and gift card processing.
Top Ranked Companies
The Good
- Products and Services
- TSYS Merchant Insights
- Awards
Products and Services
TSYS offers many products and services, ensuring the company has something to offer all merchants, regardless of the industry or business they are in. Below is a description of merchant solutions that TSYS offers:
Merchant Services
TSYS provides merchant services and equipment for numerous types of credit card processing:
- In-store credit card processing
- Mobile credit card processing
- Mobile point of sale (POS) processing
- Online credit card processing
- Small business processing
- Telephone processing
- Wireless payment processing
Security for Merchants
Credit card processing comes with significant security risks; that's why TSYS has security measures in place for merchants to prevent fraud, data breaches, and identity theft:
- Data breach security program
- EMV technology
- PCI compliance
- Online fraud protection
- Payment processing industry regulations, such as IRS Mandate and Durbin Amendment
- Near Field Communication (NFC)
- Wi-Fi security
Solutions by Industry
TSYS understands not all businesses need the same payment solutions. That being said, TSYS offers solutions by industry so whether your business is in retail, restaurant, e-commerce, or another industry, TSYS is prepared to offer you payment processing that is tailored to your needs.
Payment Methods
TSYS offers numerous payment methods, so you can choose the right ones for your business:
- ACH payments
- Checks
- Credit cards
- Debit cards
- Digital wallet
- Electronic Benefits Transfer (EBT)
- Prepaid cards
Merchant Support
With extensive experience in the merchant account industry, TSYS has additional merchant support on its website to make payment processing as simple and efficient as possible. Each resource created for merchants has its own page on the TSYS website:
- FAQ for merchants
- Merchant account glossary
- Merchant processing basics
- Terminal and account resources
TSYS Merchant Insights
TSYS has a software tool for merchants to monitor and manage parts of their business. The goal of TSYS Merchant Insights is to help grow, protect, and simplify businesses. The tool allows you to do the following:
- Monitor revenue, including new vs. repeat customers
- Manage online reputation by responding instantly to reviews on the web
- See what your competitors are doing
- View local market trends
- Detect when details within the market change
These feature are priceless as it will allow you to interact with your target market on a more personal level and will enable you to customize offerings based on their wants and needs. Additionally, these types of programs help you build your brand and reputation within your industry, which in turn will increase your success as a business.
Awards
TSYS has been recognized with over 50 awards, highlighting accomplishments such as its business ethics, its growing and performance rate, its outstanding employees, and much more. Some of its awards include being listed on the Forbes 2018 list of America's Best Employers, Ethisphere Institute's 2018 World's Most Ethical Companies, and Forbes 2017 Growth Champions. Having so many awards allows TSYS to shine as an acclaimed merchant services provider.
The Bad
- No Pricing on Website
- Termination Fee
No Pricing on Website
Although TSYS has extensive information regarding the services the company offers, its website does not disclose pricing information because TSYS pricing plans vary based on your business. Customizable pricing can prove to be beneficial to merchants, however, this can make it difficult to compare TSYS pricing to other merchant account providers' pricing. If a merchant wants specific pricing information, TSYS does have a brief form to fill out online and a representative will then contact you shortly after with a free quote.
Termination Fee
TSYS charges a $250 early contract termination fee for merchants with less than twelve months left in their contract. If the merchant terminates their account with more than twelve months left in their contract, the fee is raised to $500. However, merchant account providers often waive termination fees depending on the circumstance, so this might be something you can negotiate with TSYS.
The Bottom Line
TSYS Merchant Solutions is one of the largest payment processors in the industry, and it has made a name for itself with over 50 awards. This says quite a bit about its integrity and its entire business model overall. These things are especially important when you are talking about the company you have chosen to handle your money for your business. However, TSYS does have a cancellation fee, which could lock merchants into its services until the contract ends. And because TSYS pricing is customized for each merchant, it is difficult to tell how its pricing compares to others' in the industry. Nevertheless, TSYS Merchant Solutions has excellent services for merchants and seems genuinely interested in helping businesses of all sizes succeed. Therefore, we have no problem recommending TSYS as a reputable payment processor for your business. However, we urge you to ask TSYS for specific pricing for your business and carefully read your contract before locking yourself into its services to ensure you are confident about your purchasing decision.
