North American Bancard Review

7 Rates & Fees Average
7 BBB Rating & Complaints Average / Resolving complaints - Good
7 Terms & Contract Average - Needs transparency
9 Competitive Advantages Free Equipment & Next Day funding

Updated on November 22, 2021

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North American Bancard, established in 1985 with their corporate headquarters located at 250 Stephenson Hwy, Troy, MI 48083 and is a merchant services provider that services over 250,000 clients. They offer payment processing to businesses that fall within the categories of retail, restaurant, petroleum/convenience, grocery, service businesses, financial institutions, hospitality industry, government, ecommerce and business to business.

Their website: states; by providing free equipment, industry-leading service and support, and aggressively low processing rates, we help our clients grow because they have more money to spend on their business-building projects. NAB, aside from being incredibly confusing, remains mysterious in rates, contracts and expectations. Let’s look at all the information on this company and see if they merit the effort of wading past the smokescreen.

Rates and Fees: Rating 7/10

♦Set up fee: None!

♦Annual fee: None, but agents can charge annual fee

♦Monthly fee: $10.00-$12.95

♦Monthly Minimum: $25

♦PCI compliance fee: $79

♦Non-PCI compliance fee: $19.95-$24.95 per month

♦Early termination fee: $295

♦Swipe rates: 1.69% – 2.69%, but the 2nd site listed rates as low as 0.29%.

♦Keyed-in rates: 3.69% + $0.19

♦Interchange-Plus: Available

♦Mobile swipe fee: 2.69% and keyed rate is 3.49%

The set-up fee is really $0, but agents do have the ability to charge this fee. It appears from the marketing on their websites that no annual contract exists, but since it’s not listed we’re going to assume the cancel fee is still $295, however if you cancel early you could also be paying in addition the monthly fees that are due through the end of the contract. The monthly charge is a tad high at $12.95, but may be negotiated down through your NAB agent. The monthly minimum at $25 is pretty standard in the industry, which means if your monthly charges don’t add up to $25 you’ll get charged the difference. The PCI compliance fee isn’t shocking – most rates range from $39 to $99, however you can click here to find providers that do not charge pci compliance fee. The non-PCI compliance fee should fall at about $19.99 – take time to negotiate if the agent quotes anything higher. Again, NAB claims that there is no termination fee, however, the contract states otherwise, which will be discussed below. Now the Swipe rates are suspicious at best.The 2nd site claims that rates could be as low as 0.29%, which would be unbelievable in this industry, beware. This looks like a flashy marketing ploy to lure merchants into deals that tack on other rates such as qualified, mid-qualified or non-qualified. These rates will be much higher, but the good news is it looks like almost everything is negotiable. Interchange-Plus pricing is always a good thing for your bottom line and is something you should ask for with any processor. The mobile swipe fees are relatively good compared to a company like squareup as they beat their rates by 0.05%. We believe the 1.69% swipe rate is for their PayAnywhere storefront model which comes with free equipment which may make the difference for you but expect to pay higher rates on everything accept qualified cards.

North American Bancard also offers all their equipment provided to merchants free of charge, if returned in working condition. From merchant reviews it is recommended to look into buying your own equipment though, since NAB and other processors tack on extra fees for “free” equipment. Although I’m sure that NAB has a large percentage of ethical agents, the rates and fees seem to be all over the board and would like to see transparent interchange-plus pricing so for that reason we give North American Bancard a 7/10 rating for this category.

BBB Rating & Complaints: Rating 7/10

North American Bancard maintains an A+ BBB rating. BBB has accredited the Company since 2001, even in the wake of complaints. 329 complaints were closed with BBB within the last 3 years, 82 in the last 12 months. The BBB website claims that the Company has still earned their rating based on some of the following factors; length of time business h