Still serving millions of customers under its former name, SunTrust has built its reputation as one of the biggest banks in the industry. As the bank continues its transition to its new identity as Truist through its merger with BB&T, SunTrust Merchant Services has continued to provide businesses the opportunity to run credit card processing through their bank.
For many businesses, it may seem convenient to also use their bank for processing, however it is important to consider how the bank’s evolving services compare to other payment processing providers like Stax. This is especially true as they slowly migrate services to their new brand.
What is SunTrust Merchant Services?
In 2002, SunTrust created SunTrust Merchant Services, a credit card processing division of the banking platform. The division provides U.S. business owners with merchant accounts for in-store, mobile, online, and gift-card processing.
The everyday operations, risk management, and merchant sales activities are all managed by First Data, a payment processing partner of SunTrust Merchant Services. In addition, through their partnership with Clover customers have access to a full line of terminals and POS systems.
Equipment SunTrust Merchant Services Offers
SunTrust Merchant Services provides Clover systems for in-store and mobile services. While Clover offers a variety of products, it’s important that you’re familiar with their options and if they will fit the needs of your business.
The Clover Mini is designed as a small POS system for growing businesses. On Clover’s SunTrust partner website the system starts at $899 MSRP, with options also including monthly software fees.
For a more mobile option, the Clover Flex offers businesses a functional option that can be held in your hand or on your countertop. On their partner website, the Clover Flex starts at $599 MSRP, also requiring a monthly software fee for two of their three options.
These high up-front costs are something to consider for small businesses when choosing the right payment processor. It is also worth noting that Clover does not support every payment processor, meaning you may need to buy all new terminals if you decide to change processors.
Understanding SunTrust Merchant Services Costs
SunTrust’s partnership with First Data means that SunTrust is a reseller of the merchant services that First Data provides. Depending on the services you receive, you’ll be paying fees and charges from both SunTrust and First Data. Rates and contract terms vary from business to business, making it necessary to sit down with a representative from First Data to compare costs and see what is being offered to your business.
It also means that most, if not all, of the customer service support will run through First Data.
SunTrust Merchant Services offer various contract-based options and pricing plans, with contracts that can reach as long as three years. Should you decide you no longer want to use SunTrust’s services before the end of the agreement, there is an early termination fee of $500.
Credit Card Processing costs are based on tiered pricing and have been considered more expensive than industry averages in comparison to other merchant services providers. This makes it extremely important to request as much information as to determine the full range of costs your business can expect.
What Does Stax Offer?
Stax simplifies payment processing with its all-in-one payment platform, eliminating the need to work with multiple vendors. The platform offers the ability to accept every type of payment while providing complete visibility into the health of your business via its analytics dashboard.
The Stax platform allows seamless connection to the POS system that you are most comfortable with and is able to integrate with over 200 systems. This allows your business to easily upgrade from different POS systems as you grow.
As your business expands its payment options, it is important to note that Stax provides various in-person, mobile, and online terminal solutions that are customizable to maximize efficiency.
In contrast to SunTrust Merchant Services’ tiered pricing, Stax provides every business with direct-cost interchange through the industry’s first with monthly subscription-style pricing. Not only are businesses able to benefit from no markup and providing businesses with monthly subscription-style pricing.
With an in-house customer success team, Stax is dedicated to helping your business succeed. Whether you are looking for more information or a current customer, you can call, email, live chat, or use Stax’ extensive knowledge base to find the solution you’re looking for.
Stax offers an all-in-one payment platform to create a frictionless experience between businesses and the customers they serve. Contact our team to learn how you can get started today.
