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If you’re in the market for a payment processor, this Tailored Transactions review will provide all the info you need to help determine if it’s the right choice for your business.
Tailored Transactions can get you set up to take payments in whichever method works best for your business. Traditional brick and mortar businesses can accept payments in person while commerce companies can utilize a payment gateway to accept payments over the internet.
You can accept credit and debit cards, checks, and contactless payments like Apple Pay and Chase Pay. (Note that not all payment methods are available for ecommerce.)
Businesses that accept payments in person can benefit from interchange plus pricing, the most transparent model available. Depending on the equipment you choose, you’ll be able to accept credit and debit cards (both traditional magnetic stripe and newer EMV chip cards) as well as checks and contactless payments like Apple Pay.
If you’d like to accept checks, you can choose from several solutions, including electronic check conversion, conversion with payment guarantee, check verification, or a combination. Electronic check conversion allows you to utilize a check reader to turn a paper check into an “electronic” transaction at the point of sale. You’ll give the check back to your customer and retain an electronic record of the check, eliminating the need to go to the bank to deposit paper checks. If you choose the verification service, you’ll receive confirmation that the check is good, but there’s no guarantee of funds. If you choose the guarantee service, you’ll have a guarantee of payment for the total amount of the check.
To get set up for an ecommerce merchant account, you’ll need to meet Tailored Transactions’ criteria, which includes a live website with clearly posted customer service contact info, a returns/refunds policy, privacy statement, secure checkout page, and products or services with prices listed. Additionally, delivery method and delivery times must be available.
If you meet the criteria for an online merchant account, you’ll be able to set up a payment gateway to accept credit cards online. You can read more about compatible payment gateways in the Equipment and Software section below.
Primarily for government cards and business purchasing cards, Level III refers to a specific type of transaction where you’re required to gather more information to qualify for lower interchange rates. If your customers are primarily consumers (not other businesses or government contracts), you don’t need to worry about Level III. But if you take a lot of corporate or government cards, you’re overpaying if you’re not passing Level III data with the transactions.
Tailored Transactions offers a service to help you provide information required for Level III transactions. The company’s virtual terminal is web-based, so you won’t need to install special software, and can be set up for both in-person and phone transactions.
Read more about Level II and Level III Data.
For gift cards, Tailored Transactions offers the e-Gift Solutions program, with customizable cards and merchandising. Tailored Transactions boasts no setup fees and no contracts. The cost for cards depends on the number of gift cards you need. The “QuickStart” program is free and includes 50 cards - a good way to test the success of gift cards at your location. From there, cards are available in packages of 250, 500, 1,000, 2,500, and 5,000. Prices range from $225 for a package of 250 to $1,750 for the 5,000 pack. If you need more than 5,000 cards, Tailored Transactions will work with you to provide a price quote.
Tailored Transactions offers a choice of equipment no matter how you accept cards. You can accept transactions in person with a traditional countertop credit card machine, full POS system, or a mobile reader that attaches to your smartphone or tablet. Running an online business? You’ll have a choice of several gateways to enable secure internet transactions. And if you use QuickBooks, you can take advantage of a plugin to keep your accounting processes running smoothly.
Tailored Transactions offers free EMV-capable countertop terminals that include PIN pads for debit transactions and NFC capability to accept mobile wallets like Apple Pay. Additionally, you’ll get free receipt paper. As of 2017, the free terminal is the popular Verifone Vx 520 and the PIN pad is the Verifone 1000se.
Related Article: Are Free Credit Card Machines Really Free?
If you’d prefer a full POS system instead of a small machine, you can choose between the Clover Station (pictured below) or Exatouch POS.
The Clover Station boasts access to the Clover App Market, letting you customize your POS system to meet your particular needs. If you want something in between the full size Clover Station and a small countertop terminal, you can choose the Clover Mini or Clover Mobile for a blend of features and small size.
The Exatouch POS system offers a choice between a POS bundle with cash drawer, touchscreen monitor (pictured below), thermal printer, and barcode scanner or a tablet system for portability and a smaller footprint.
The Exatouch system can be paired with compatible EMV/NFC card readers with built-in PIN pads to accept credit and debit cards and contactless payments.
Looking for a card reader that attaches to a smartphone or tablet? Tailored Transactions can set you up with ProCharge Mobile or the Clover Go for accepting payments securely when you’re on the go.
Online businesses will need to use a payment gateway to accept cards. Tailored Transactions supports multiple gateways, including Authorize.Net, PayTrace, e-Processing Network, USA ePay, and more. The company also states that if you’re interested in using a gateway that isn’t listed, they may be able to help.
For businesses that have QuickBooks and want to keep using it, Tailored Transactions offers a plugin that makes it easy to continue your existing accounting practices. The seamless ProCharge plugin works with QuickBooks Pro and QuickBooks premier versions 2005 – 2017 and Enterprise V8-16 for Windows operating systems.
Like many processors, Tailored Transactions doesn’t publish specific rates and fees. What we do know is that Tailored Transactions warns businesses against tiered and billback pricing, and promotes interchange plus (also known as cost plus) pricing, which it states that it uses for all customers. Tailored Transactions does not offer flat rate pricing.
At CardFellow, we require certified quotes to utilize interchange plus pricing, as it is the most transparent. (And often the lowest cost!) If you’re not already familiar with the different pricing models and which ones to avoid, be sure to check out our article Credit Card Processing Pricing Models to get a handle on what to look for.
Just looking for the right processor for your business? Check out our processor pricing comparison tool. It’s free and no obligation. Try it now!
Finding information from current or former clients is a bit of a challenge. Tailored Transactions doesn’t include customer testimonials on its website or its official Facebook page, and reviews on popular sites like Yelp are non-existent. The company doesn’t have Google Reviews, and it’s Better Business Bureau page shows no reviews or formal complaints. (The company is accredited with the BBB, though, and has an A+ rating.)
Given the lack of customer reviews available, it’s important to hear from current or former clients. If you’ve used this company, do us a favor and leave a review!
Unlike general web reviews, verified reviews are posted by businesses that have chosen the processor's quote through CardFellow's marketplace, and CardFellow has confirmed with the processor that the business is using its service. Businesses can update verified reviews at any time to ensure the review accurately reflects the processor's performance over time.
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Posted by CardFellow on Sep 18, 2017
Tailored Transactions uses interchange plus pricing (the most transparent model.) The company also has pages explaining the pitfalls of tiered and billback pricing, which can be more expensive.