TransX

I have an account with them but haven't used it yet, sorry not much help.

Worth talking to them on live chat during the day it works well for me that!

Transx seem to be back up and running ok after giving me a major scare.
But credit to them they did email me to explain the problems.

Fine since

I've been dealing with Tansx for the last 2-3 weeks while setting an account up with them.

Overall I have not been impressed with their service or product options, here's why...

Its quick and easy to setup the account with them but not everything you need to know is available at sign-up. If you you take a payment with them, they will keep 10% of that transaction for 3 months. They can reduce this as your account activity increases, but in the meantime you can't touch this money or earn interest on it.

It takes too long to have the money transferred to your nominated account. They have a two weeks in arrears policy, paid out on Fridays, calculated from the previous Thursday. This means depending on when you process a transaction, you have to wait up to two weeks to be paid. The money (minus 10% reserve and transaction fee) is transferred on a Friday which takes around 3 working days - so you're not going to see your money until the follow Wednesday or Thursday! So that can be 2 and a half weeks from transaction to being paid.

You can opt for being paid on a one day service, but this costs £20 for the chaps payment, every week, and it is still 2 weeks in arrears.
Lastly and perhaps most importantly - I tried calling their sales/support line which is a National rate number. I tried all day at varying times of the day and was constantly played a music loop - constantly on hold. I must have spent nearly an hour in total on hold at national rate. Even the busiest companies I know don't have hold times this long and I couldn't help thinking they didn't want to answer the phone.

Support emails take around 2 working days to be responded to.


Overall I'm not impressed - we do have an account with them now but we havn't used it due to all the problems listed above. We're currently looking into Paypal's Virtual Terminal which looks much more promising.

Hope that helps.

As I mentioned, take a look at Paypals virtual terminal.
Their online application is broke at the moment! However their sales staff are extremely helpful and its a freephone number.
It works in the same way as TransX with similar fees (though the more you sell the cheaper it becomes - as low as 1.9%).

I'm unsure about their reserve requirements or transfer time, but I'll be speaking with them Monday morning so I can let you know on here.