Over the past ten years, the team
at TRANSAX Gateway has worked tirelessly to provide our
partners with the best payment tools possible. We know that if
you are successful, then we are successful. In writing you
today, we first want to thank you for your loyal partnership.
It has truly been a pleasure working with you and we can’t wait
for what we achieve next together.
To that end, we at TRANSAX have
some very exciting news to share. As we thought about what was
next for us as a company, we wanted to continue to grow our
platform and the number of merchants you are able to serve. For
that reason, we explored a strategic relationship that would
position TRANSAX for both of our futures.
Today, we are pleased to announce
TRANSAX has been acquired by Pineapple Payments, a leading
payment processing technology company based in Pittsburgh,
Pennsylvania. Led by payments industry veteran Brian Shanahan
and backed by Providence Strategic Growth, Pineapple brings a
wealth of payments experience and significant access to capital
that will allow us to reach our full potential. More
specifically, as a part of Pineapple, we plan to invest heavily
into our platform to enhance its scalability, feature set, and
overall experience for both you as a partner and for your merchants.
We have aggressive plans to further developer omni-channel
solutions that will enable both resellers and integrated
partners to take your businesses to new heights.
We are excited about working with
the Pineapple team and we hope you will take the chance to get
to know them in coming months. CEO Brian Shanahan leads
Pineapple with nearly thirty years of payments experience, most
notably as the founder and CEO of CardConnect. President Jon
Halpern and Executive Vice President Brian Gross lead sales,
operations, and technology for Pineapple, with great experience
in the SaaS world with their integrated software and payments
platform AthleteTrax. They are thrilled to have you on board as
their partners, too, and are already dedicating additional resources
and capital to make sure we only go upwards from here.
So, what does this mean for you?
In the coming months, we will be working to visit with each of
you to better understand how we can better serve as your
trusted payment gateway provider. Otherwise, we will operate
business as usual, only with more support for both yourselves
and the technology that you rely on.
Our biggest factor in choosing to
partner with Pineapple was their dedication to keeping TRANSAX
a truly omni-processing payment platform. We want to assure you
that this new evolution of our business will only help your
business grow with us. We look forward to connecting with you
soon and sharing more details about our plans for the future.
If you have any concerns, whatever they might be, please reach
out to us!
TRANSAX - Now Powered By Pineapple Payments! Join any of our upcoming live webinars, every Monday and Thursday at 11:00am EST to preview how key features of the gateway operate. Register Here: http://pineapplepayments.com/webinar
It is a standard practice in the industry to charge an early termination fee. This is understandable - considerable time and effort goes into underwriting and boarding a new account, time is spent on customer service, etc. An early termination fee is a way for a merchant account provider to make sure they will recoup their initial investment into a new merchant account. These fees are usually range from $200 - $500 depending on the provider. However, some entities enact extremely unethical early termination fees. For example, some merchant account providers will charge a mutliple on the earnings from the largest volume month over the past 12 months. Some providers will go so far as charge a multiple on their profit + interchange + dues and assessments! Two examples that I have encountered: 1) Big Bank - I had a merchant processing with this bank. They wanted to cancel, and were prepared to pay what they thought was a $295 early termination fee. They receive a communication from the
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