Best for
Electronic Transfer is best for small to mid-sized businesses, especially the high-risk niche firearms dealers.
Specializes in
Electronic Transfer Inc. (ETI) specializes in payment processing services for mainly firearm dealers. The company also offers payment processing for eCommerce, mobile transactions, and Mail Order Telephone Order (MOTO). ETI also offers an easy-to-integrate payment gateway suite combined with a shopping cart tool.
Pricing Summary
Setup Fee: $0
Monthly Fee: $0
Swipe Rate: 1.00% - 4.99% + $0.25
Keyed-in Rate: 1.00% - 4.99% + $0.25
Early Termination Fee : None
Contract Terms:
ETI is an ISO/MSP of Westamerica Bank in Santa Rosa, California.
ERI was founded in 1989 with the company's headquarters in Spokane, Washington. The current President of the company is Mike Knudtson.
ETI was founded in 1989 with the company's headquarters in Spokane, Washington. Mike Knudtson is the current President of the company. The company offers merchant processing solutions to various businesses, but it specializes in catering to firearms dealers and owns the website www.gunmerchantaccount.com for more targeted marketing to the niche industry.
The company lets businesses set up numerous debit and credit card payment processing channels; eCommerce, Mail Order Telephone Order (MOTO), and NFC via Apple Pay and Android. It is unclear who the backend processor is for ETI. Still, given the firearm niche's high-risk nature, it is likely that the company solicits multiple processors for the most competitive rates.
ETI does offer mobile payment processing and has partnered with POS equipment-maker PAX for their mobile card readers. The company also provides clients a mobile payments solution to set up a virtual terminal and a payments gateway.
ETI has been accredited with the Better Business Bureau (BBB) since 2000, which gives the company an A+ rating. There have been no complaints about ETI in the last three years.
Head Quarters
Spokane, WA
Year Founded
1989
CEO
Mike Knudtson
Employees
99
Merchant Provider Risk Tolerance
Payment Processing: ETI resells payment processing services, particularly for firearms dealers.
Point of Sale: The company offers EMV-compliant mobile POS equipment of Pax but states that it does not lease equipment.
FastCharge: A one-stop-shop for Gateways solutions can easily integrate solutions such as virtual terminals, shopping carts, and PCI encryption.
ETI also touts the company's easy integration with WordPress and WooCommerce and ETI’s shopping cart setup.
Discloses All Important Terms
No
Public Pricing Available
No
Below are the pricing available for ETI payment processing services of;
Swiped – 1.00% – 4.99% + $0.25/transaction
Keyed-in – 1.00% – 4.99% + $0.25/transaction
Virtual Terminal – 1.00% – 4.99% + $0.25/transaction
Contract term – Month-to-month
Early termination fees – None
Statement fee – $9.95/month
Gateway fee – $10/month
PCI compliance fee – not available
Merchants may also incur fees for PCI compliance, batch fees, and technical support fees through ETI. Since companies may be using independent sales agents, some rates and prices may vary depending on the business type, the number of transaction volumes, and the merchant's negotiation skill.
Pricing Model
Flat Rate
Swiped Rate
1.00% - 4.99% + $0.25
Keyed-in Rate
1.00% - 4.99% + $0.25
Mobile Payment Rate
Virtual Terminal Rate
1.00% - 4.99% + $0.25
Monthly Fee
$0
Payment Gateway Fee
$10 Per Month
Batch Fee
Undisclosed
Early Termination Fee
None
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
None
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Annual Fee
Monthly Minimum
None
Statement Fee
$9.95 Per Month
ETI is very transparent regarding its contract terms and has no long-term contracts. The company offers merchant processing services on a month-to-month contractual basis. Merchants can cancel their services at any time, albeit with a 30-day notice. As a result, the does not have any early termination fees.
The company also offers mobile card readers via a partnership with PAX. Thankfully, the company does not lease any equipment. We believe that merchants should not ever lease POS equipment but rather outright purchase the devices needed. Leasing equipment usually costs 2-3 times the original price of the POS terminals.
Contract Length
Month-to-month1 Year3 Years
Early Termination Fee
None
We found no complaints against ETI on the BBB website nor any other online platform. The company seems to have identified good customer support as a basic tenet of serving merchants and executing that strategy. We also did not find any lawsuits filed against the company.
BBB
A+(0 complaints)
4.4 Stars / 7 Reviews
5 Stars / Based on the opinion of 1 person
Yelp
5 Stars / 2 Reviews
Total Online Reviews
15+
Total Online Complaints
Lawsuits
None
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