I was contacted by a sales rep from Banctek Telesales who promised they could beat anyone's rate. After sending some account#-masked statements to them, he quoted me some pretty amazing prices. Over the next few calls I ended up talking with several people from both Banctek Telesales and Banctek Solutions. At first I didn't realize they were separate entities.
After listening to a description of our business the sales rep said we could benefit from having 2 separate accounts - a moto and retail account. I asked the rep if that was even possible with our terminal. After taking a day to "check with tech support" he said it definitely was supported.
When it came time to sign the agreement, there was also a "PCI Compliance Fee" that was represented to be a federally-mandated fee. While PCI compliance is mandated, the fee is not. I spoke with two different more senior level reps at two different times about this. They eventually conceded that point, arguing that others recover the costs, just not directly. My contention was their representation that it was a federally-mandated fee.
Additionally, after signing agreements, I received a call that our terminal would not indeed be compatible with dual-accounts and that we needed to upgrade our terminal. I started to get concerned with this and renewed an old contact I had at another processing company, that until that day I had forgotten about. My friend confirmed that indeed our terminal could not handle 2 accounts and the one they were trying to sell me could. However, for the same price I could buy one new, they wanted to do an exchange of my old for the new.
After checking them out with the BBB, I found that in the 6 months they have been members, they've had 2 complaints at Banctek Solutions (related to billing) and 1 at Banctek Telesales (related to misrepresentation of rates). Given how few people actually complain to the BBB anymore I can't help but wonder how often this happens.
To top it off, after everything was final on the agreement, my salesperson strangely had to take care of a family emergency and I was no longer able to contact him. In all, I communicated with 8 different people on this and the more contacts I made the more I felt like I was being scammed and would have buyer's remorse, so I broke off the agreement before we started processing with them.