Elavon Merchant Services Review
Elavon is one of the largest merchant account providers in the U.S. It employed over 4,000 people and was originally founded in 1991 under the name of NOVA Information Systems. It’s headquartered in Atlanta, Georgia. It services the public and private sectors, providing processing for the healthcare, retail, restaurant, hospitality, and education industries.
|Swipe Rate||2.65% + $0.19|
|Keyed-in Rate||3.50% + $0.19|
|Early Termination Fee||$295+|
|Contract Terms||3 Years|
Elavon Merchant Services Overview
Elavon Merchant Services started as NOVA Information Systems in 1991. It has grown into a massive credit card processor in the U.S., processing billions of transactions a year to the tune of hundreds of billions of dollars processed each year.
It processes over 100 currencies. Elavon utilizes an interchange-plus pricing model. It has an overall mixed reputation, with many online complaints and very few high-star reviews across many sites. It focuses on a mix of large and small businesses in the private and public sector, processing big industries such as retail, education, and healthcare.
Elavon Merchant Services Pros & Cons
Large, direct processor
Full range of products and services
Interchange-plus pricing available upon request
No early termination fees
Standard three-year contract with an automatic renewal clause
No pricing disclosures on the website
Overpriced terminal leases through Ladco Global Leasing Solutions
Elavon Merchant Services Products & Services
Point 1: Debit/Credit Card Processing, POS Systems
Elavon Merchant Services provides good, basic processing services, such as the processing of payments from debit and credit cards and POS systems to process those services: whether that’s in-person or online, through a variety of different options. POS systems can take the form of a tablet, smartphone card reader, terminal, or other devices.
Point 2: Mobile Wallets & Payment Gateway
Elavon also supports mobile wallets and utilizes a strong, secure payment gateway to make the transfer of funds fast, efficient, and safe so that both the customer as well as the business are protected. Mobile wallets such as Google or Apple Pay are quickly becoming popular, and as such, are a useful feature to have. Payment Gateways are similarly useful as an integral security aspect of nearly any business.
Point 3: Multi-Currency Payments & Loyalty Programs
More useful around the world than in the U.S., multi-currency payments nonetheless have their place, especially if your industry happens to deal with foreign currencies and monies a lot of the time. Loyalty programs are some of the most efficient customer-retention that’s ever been discovered, usually causing repeat business and creating superior long-term customer engagement of up to 20% more revenue. Both are useful features for merchants.
Elavon Merchant Services Advertising & Sales
Elavon uses resellers, sub-ISOs, independent sales agents, and various partnerships in order to push its services and its products. The use of independent sales agents is frowned upon in this industry, as it tends to lead to aggressive or deceptive sales reps and can harm a company’s reputation. Elavon has racked up a noticeable amount of complaints from merchants about undisclosed fees and nondisclosure of important contract terms.
Elavon doesn’t seem to engage in any kind of deceptive sales practices in its official advertising and website content. It offers interchange-plus pricing as a model. It is not a known ISO of any bank. Overall, despite the use of independent sales agents and resellers, Elavon doesn’t appear to engage in real deceit with those who use its services.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
Elavon Merchant Services Pricing, Rates & Fees
Elavon uses interchange-plus as its pricing model. The rates are as follows: 2.65%+$0.19 on swiped transactions, with 3.5%+$0.19 being the rate offered on keyed-in transactions. These rates are fairly industry standard.
They are not clearly available or disclosed. Other fees include a monthly fee of $10 and a confusing early termination fee that is worded in a way that might confuse the average reader. It states, succinctly put, that the merchant will be responsible for paying whatever is greater: the previous 12 months of transactions or the following 12. This early termination fee could result in possible high charges; merchants are therefore recommended to do careful reading into the exact nature of Elavon’s early termination fee.
Pricing At A Glance
|Pricing Model||Interchange Plus, Tiered Pricing|
|Swiped Rate||2.65% + $0.19|
|Keyed-in Rate||3.50% + $0.19|
|Mobile Payment Rate|
|Virtual Terminal Rate||Up to #.5% + $0.30|
|Payment Gateway Fee||Up to $25|
|Early Termination Fee||$295+|
|PCI Compliance Fee||$29 to $59 Per Month|
|Equipment Lease Terms||48 Month (locked)|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Undisclosed|
Elavon Merchant Services Contract & Terms
Elavon features a fairly standard three-year agreement, with an early termination fee that can vary depending on how much business the merchant was doing. Other specific terms are not mentioned, and not much more information about the contract is publicly available. Several public complaints about the contract have been made; one merchant even complained about a suspected forgery of his signature being present on the contract. Merchants are recommended to carefully read all agreements with Elavon if using this company for processing.
Elavon Merchant Services Setup & Support
Elavon is a very standard merchant account provider. It processes the transactions of thousands of companies and organizations. It certainly utilizes standard underwriting procedures. What this means is Elavon would ask for various bits of financial and personal information, like 3-6 months of bank statements, your credit history, personal history, the average transaction of your business, and how many transactions your business has a month. This is all very standard information to give to a merchant account provider.
Elavon offers 24/7 live customer service. The quality of service is poor, however, and Elavon has also collected a large number of online complaints about its customer service. It is the most common complaint about the company. Elavon offers different numbers for its customer service and sales lines.
Elavon Merchant Services Complaints, Ratings & Reviews
Elavon has a massive number of online reviews, most of them being negative. On BBB, it’s racked up hundreds of complaints, and while most have been closed, many still remain. Elavon is rated on BBB at a 1 out of 5 based on 20 reviews.
Many other websites rate them at a 1 out of 5 stars. Yelp has them rated at 1 out of 5 stars based on 50 reviews, and Trustpilot has them rated at 1 out of 5 stars based on 120 reviews.
The most common complaints are poor customer service, nondisclosure of contract terms, and hidden fees.
Elavon was sued in 2012 by a restaurant named Cisero over PCI Compliance fines. Elavon was involved in this because of its parent bank, U.S. Bank, which was fined by Visa and Mastercard for $90,000 due to noncompliance with PCI security standards. The owners of Cisero countersued, claiming the bank deceives merchants into signing unfair contracts, among other claims. There is no outcome to this suit as of yet.
|2.3 Stars / 44 Reviews|
|No Reviews yet|
|Yelp||1 Star / 45 Reviews|
|Total Online Reviews||800+|
|Total Online Complaints||500+|