Best for
eCommerce, mCommerce, and brick-and-mortar businesses
Specializes in
e-commerce, POS, and mobile payment processing solutions while offering a cash discount program to merchants
Pricing Summary
Setup Fee: $0
Monthly Fee: Undisclosed
Swipe Rate: 1.00% - 4.99%
Keyed-in Rate: 1.00% - 4.99%
Early Termination Fee : $350+
Contract Terms:
eVance processing is a merchant account provider that was acquired by The OLB Group in 2018. The firm has gone through a number of acquisitions and, as a result, exists as something of a culmination of the financial assets of several former merchant provider companies.
In order to receive payment processing services, eVance requires merchants to enter their standard 2-year contract with automatic renewal and a variable Early Termination Fee.
eVance processing is a merchant account provider that was originally created under the Excel Corporation in December of 2015. At that time, eVance existed as a subsidiary company of Excel Corporation and was formed during Excel’s acquisition of Calpian Commerce. Calpian Commerce had been around since 2013 and was created from the assets of several bankrupt merchant service providers including Pipeline Data.
Therefore eVance Processing is a product of the financial assets and infrastructure of several former merchant provider companies. Among those dissolved companies are:
eVance was acquired by The OLB Group in 2018 and is now headquartered in Alpharetta, Georgia. Ronny Yakov is the firm’s listed CEO. As a merchant service provider, eVance is a registered ISO of the following banks:
Head Quarters
Alpharetta, GA
Year Founded
Craig Jessen
CEO
2015
Employees
50
Merchant Provider Risk Tolerance
Zero setup fee.
Domestic telephone support during normal business hours.
Live one on one chat available.
Documentation knowledge base available.
Low risk business tolerance.
Early termination fee.
Three year contract.
All important terms are not disclosed.
PCI Compliance fee.
Forty-eight month locked equipment lease.
eVance Processing promotes the following products on its website:
SecurePay
A browser-based payment solution (AKA a payment gateway) that is equipped with mobile payment processing, recurring billing, PCI security, variable batch time, and support for all of its services. SecurePay integrates with a "wide range of shopping carts,” as per eVance Processing’s official website.
Cash Discount Program
eVance’s solution to help merchants avoid paying interchange (processing) fees on customer transactions paid for with a credit card. This feature works by incorporating the cost of the processing fees into the sale and thereby charging the customer a “small service fee.” Customers are also rewarded through this program by receiving a 4% discount when they pay with cash. The end goal is enable merchants to collect 100% of the sale price by paying zero processing fees.
SecureGuard
eVance's security tool that uses encrypted data to protect keyed-in (MOTO) transactions, card-present transactions, and card-not-present (e-commerce) transactions.
Discloses All Important Terms
No
Public Pricing Available
The only pricing information available from eVance shows that the company requires a standard 2-year contract which includes an uncapped Early Termination Fee. The cost of that ETF is determined by 3 factors - the amount of months in the contract (A), the average amount paid by the merchant for monthly processing fees (B), and any legal costs associated with cancelling the contract (C).
The ETF is then calculated as follows:
ETF = (A x B) + C
Pricing Model
Interchange PlusTiered Pricing
Swiped Rate
1.00% - 4.99%
Keyed-in Rate
1.00% - 4.99%
Mobile Payment Rate
Virtual Terminal Rate
1.00% - 4.99%
Monthly Fee
Undisclosed
Payment Gateway Fee
Undisclosed
Batch Fee
Undisclosed
Early Termination Fee
$350+
PCI Compliance Fee
$89 Per Month
Equipment Lease Terms
48-month (locked)
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Undisclosed
Annual Fee
Monthly Minimum
Undisclosed
Statement Fee
Undisclosed
eVance offers a two-year contract with automatic renewal and a variable Early Termination Fee. The cost of the variable ETF depends on the merchant's progress in their contract, the average monthly processing fees paid by that merchant, and any legal fees associated with cancelling the contract.
Contract Length
3 Years
Early Termination Fee
$350+
eVance processing is not a BBB-accredited business but it does currently maintain an "A+" rating on its profile with the Better Business Bureau.
The firm has received a total of 8 complaints during its 36-month operational record. Of those 8 complaints, 6 were regarding billing and collection issues while the remaining 2 complaints were for product and service issues. Only one of the disputes was resolved to satisfaction while the other 7 are currently unresolved.
There are no outstanding FTC complaints or class-action lawsuits against eVance Processing at this time.
BBB
A+(8 complaints)
1.3 Stars / 13 Reviews
No Reviews Yet
Yelp
No Reviews Yet
Total Online Reviews
20+
Total Online Complaints
10+
Lawsuits
None
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