Electronic Payments Inc. Overall Rating
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Electronic Payments Inc. Overview
Electronic Payments Inc. Logo
Electronic Payment Inc. (elecpayments.com) is a Calverton, New York based merchant account provider that was founded either in 1998 or 2000 depending upon the sources we looked at. The company has been growing considerably in the last three years and reported 2010 revenue earnings of $42.7 million. Electronic Payments Inc. (EPI) claims that it processes over $3 billion in transactions for over 25,000 merchants across the U.S.
EPI’s overall rating in this review is being held at a “C” because we were unable to reach a representative of the company after several phone call attempts. Therefore, we could not obtain certain details such as which processor EPI uses and if EPI’s merchant account contract has an early termination fee.
Electronic Payments Inc. Sales & Marketing Tactics | C
EPI appears to rely almost entirely on hiring outside independent agents and resellers. This would normally lower a provider’s score significantly in this section; however, EPI has not suffered numerous complaints like most other providers that use this strategy. The company has dozens of sub-ISOs underneath it of which may use their own advertising and sales tactics, but EPI does not practice any deceptive tactics that were apparent to this reviewer.
Due to the use of numerous sub-ISOs and that this reviewer was unable to get anyone on the phone at EPI the company has earned a “C” rating in this section.
Electronic Payments Inc. Costs & Contract Terms | No Rating
Due the fact that we were only able to reach the voicemails of EPI representatives, we were unable to obtain this provider’s merchant account contract as of this review. With that said, based on other reports online, it appears that EPI has a standard service agreement of 3-years. It is not clear if EPI has a cancellation fee, or how much it may cost. EPI may allow its sub-ISOs to adjust the contract terms as they wish, which would mean that the contracts among different sub-ISOs could vary. If you have any information regarding EPI’s contract term, fees or pricing, please leave it in the comment section below.
Electronic Payments Inc. Complaints & Service | A
Overall, EPI scores well here. This reviewer was only able to locate one complaint filed online against this provider. The complaint’s validity is questionable, so we will not go into its detail for the purposes of this review.
Electronic Payments Inc. Better Business Bureau Report | A
As of this review, the Better Business Bureau (BBB) is reporting that EPI has been accredited since 2010. Currently, the report states the EPI has an “A” rating with 10 complaints filed in the last 36 months. Of the 10 complaints, seven are attributed to problems with products or services, two to billing and collection, and one to delivery issues. Three of the 10 were not resolved to the merchants’ satisfaction.
Bottom Line
In many ways EPI scores well in this review. Before we can adjust the company’s rating we would like to have an EPI representative contact us to discuss details of the merchant account contract. Merchants are advised to carefully read and understand all terms before signing up with this provider. If you have any other information about this Electronic Payments Inc., please leave it in the comment section below.
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2 comments
Chris Anderson
May 8, 2012 at 11:38 am (UTC -7)
I have used this company for 4-5 years with zero issues. They even will match a competitors rate if you are offered a better price from another company, just to keep your business. I rate them A+.
jennat3
April 3, 2012 at 10:16 pm (UTC -7)
HORRIBLE PLACE! We had to deal with one of the seller Pete Chen who scammed us nearly 1000$ who said we signed a contract when we didn’t and wouldn’t pay us back. I would not recommend this company. Horrible service and people. Not reliable at all. Suggest ignoring anyone who mentions they are from this company.