Electronic Transfer Inc. Review

Overall Rating Breakdown
Sales & Marketing Tactics
Costs & Contract Terms
Complaints & Service
BBB Rating

Electronic Transfer, Inc.

"A" Credit Card Processor Rating

Last Updated: January 28, 2014
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Electronic Transfer Overview

Electron Transfer Inc. Logo

Electron Transfer Inc. Logo

Electronic Transfer, Inc. (electronictransfer.com) has been a merchant services provider since 1989 and provides merchant accounts for retail/storefront, internet/e-commerce (via its Fast Charge payment gateway), mail/phone order and wireless/mobile merchants. Serving most business types and sizes (including firearms vendors), the company’s products and services include debit/credit card processing and the necessary payment equipment for accepting card payments. Electronic Transfer, Inc.is headquartered at 3107 E. Mission Ave, Spokane, Washington 99202. The company is an ISO/MSP of Westamerica Bank, Santa Rosa, California.

Electronic Transfer Sales & Marketing Tactics | A

Electronic Transfer appears to hire independent resellers, sub-ISOs, and agents to market its services. This is a standard practice within the industry that often results in an elevated complaint rate for a company, as it is difficult for any business to regulate the conduct of independent sales entities. In the case of Electronic Transfer, however, this hiring practice does not seem to have had a negative effect on its reputation. At the time of this update, we are unable to locate any negative Electronic Transfer, Inc. reviews that mention the company’s sales team. The company also does not appear to engage in any deceptive advertising strategies in its official materials.

Electronic Transfer Costs & Contract Terms | A

There is very little verifiable information about the standard Electronic Transfer contract at this time. As of our last review several complainants reported a one-year contract with a $195-$295 cancellation fee, but a representative of the company stated that the cancellation fee can be waived under many circumstances. In any case, the fee does not appear to an issue for most merchants.

The company’s website advertises no annual fee, a $9.95 monthly statement fee, and a $10 monthly payment gateway fee. The rates and fees chart on the company’s website also lists a $0.25 transaction fee on both debit and credit payments, and it invites merchants to “call for new low rates” to learn about its discount rates for face-to-face sales. Usually, we would consider this type of generalized, unclear rate quoting to be either deceptive advertising or indicative of undisclosed high rates, but Electronic Transfer is showing zero complaints online that mention rates or fees. In the absence of any information that contradicts the company’s advertised terms, we are forced to assume that Electronic Transfer offers competitive rates and contract terms that are satisfactory to most merchants and that it merely does a poor job of communicating the exact nature of these terms. If you have any knowledge of the standard Electronic Transfer contract, please leave that information in the comment section of this review.

Electronic Transfer Complaints & Service | A

A review of several consumer protection websites does not uncover any Electronic Transfer reviews that describe the company as a ripoff or a scam. In fact, we mostly found positive consumer testimonials about the company, although nearly all of these were unverified. For a company that has been in business since 1989, this is a remarkably low complaint volume. It’s entirely possible that Electronic Transfer’s customer service department, which offers dedicated lines for general merchant support and specific complaints, is responsive enough to resolve all complaints in-house. An alternative explanation could be that Electronic Transfer’s partnership with numerous processors has resulted in complaints being funneled to the online profiles of those companies. Since we can find no evidence that this is actually occurring, we have awarded Electronic Transfer an “A” in this category.

Electronic Transfer BBB Report | A+

Since 2000, Electronic Transfer, Inc. has been an accredited business of the Better Business Bureau (BBB), and the company retains an “A+” grade at the time of this review. Only one complaint has been reported within the last three years and is categorized under problems with products and services. The complaint was filed in 2011 and was not resolved to the merchant’s satisfaction despite what the BBB determined to be a good faith effort. A representative stated the complaint was due to a merchant conducting fraudulent transactions, and the merchant became upset when Electronic Transfer took action. In light of this information and the fact that the complaint is over two years old, we agree with the BBB’s rating of the company.

Bottom Line

By all available indicators, Electronic Transfer, Inc. rates as an excellent merchant account provider. The company is showing no publicly available complaints and appears to offer better-than-average contractual terms.

Leave your review of Electronic Transfer, Inc. in the comment section below:

Electronic Transfer Inc. Review

Rated 4.5 Out of 5 Stars
Reviewed by Phillip Parker
Reviewed on 2014-01-28 10:12:31

UPDATED: Jan 28, 2014 – We found no Electronic Transfer Inc reviews that describe the company as a ripoff or a scam… By all available indicators, Electronic Transfer, Inc. (electronictransfer.com) rates as an above average merchant account provider. The company is showing no publicly available complaints outside of the BBB and appears to offer slightly better-than-average contract terms. Learn more in this Electronic Transfer Inc. review.

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About the author

Phillip Parker

Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry.

Phillip can help you find an ethical and honest processor that will offer you great rates. Click here to request a free provider consultation.

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1 comment

  1. mario

    their application states a $295 cancellation fee. Their gateway monthly fee is now closer to $11.

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