TSYS is one of the largest payment processors in the United States. Over the past 2 to 3 years, it has acquired companies like Cayan and TransFirst. This credit card processor was founded in 1983 and serves businesses all around the world in eighty countries.

TSYS helps businesses in many different types of industries take payments. These include home-based Internet businesses, telephone and mail order businesses, medical practices, restaurants and retail establishments.
 

TSYS Features

 
Virtual terminal: Easily accept ACH payments and credit cards through your Internet connection.

Credit card terminal: Retail stores have the ability to accept payments via a credit card machine and PIN pad. Touchscreen terminals that accept mobile wallets and chip cards are available if you want a wireless option.

Online credit card processing: TSYS has an option to use a hosted payment page where your customers can enter their credit card information and make payments.

Mobile device processing: You can use a mobile card reader and allow customers to pay from anywhere you may happen to interact with them.

You have the ability to offer customers flexibility by accepting various payment types, such as FSA and HSA cards, checks, credit cards and debit cards. Recurring billing is available via the virtual terminal mentioned above.
 

Pricing Options

 
TSYS offers:

• No batch fee
• No setup fee
• No early termination fee
• No monthly minimums
• No fees for virtual terminals

As an example of pricing, let’s look at the tiered rate structure for credit card transactions:

• 1.19% plus $0.20
• 1.69% plus $0.20
• 2.35% plus $0.20
• 3.20% plus $0.20

Basic fees include a $5 monthly maintenance fee. Their quarterly PCI compliance fee is less than the industry standard fee of $99 annually. Instead, TSYS comes in at $75.20 per year.
 

Support Features

 
24/7 support is available by email or phone call. While they might not be available immediately and will request a voice-mail message, they usually respond the same day.
 

TSYS Security

 
They offer security features that include tokenization, end-to-end encryption, fraud detection, account monitoring and PCI compliance. There is protection in place in the event of a data breach and covers the costs associated with credit monitoring and card replacement.
 

Application Process

 
Their application process is simple and standardized. You will talk with a customer representative and tell them your company specifics. Once you receive your price quote and make the decision to sign up, your rep will send you the application.

You’ll receive an approval or denial decision 24 hours after sending back the application, voided check and business license. Once approved, TSYS sends your processing hardware through the mail.
 

Possible Drawbacks

 
You can’t find fees, rates or equipment pricing on the TSYS website. It requires a call to get a custom quote. It’s a fairly standard way to do business with payment processing companies, but it could be a drawback when you’re looking for a quicker process.

The contract for equipment leasing is non transferable and non cancelable. This means you’ll need to pay the monthly amount for the equipment even if you were to return it. An option that avoids leasing is to buy the processing equipment upfront.

While there is inexpensive equipment available, such as their $99 usb card reader and a $1 card swiper, these options may not be EMV-compliant. You’re better off choosing a reader that is EMV-compliant.

As with any credit card processing option, make sure to read your contract. Their standard contract has a three-year time period that auto renews. There is an early termination fee included. However, if you happen to be a medical business, you might get the cancellation fee waived.

TSYS is a viable option for many types of businesses, especially service based businesses. Take the time to talk to your customer service rep and understand the options TSYS has available for your specific processing needs.

If you are in the market for a credit card processor, check out our list of recommended payment processing companies who offer transparent pricing and contract structures.