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Electronic Payments Inc.: Card Processing Reviews & Complaints
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Electronic Payment Inc. is a Calverton, New York-based merchant account provider that was founded either in 1998 or 2000, depending upon the source. The company has been growing considerably in the last few years and claims to process over $3 billion in transactions for over 25,000 merchants across the U.S. There is some evidence that Electronic Payments Inc. uses First Data (now Fiserv) as its backend processor. In 2022, Valor PayTech announced integration with Electronic Payments Inc.
Before we dive in, here’s a short summary of what we’ll cover:
- Electronic Payments Inc.’s various payment processing services.
- The company has received very few complaints in recent years but has a record of previous complaints.
- EPIS’s contract appears to contain some expensive fees.
Electronic Payments Inc. Payment Processing
Electronic Payments Inc. processes all major debit and credit cards for most business types. Their services include EMV/NFC payments, mobile solutions, access to virtual terminals, e-commerce solutions including recurring billing and auto-invoicing, cash discounts, QuickBooks integration, and data reporting and analysis.
Point of Sale (POS) Systems
The company offers Exatouch® Point of Sale systems that are tailored for different types of businesses such as restaurants, retail stores, and service businesses. These systems aim to streamline operations and improve customer experience.
Electronic Payments Inc. provides technical support to help businesses resolve issues quickly. They emphasize that their team of skilled professionals is available to provide next-level service.
The company offers opportunities for ISOs and agencies to build their businesses on Electronic Payments Inc.’s platform. They provide various products, services, and support to help sales partners grow.
Risk Management and Underwriting
Electronic Payments Inc. has in-house risk and underwriting services. This means businesses have direct access to decision-makers for these aspects.
Gift and Loyalty Programs
The company also offers gift and loyalty card services. These services are designed to improve customer loyalty and extend a business’s brand.
Location & Ownership
EPI is a registered ISO of Wells Fargo Bank, Concord, CA, and Commercial Bank of California, Los Angeles, CA. EPI’s website lists its address as 7800 Congress Ave, Suite 108, Boca Raton, Florida 33487, which contradicts other sources placing the company at 1161 Scott Ave Calverton, New York. Michael Nardy is the company’s founder and CEO.
Table of Contents
- Costs & Contract: Appears to offer a multiyear contract through…
- Complaints & Service: Complaints number more than 15 on…
- BBB Rating: Has an “A+” rating and has received…
- Sales & Marketing: Appears to hire independently contracted agents and has received…
Electronic Payments Inc. (EPI) Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||15+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
Low Complaint Total
We are currently able to locate approximately 15 negative Electronic Payments Inc. reviews, some of which accuse the company of being a ripoff. This is a low number of public complaints for the company’s size and time in business, and most of the negative Electronic Payments Inc. reviews can be found in our comment section below. Common issues cited in these Electronic Payments Inc. reviews include improper billing, nondisclosure of termination fees, difficulty canceling service, and poor customer service. It seems that outside agents may bear most of the blame for the sales complaints; however, EPI appears to enforce the agreement in some cases even when clients report that they were deceived. If you have your own Electronic Payments Inc. review to make, please do so in the comments below.
Electronic Payments Inc. Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Electronic Payments Inc. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Electronic Payments Inc. Customer Support Options
The company’s CEO has earnestly responded to most of the complaints below this review, and it appears that EPI takes its public image seriously. In fact, the company has established an email address ([email protected]) that it states is specifically devoted to fielding positive and negative merchant feedback. This option isn’t even available at some of the top-rated merchant accounts for great customer service, and it seems to have been a positive development for EPI’s public reputation.
Electronic Payments Inc. Customer Service Number
- (800) 966-5520 – Toll-Free Customer Support
Other Support Options
- Customer support form on its website
Electronic Payments Inc. (EPI) Online Ratings
Here's How They Rate Online
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Under 10 Complaints
As of this review, the Better Business Bureau is reporting that EPI has been accredited since 2010. Currently, the report states that EPI has an “A+” rating with 2 complaints filed in the last 36 months. Both were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant.
What Merchants Say
The company is currently showing no informal reviews on its BBB profile. A previous negative review described being charged for equipment they never received:
Stay away from these crooks!!! This company sent a sales rep that sold me on a clover system with $500 down and never gave me the merchandise. The rep gave me a runaround for three months and the went into hiding. We continued to try to locate and the received a collection notice from electronic payments for not paying for the system we never got. I contacted them and told them that we never got equipment and they said they would investigate. I’m the meantime I got same equipment from my Suntrust rep. Seven months went by and I still got the run around. Finally after my bank account was debited over $2000 over said time I got ahold of someone at electronic payments who actually looked into it and emails account rep. I got an email today saying account rep not electronic payments would be refunding me the stolen funds. Electronic payments said I had to collect from sales rep. But it was electronic payments that was debiting funds from my account for 7 months. I have started a case with the Florida attorney Generals office and pasco county states attorneys office.
EPI responded with the following comment:
Thank you for the feedback. We do not send sales reps as described. We did not charge nor debit the merchant for $500. $500 is not listed on our paperwork as a charge of any kind. The merchant enrolled in the Clover Placement Program whereby they receive a Clover station for a low monthly fee and do not have to pay up front and incur no cloud fees. The merchant signed paperwork and received the equipment. Our paperwork explicitly details what the costs for this program are and when it will be billed. Cards were processed on the merchant’s account in February 2019 and April 2019 and then equipment was returned to us in September 2019. The merchant received these deposits into their bank for payments processed. The only charges were for the monthly equipment program during the time the equipment was in the field and not at our shipping facility and any applicable processing fees. There were no account cancellation fees charged and $500 was not a fee charged or collected by Electronic Payments. If the customer has a voided check or proof of payment of $500, please email ******************************** so we can immediately look into this further and provide additional resolution. Our customer service phone number is listed on every mailed statement and our contact information is available in several forums through a simple web search. The merchant paid $731 in fees for the equipment program, not $2000. Merchant paid an additional $328.77 in processing fees on the invoices from February 2019 to September 2019 for processing on the account. Total debited over the year was $1059, not $2000.
Clients in this position can benefit from taking the steps to cancel their accounts without paying a fee.
A “B” Performance
Given the company’s complaint total and its resolution ratio, we have adjusted the BBB‘s rating to a “B.”
Electronic Payments Inc. (EPI) Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%|
Based on client reports and the company’s program guide, it appears that the standard EPI contract is 3 years with an early termination fee (ETF) of $250 or a liquidated damages-style termination fee that is calculated by multiplying $35 by the number of remaining months in the contract. The company also appears to charge a PCI non-compliance fee of $20 per month plus $150 per year, but it does not seem to charge compliant businesses a PCI compliance fee. The company’s program guide mentions a monthly minimum fee of $25, but this may be subject to variation. A company representative has confirmed that the ETF may not be applicable in some cases, specifically if a business allows EPI an opportunity to attempt to match a competitor’s quote before canceling.
Agents Can Adjust Pricing
Regardless of the company’s termination policy, the costs in its standard contract are potentially more expensive than industry averages. The Electronic Payments Inc. rates are certainly more expensive than those offered by budget-friendly merchant accounts. We have seen posts from the company’s former and current employees that suggest that EPI’s independent agents have a great deal of freedom to alter contract terms such as early termination fees as they see fit. If you have any experience with EPI’s fees, please share it in the comment section below this review. We also encourage business owners to check out our list of the providers of the best merchant accounts.
Electronic Payments Inc. (EPI) Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
Outside Sales Team
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 is not suffering the proportionately high complaint volume usually found with most other providers that use this strategy. The company sells through dozens of sub-ISOs, which may use their own advertising and sales tactics. This does not compare favorably to our list of best credit card processors. For this reason, businesses are advised to thoroughly research any organization selling EPI merchant accounts, as decisions made by the reseller could affect the service experience.
Value-Added Service Provider
The company’s website dedicates a page to the value-added services it provides to clients. These solutions optimize merchant accounts beyond facilitating payment processing. Notably, Electronic Payments Inc. provides clients with cash advances, financing, and reporting tools. Additionally, the American Express OptBlue Program, ProCharge, and Vault Plugins are offered by the company. Those services facilitate processing AmEx payments as well as integrating payment processing software with QuickBooks tools.
No Misleading Quotes
EPI itself does not practice any deceptive tactics that are apparent to us. However, if you suspect that the company is slipping fees into your monthly statements, we recommend seeking a third-party statement audit to find and eliminate hidden fees.
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