Headquartered in Atlanta and Columbus, Georgia, Total System Services or TSYS Merchant Solutions holds a staggering presence in the payment processing industry. Once operated under Columbus Bank and Trust’s banner, TSYS Merchant Solutions found its footing in 1983. Since then, this payment processor has established a wide array of solutions including but not limited to processing credit cards, debit cards, eCheck (ACH) payments, and other familiar forms of merchant services.
In 2019, TSYS Merchant Solutions was acquired by the payment conglomerate Global Payments. However, the company has continued its operations despite the merger. Even as a subsidiary of Global Payments, TSYS still boasts a 40 percent market share for card issuers that use the Visa and Mastercard networks.
This outreach and expansive network label this merchant service provider, TSYS, as one of the industry leaders in terms of payment processing solutions. But these merchant services also come at a premium price tag. As such, it means those corporations and small businesses that want to benefit from TSYS credit card processing solutions need to pay top dollar to use the company’s services.
For some businesses, the brand association is enough to justify the cost of their services. But seeing that other companies such as Stax offer the same level of services at significantly lower fees, it’s natural to wonder whether your business can benefit from affordable costs without compromising on the quality of payment solutions.
To help you make your way through this information, here’s a side-by-side comparison of TSYS merchant services against Stax.
How Does TSYS Merchant Solutions Hold Up Against Stax?
TSYS’ services are delivered through a variety of products. But for businesses that want to process credit card and debit card payments, they come in the form of merchant services solutions. This is right in line with the type of services provided by Stax, where businesses can receive credit cards, debit cards, and online payments through different methods.
In order to understand the difference between these payment services, it’s important to take an in-depth look at each. The following sections break down the types of merchant services offered by TSYS, and how they fare against the technology and payment solutions that Stax offers.
Payment Card Processing Through Point of Sale Terminals
One of the most prominent services offered by TSYS comes in the form of payment card processing through point of sale (POS) terminals. The solution refers to the acceptance and processing of credit and debit cards at locations, including but not limited to retail stores, restaurants, and bars.
TSYS provides its own POS equipment and allows you to receive payments at your designated site. These POS terminals can then accept payment cards powered by networks such as Visa and Mastercard.
These devices use state-of-the-art security and ensure compliance with Payment Card Industry (PCI) Data Security Standard. This ensures that your clients’ privacy, confidentiality, and finances are protected from the risk of fraudulent transactions.
The transaction processing fee can differ based on the equipment, as well as the services that are associated with it. TSYS provides the quote for these services upon request, which means that the overall costs can fluctuate due to various factors.
Stax also offers these POS terminals. However, the pricing model comes at a significantly lower level without compromising the quality of services delivered. This means that Stax still provides the standard of security, privacy, and confidentiality that is expected out of payment card processing through POS terminals. It just doesn’t charge you a small fortune for it.
Payment Card Processing Through Wireless Point of Sale Terminals
If your business is not limited to a single location and works through deliveries or different areas, you need a POS terminal that can work wirelessly. This is especially helpful for businesses that provide payment processing at their clients’ doorstep or operate a mobile operation such as a food truck. TSYS supports such facilities through its wireless POS terminals and credit card machines.
The wireless POS terminals at TSYS come with the same security and privacy level as its countertop equipment. However, they carry these functionalities in handheld devices that can be taken and transported easily. This wireless equipment uses its own secure network to process payments in real-time, which assures you that your clients’ safety is not being compromised at any step.
TSYS offers these wireless POS terminals to a variety of businesses. However, its transaction and service costs may vary due to several associated factors. Quotes are provided upon request to each prospective client after taking all business aspects into account. More often than not, these costs run higher than that of a boutique or specialized merchant services provider.
For instance, the wireless POS terminals offered by Stax deliver the same level of functionality and security as TSYS’ equipment. But Stax offers its solutions at affordable costs. The pricing plan is also transparent, which ensures that you or your accounting team can make informed decisions regarding your payment processing services.
Payment Card Processing Through Virtual Terminals
POS terminals offer a way to process transactions where the card is physically present. But there are also situations where the card is not available. In such cases, TSYS allows you to perform card-not-present (CNP) transactions.
You don’t need to swipe the card or read its magnetic EMV chip through your POS terminal in CNP transactions. You can punch in details such as the card number and security code within the software to process the payment. These systems are called virtual terminals.
A virtual terminal is constructive for businesses that take orders over the phone. Instead of asking the client to process the payment upon delivery or performing it online, you can accept the transaction by taking the necessary card details. The transaction is completely secure and goes through all safety standards. TSYS follows all of the required safety mechanisms while processing transactions through its virtual terminal.
However, TSYS’ transaction charges follow the same pattern of custom quotes. Depending upon various factors, the transaction processing fee might vary from one vendor to another. While it’s normal for virtual terminal or CNP transactions to cost higher than card-present transactions, TSYS’ solutions come at an elevated price point.
On the other hand, Stax offers an all-in-one payment platform for businesses to process a wide variety of CNP transactions at an affordable price. Through the Stax Platform, businesses can collect payments by phone, online, and even through invoices by email or text.
The pricing structure remains clear and easy to understand, which ensures that your business can accept these payments without inadvertently compromising your overall profits.
Payment Card Processing Through Online Payment Gateway
TSYS offers an online payment gateway that allows you to accept credit cards and debit cards through your website. This online payment processing is ideal for eCommerce businesses. But it also works if your brick-and-mortar store or physical office also accepts remote payments.
TSYS delivers its electronic or online payment gateway with the latest security mechanisms. This ensures that the system safeguards your clients’ information and privacy while also complying with PCI Data Security Standard. As a result, your clients can make their payments while steering clear of added risks to their payment information.
Being able to accept payments online allows you to run your online or hybrid business with ease. It provides customers with a way to process payments through shopping carts or custom payment links, which goes a long way towards supporting your day-to-day sales. Depending upon your business model, this can be the only payment method that you may need to keep your operations running.
With that being said, TSYS’ merchant services come with the same structure of custom quotes, with the transaction fees being defined upon request. These pricing details also come with a higher price point than some merchant services providers, including Stax.
With Stax’ online payment gateway, you can still accept payment cards securely and safely. The overall functionalities also remain at the same level. The major difference comes in the cost, which is again lower than what TSYS offers to its clients.
Payment Card Processing Through Mobile Equipment
TSYS also allows you to accept payments through its mobile-centric services. This solution lets you use card readers or payment software to turn your regular smartphones or tablets into payment processing equipment.
With low costs, ready availability, and ease of use, accepting payments through existing mobile devices is becoming a highly popular method. This can be seen among mobile food vendors, independent contractors, and delivery services. This particular solution is especially helpful for those on a budget or simply starting their operations. If you fall under such a category, you may want to use this secure payment technology.
By using TSYS’ solutions, you can securely turn your existing devices into payment processing equipment. Despite being connected to your phone or tablet, the merchant services provider ensures maximum security and safety while processing your clients’ financial data.
But the services, once again, come with the mechanism of custom quotes and fluctuating pricing to boot. This may hold you back from accessing this critical solution, despite its initial promise of easy accessibility and swift deployment.
At Stax, you can find mobile payment processing equipment and solutions at affordable prices. This ensures that you can utilize modern payment services without breaking the bank. Depending upon your preference, you can choose from a variety of terminal and payment options that fit your needs.
Final Verdict
Even though TSYS offers a robust product lineup, the company does not disclose its processing rates on its website. However, most TSYS Merchant Solutions reviews mention that they typically offer a three-year contract term with an automatic renewal clause and an early termination fee (ETF). This makes signing up with TSYS hard to justify—especially since merchant account providers like Stax don’t lock you into contracts or charge ETFs.
While TSYS isn‘t known to charge any setup fees, many customers have complained about their lack of transparency in disclosing contract terms and poor customer support. Others have complained about the company continuing to charge monthly fees even after they had requested a cancellation.
One customer on BBB says, ”They have not helped at all to resolve a billing issue, keep sending me back and forth.. and even after receiving payment they still are with holding funds, this isn’t the first time either, also very shady on there customer service reps that come to the office, they do not fully disclose all the fees..”
Another user on Trustpilot says, “Back in June, I sent a letter of cancellation to TSYS to cancel my merchant account. It wasn’t processed until September 12th. They took $218 from my account for fees (from June until September), which I should never have had to incur. They now refuse to return my money.”
Additionally, while TSYS offers a range of solutions to serve your needs, its services are often out of reach due to its overall price point. This is a highly crucial factor to consider if you don’t want a noticeable segment of your revenue to end up as the spending for your payment processing services.
Conversely, Stax delivers a similar selection of merchant services with all critical features such as state-of-the-art security and consistent uptime. But it does so with affordability in mind. Our transparent, membership-based pricing gives merchants access to the direct costs of interchange in exchange for a monthly subscription fee.
Also, there are no hidden fees, no markups, no contracts, and no cancellation fees with Stax. So if you are looking for the perfect balance between accessibility and functionality, Stax is the way to go.
Stax Payment Processing Services
Stax is a payment technology provider that offers subscription-based merchant service options that enable businesses to connect to the direct cost of interchange for recurring costs.
That’s a benefit in the payment processing part of the world that requires transaction costs at every other step. It can mean significant savings for you to minimize your overall costs, subscribe to a monthly package, and have transparent costs for all major card brands.
Transparency in costs allows you to genuinely understand your business, properly set your pricing, and invest in your business in the right ways. Stax offers full transparency because that brings about the best results for businesses everywhere.
The Stax Difference
Businesses appreciate the ability to easily access in-depth data and analytics straight from the Stax Platform. The all-in-one platform also allows you to manage everything in one hub. That makes a world of a difference for business owners, managers, and key representatives that seek to streamline their information intake and decision-making processes outside of simply collecting payments.
Of course, additional benefits such as PCI compliance, no contracts, and no switching costs can provide massive value.
What about other key features easily accessible through the Stax Platform?
Stax Pay Features
Here are a few additional features that help Stax stand out from others.
- 24/7 human-centric customer service
- A plethora of software integrations including a bi-directional QuickBooks Online integration
- Mobile processing options
- Standard payment gateways and next-day funding for verified businesses
- Interconnectivity with a broad base of POS systems
- Simple to set up
Business owners appreciate the all-in-one Stax Platform for its simplicity in setup, the ability to quickly integrate payments into their systems, and increased savings.
Learn more about Stax Pay and how your business will save time and financial resources by reaching out to a Revenue Consultant today.
