Electronic Payment Exchange Review

Electronic Payment Exchange Overview

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International Credit Card Processing

Electronic Payment Exchange 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 250 Stephenson Highway Troy, MichiganRay Moyer is listed as the CEO of Electronic Payment Exchange.

Electronic Payment Exchange Review Table of Contents

  • 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 4 complaints and 2 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2016.
  • Sales & Marketing: Electronic Payment Exchange does not appear to hire independent sales representatives and has received one complaint about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Electronic Payment Exchange
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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%
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
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.

There are 2 commenters who 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 its rates as being as low as 0.29% on their website.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, EPX also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. Given the company’s status as a reseller of North American Bancard,  the company’s e-commerce contract terms likely resemble theirs. North American Bancard offers 8 gateway options, including Authorize.Net and USAePay. Pricing will depend on which gateway a merchant utilizes. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

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 just 5 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 2
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 5 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 4 reported complaints within the last 36 months. 2 complaints concerned product or service issues while 2 complaints are related to billing or collection issues. 1 complaint was resolved while the remaining 3 were answered by the company but di not receive a final response from the merchant.

What Merchants Say

Electronic Payment Exchange has also received 2 negative informal reviews on its BBB profile, which describes difficulty with the company’s customer service department aiding in closing their account:

Be careful when signing up with EPX. When you give them access to your accounts, they’ll help themselves. April 2019 – We called the representative that signed us up and trained us on the equipment, to cancel our account. She told us that they would cancel the account and get a box sent to us to send our machine back. September 2019 – Never received the box and notice we’ve been charged $304.50 in charges for May-September. Called the rep. again. They said, “Oh they didn’t cancel it? I’ll get the charges reversed and get a box sent over to you”. November 2019 – No more charges are coming out, but notice I still haven’t received the $304.50 back. I call my rep. I leave voicemails, texts, and e-mails. No response. I call customer service. They tell me I need to go after my rep. since they’re the ones that promised me a charge back. December 2019 – Still can’t get a hold of our rep. January 2020 – We see a charge for $895 from EPX on Jan. 2nd. I call customer support. They inform me that it’s for the equipment charge since I never returned the credit card machine. I explained that I was still waiting for the return box. The customer service rep. then informed me that they do not send out return boxes and that I should have received an e-mail explaining that I had 10 days to return my equipment, and that there is no flexibility on this rule. We looked back through our inbox and spam and show no such e-mail (we don’t delete anything!). The customer service rep. now tells me that I need to go after the local rep. who promised the return box. This is the same rep. who EPX trusted to train us on the system, sign their agreements, and cancel our account for us. That same person incorrectly informed me on how to return the machine. EPX is more worried about keeping the $895 than they are about their integrity and reputation. I also spoke to another local business owner who initially recommended EPX to us. I asked if she still had an account with them. She told me no, but that she was still waiting for a return box for her machine. I asked her who told her she would receive a return box? She named the same rep. I told her she better check her account for an $895 charge. She’ll be calling EPX soon.

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 of an “A” 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 and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, 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 on this website.

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5 Reviews Leave Your Review for Electronic Payment Exchange Below

  1. Teresa Smith says:

    A representative for this company fraudulently opened a merchant services account for our organization several months ago. We alerted the company that the documentation was fraudulent and signatures were forged. The company acknowledge this and closed the account. Today we see that $895 has been taken out of our checking account because of equipment not being returned. They state that the equipment was sent to the agent (crook) and not us. We’ve called in and are being told they can’t just give our money back. We have never initiated or had any “legal” relationship with this company. We have NEVER provided our checking account info to them and NEVER given approval to add or deduct anything from our account. Now they say we have to wait to see “if” they can refund our money. This is insane and in my opinion illegal. They should go after the rep and not our innocent company. Unbelievable this company insists on following “policies” even though they acknowledge this as a “rare” and unusual situation. Terrible response to this clear error on their part. Will update if issue gets resolved either way.

    This post will help: Cancelling a Merchant Account Without Paying a Fee


  2. 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 ..

  3. 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.

  4. 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.

  5. 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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