Electronic Payment Exchange Review

Electronic Payment Exchange Overview

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International Credit Card Processing

Electronic Payment Exchange (epx.com) is an international merchant account provider that serves a wide range of business types. Launched in 1979, the company also operated under the name of Phoenix Payment Systems before Phoenix’s assets were fully absorbed by EPX. Electronic Payment Exchange is branded as “a North American Bancard company.” According to an employee’s comment below this review, this means that EPX is a processing platform owned by North American Bancard, and that North American Bancard representatives board their merchants to the EPX platform.

Location and Ownership

Electronic Payment Exchange is headquartered at 1201 N. Market Street, Suite 701, Wilmington, Delaware 19801Ray Moyer is listed as the CEO of Electronic Payment Exchange.

Electronic Payment Exchange Review Table of Contents

  • Sales & Marketing: Electronic Payment Exchange does not appear to hire independent sales representatives and has received one complaint about its sales practices.
  • Costs & Contract: Electronic Payment Exchange appears to offer a multi-year contract through North American Bancard with a variable early termination fee.
  • Complaints & Service: Electronic Payment Exchange has received fewer than 10 public complaints.
  • BBB Rating: Electronic Payment Exchange has an “A+” and has received 3 complaints and  review in the past three years. The company has been accredited by the BBB since 2016.
  • Rates & Fees: How Merchants Got The Best Rates With Electronic Payment Exchange

Electronic Payment Exchange Statement Analyzer

Find hidden fees, pricing errors, and overcharges in your Electronic Payment Exchange merchant account statement. Not with Electronic Payment Exchange? That's ok, we can find excessive fees in any credit card processing statement. We've already found $1,156,834 in hidden fees this year! Submit a recent statement to try it out for free!

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Products & Services Offered

Types of Businesses Served

  • Retail
  • E-commerce
  • Healthcare
  • Insurance
  • Banking

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Electronic Payment Exchange Rates, Fees, and Costs

Key Points

Swiped Rate 2.69%
Keyed-in Rate 2.69%
Early Termination Fee 295+
PCI Compliance Fee $79+
Equipment Lease Terms $39 Per Month

Partnered With an “F” Processor

There is very little information available at this time about the standard Electronic Payment Exchange contract. The company markets itself as an all-in-one direct processor, which would suggest that it does not resell the services of a larger credit card processor. However, it is also a subsidiary of North American Bancard, which means that it probably resells unmodified North American Bancard contracts. Two commenters have claimed that EPX does indeed offer identical contract terms and pricing to North American Bancard whose standard contract rate begins at 1.69% while offering a pay-as-you-go rate of 2.69%. Despite this, the company lists their rates as being as low as 0.29% on their website.

Liquidated Damages

North American Bancard’s standard contract has a service agreement of 36 months with what appears to be a Liquidated Damages Early Termination Fee that is automatically debited from a merchant’s checking account upon cancellation of service. Essentially, merchants who cancel service prior to the expiration of their contract will be expected to pay the remainder of any monthly fees that would have been assessed throughout the entire contract, with the minimum early termination fee costing $295. Due to this policy, merchants have reported cancellation fees totaling into the thousands of dollars. Additionally, merchants may also be subject to additional fees if they lease equipment and cancel early.

Contract Complaints

At this time, there are two complaints that specifically mention unfavorable contract terms offered by the company; one cites a $1000 cancellation fee and the other cites both an undisclosed early termination fee and a $99 setup fee. We do not consider these terms to be competitive with the cheapest merchant accounts available. If you have any knowledge of the standard Electronic Payment Exchange merchant agreement, please share that information in the comment section of this review.

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Response from Electronic Payment Exchange

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Electronic Payment Exchange Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

As of this update, we are able to locate four Electronic Payment Exchange complaints, and none accuse the company of being a scam or a ripoff. One complaint does, however, state that Electronic Payment Exchange is basically the same organization as North American Bancard with the same exact pricing. Two other complaints express frustration with a rude or unhelpful customer support team. This is not a positive sign for EPX’s customer service, but the company’s low overall complaint total indicates that it does not receive the blame for North American Bancard’s well-documented failings.

Electronic Payment Exchange Lawsuits

While Electronic Payment Exchange has not been the subject of any lawsuits or FTC complaints, its parent company North American Bancard has a sordid legal history to say the least.

In September 2002, the State of Arizona filed a complaint against a merchant that processed through North American Bancard, a Nevada corporation called CP Direct, Inc., alleging violations of the Arizona Racketeering Act. CP Direct ultimately admitted to defrauding tens of thousands of customers by falsely advertising penis enlargement supplements. As a result, the company was ordered to pay restitution of more than $4 million and to forfeit assets totaling over $45 million. In May 2004, the receiver for CP Direct, Lawrence J. Warfield, filed suit against Marc Gardner of North American Bancardalleging violations under the RICO Act, conversion, and unjust enrichment.

Specifically, Warfield’s complaint alleged that Global Payments, the backend processor for North American Bancard, placed CP Direct on its watch list in under a year of processing due to an excessive rate of chargebacks. The complaint further alleges that as a result of this, North American Bancard advised CP Direct to create a new company and reapply for processing under the untarnished name. According to Warfield, CP Direct continued to accept its customers’ credit card payments under the fictitious and fraudulently maintained name of “Nutritional Supplements, Inc.” at the direction of North American Bancard. Warfield further claimed that CP Direct was ordered to pay a monthly consulting fee of $250,000 (plus bonuses of $50,000 for each million dollars over $8 million in monthly sales) directly to Marc Gardner as a condition of North American Bancard processing payments for the company. According to Warfield’s complaint, these payments totaled over $700,000. In July 2006, Marc Gardner was scheduled to be deposed in the case, but Marc Gardner’s counsel terminated his deposition immediately after he was sworn in.

Unfortunately, we are unable to locate any third-party sources or legal documents that explain how this suit was ultimately resolved. However, the parties were known to have reached a settlement amount in April 2006. It is therefore likely that the suit was settled. If you have any knowledge of how this case was resolved, please share that information in the comment section below this review. North American Bancard is also involved in an ongoing class action lawsuit, as discussed below.

Electronic Payment Exchange Customer Support Options

The Electronic Payment Exchange website lists a dedicated phone support number for merchant support, but we do not consider Electronic Payment Exchange to be a top merchant account provider for customer service.

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Response from Electronic Payment Exchange

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Electronic Payment Exchange BBB Rating Summary

Key Points - BBB

Product & Service Complaints 2
Billing & Collection Complaints 1
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 10 Complaints

Electronic Payment Exchange is has been an accredited business with the Better Business Bureau since 2016. As of this review, the company holds an “A+” rating with the BBB and has 3 reported complaints within the last 36 months. 2 complaints concerned product or service issues while 1 complaint is related to billing or collection issues and was either resolved to the merchant’s dissatisfaction or did not receive a final response from the merchant.

What Merchants Say

Electronic Payment Exchange has also received 1 negative informal review on its BBB profile, which describes difficulty with the company’s customer service department:

Horrible customer service, trying to update my bank
information from last one month still no luck…and the
customer representative said they will give me updates on
the issue but nobody calls back..

This merchant may have had better luck by opting for a top-rated credit card processor.

No BBB Adjustment Necessary

Given the company’s low complaint total, we agree with the BBB’s rating in this case.

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Response from Electronic Payment Exchange

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms No

Marketing Through North American Bancard

Electronic Payment Exchange appears to market itself through North American Bancard’s independent agents as well as an in-house sales team and various partnerships. There is no indication that the company directly employs independent agents at this time, and we are currently able to locate only one negative Electronic Payment Exchange review that accuses the company’s sales team of nondisclosure. One complaint mentions a hidden $99 setup fee and does not seem to highlight any specific unethical behavior. If you, too, suspect that Electronic Payment Exchange is charging you undisclosed fees, we recommend seeking a free third-party statement audit.

No Deceptive Quotes

Electronic Payment Exchange does not appear to engage in deceptive advertising strategies in its official materials. Despite the fact that Electronic Payment Exchange is owned by North American Bancard, we will score it independently of its parent company and award it an “A” in this category.

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Response from Electronic Payment Exchange

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Electronic Payment Exchange Marketing Example

Electronic Payment Exchange Logo

Our Opinion of Electronic Payment Exchange

An Above-Average Option

According to all available information, Electronic Payment Exchange rates as a reliable merchant services provider. There are very few specific details available about the company’s sales tactics, contract terms, and customer service, but we have interpreted the low total of complaints to be a positive indicator of its service quality. The company’s rating may be subject to change as more information comes to light. Due to the company’s close affiliation with North American Bancard, which is one of the worst-rated providers, merchants are advised to read their contract terms carefully.

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Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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4 Reviews Leave Your Review for Electronic Payment Exchange Below

  1. sartaj s nanan says:

    Trying to switch my bank information from Feb 06th, and they updated wrong routing no, from march 03rd to march 08th the transactions are missing, got a email on march 15th that they got the money back and will process back to account as of now still awaiting…the customer service is very bad..and they will say they will call back and they won’t…one customer representative name Aliana…even said why you are calling again and again ..

  2. adil says:

    i signed with this company representing (casablanca quick mart) i just strated, i was looking for lowest cost so i can offer to my customers the best price and service. the sales agent told me that there is no contract no cancellation fees. after few months , i found out that they are over charging me. when i called to cancel, the customer service starts raising his voice on me trying to stop me even from complaining plus he told me that i have to pay $1000.00 cancellation fees. doing business supposed to be about trust, but these companies are building their business on cheating on companies that want to assist in the development of our country.
    i guess, i m new to business and dealing with these companies is a nightmare.
    to whom seen this, never trust this company. most of them they will put a link to the website that has the agreement, that will extremely shock you, as i m shocked now! hhhh. but i ll fight it.
    again, no matter what the agent says, have him send you the the full agreement before you sign.

  3. John Anthony says:

    EPX is a processing platform that is utilized by North American Bancard and their sales contracts and tactics are the same old. Hefty ETF fees, hidden $99 “setup fee” etc etc.

  4. Anonymous says:

    I am an employee and just want to clarify EPX’s relationship to North American Bancard. EPX is the processing platform and is owned by North American Bancard. NAB merchant accounts are boarded to EPX as a processing platform. EPX DOES NOT resell NAB, it’s the other way around.

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