TranzactCard has encountered numerous challenges in its company operations over the past few months in a variety of ways.
In this post, we’ll go over every incident the TranzactCard has encountered and offer our thoughts on whether it will continue to be legitimate in the future.
What is TranzactCard?
The Tranzact Card is a virtual and physical payment card with international acceptance that features the recognizable Visa bank card emblem. Tranzactcard.com, an online marketplace, powers it.
TranzactCard is a financial services company that sells Visa-branded physical and virtual transaction cards. TranzactCard further states that they are not a bank.
TranzactCard’s president is Richard Smith, and the company is based in the United States.
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TranzactCard in Constant Crisis?
Together with Evolve Bank and Trust N.A. and CBW Bank, Solid Financial Technologies also had a part in the acquisition of the Visa cards linked to the TranzactCard.
However, TranzactCard lost its US banking services back in September 2023, and they directly blamed Solid Financial Technologies, its partner. Users’ concerns regarding the business’s long-term viability rose following these setbacks.
Nonetheless, TranzactCard told their consumer about this dilemma and the company’s future in a very straightforward manner. They informed their clients that they were establishing their program with one or more direct community banks and would be moving away from their existing banking platform.
A few months later, there were serious accusations about another issue with the TranzactCard. Customers of TranzactCard have been informed of their cooperation with Bangor Bank. But Bangor Bank declared in December 2023 that they were not working with TranzactCard.
The public and its customers both began to have serious doubts about the company’s dependability as a result of this important misleading statement. To allay any doubts, TranzactCard clarified that Bangor Bank is their “sponsor bank” and not their “partner bank.”
TranzactCard hasn’t defined “sponsor bank” in any further detail. But the co-owner of TranzactCard has provided highly cryptic clarification regarding the term, so in the end, we shall learn the precise definition of “sponsor bank”.
Any passed terminology will be corrected on the corporate end. The correct terminology is Program Sponsor.
In the last few months, TranzactCars has been the target of numerous complaints and problems. MLM experts have labeled the company as a possible MLM scam that will eventually fall apart. However, based on our findings, the likelihood of this occurring is quite low.
We previously discovered positive indicators within the organization and the operators periodically answer to their clients.
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