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In this review of Electronic Payments Inc. (EPI), we examine their rates, fees, and contract terms while highlighting key features like Exatouch® POS systems, loyalty programs, risk management, and support services. We also consider customer complaints, industry ratings, employee feedback, and EPI’s role in the Visa and MasterCard lawsuit settlement to give businesses a balanced view of the company’s reputation and reliability.
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.
Electronic Payments Inc. offers payment processing for major debit and credit cards across various business types. Their services include EMV/NFC payments, mobile solutions, virtual terminals, e-commerce solutions with recurring billing and auto-invoicing, cash discounts, QuickBooks integration, and data reporting and analysis.
The company provides Exatouch Point of Sale systems designed for businesses such as restaurants, retail stores, and service providers.
Electronic Payments Inc. offers technical support to help businesses quickly resolve issues. Their team of skilled professionals is available to provide comprehensive assistance.
The company collaborates with ISOs and agencies, offering products, services, and support to help sales partners expand their businesses using Electronic Payments Inc.’s platform.
Electronic Payments Inc. provides in-house risk management and underwriting services, giving businesses direct access to decision-makers in these areas.
The company offers gift and loyalty card services aimed at enhancing customer loyalty and promoting a business’s brand.
An in-depth analysis has revealed approximately 15 negative reviews for Electronic Payments Inc. (EPI), where the company is accused of engaging in misleading practices. Given the extent of EPI’s market activity and its years in operation, the volume of such complaints remains modest. Predominant issues highlighted by customers include inaccurate billing, undisclosed termination fees, obstacles in service cancellation, and subpar customer support. Often, complaints regarding sales practices are attributed to external agents, yet there are instances where EPI enforces contract terms despite allegations of misrepresentation from clients. Your experiences and reviews of Electronic Payments Inc. are invaluable; please share them in the comments section below.
The proactive engagement of Electronic Payments Inc.’s CEO with most posted complaints underscores the company’s dedication to its public reputation. Noteworthy is EPI’s establishment of an ombudsman email (ombudsman@electronicpayments.com), expressly for gathering both commendations and criticisms from merchants—a practice not widely seen, even among top-ranked merchant service providers. This approach has notably enhanced EPI’s standing within the merchant community.
| PaymentPop | 3 |
|---|---|
| BBB Rating | 5 |
| Google Maps | 4 |
| Average Rating | 4.5 |
They captured your credit card info before going to the vendor. That alone is a $5 fee. Once captured the offer is for $55 monthly service helping you navigate the internet.
I have worked with EPI as an ISO for approximately 15 years. I am not a very large sales organization but that makes no difference to all the support persons and staff at EPI. Since day one they have provided me with whatever help I needed when I needed it and it has only gotten better. I would never be able to give my customers the help and support they need if I didn’t get the help and support that EPI provides for me. I have a great relationship with my clients and I feel I have the same great relationship with EPI.
Electronic Payments is accredited by the BBB since 3/12/2010 and holds an “A+” rating. The company has been in business for 23 years. There is only one customer review on the BBB website for Electronic Payments However, there are 2 customer complaints closed in the last 3 years, with none closed in the last 12 months.
On a previous update the BBB profile had the following user review but it has since been removed.
Pam K***** represented herself as a representative of Electronic Payment Inc to us and offered us a POS system in February 2021. She promised us free hardware, free setup, and free training to our employee. She asked us to sign a Purchase/Supply order on her iPad. The company supplied the hardware but not the data file. We provided her inventory data for more than 5000 items. Then the company took more than six weeks to install our inventory data. Our employees spent more than 60 hours as per instructions of Pam K*****. She also visited several times to see if the POS can be set up to work, we returned the hardware as told by Pam now company wants us to pay $500. There is no invoice, debited money from bank account and now threatening to go to a collection agency to recover $500. The POS did not provide all the functionality Pam had promised. The company did not provide the service that was promised and needed by us. – Complaint from June 8, 2021
There are no positive reviews published about Electronic Payments, Inc. on the BBB website.
Electronic Payments has a 4 out of 5 star rating based on 54 user reviews on Google Maps.
I have to say this company is fantastic! As a sales office, support, cost and product is always at the top of the list. They deliver everywhere and their customer service makes you look like a hero. Highly recommended!
Ignores emails, ignores phone calls, refuses to close my account. Lucky for me they ignored me so i looked for another processor and now my rates are 40% lower than electronic payments
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.
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.
No major class-action lawsuits or Federal Trade Commission (FTC) complaints against Electronic Payments Inc. have been identified through our research. Merchants looking for resolution without resorting to legal action are encouraged to report their concerns to relevant oversight organizations.
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.
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.
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.
Compare Electronic Payments Inc. (EPI) to competitors that earned top marks.
EPI generally performs adequately as a credit card processing provider, making it a viable option for many businesses. However, a significant caveat exists as the bulk of complaints regarding EPI stems from the nondisclosure of important fees and contract terms. Business owners considering EPI should meticulously review all contractual details before committing, ensuring they fully understand the financial and operational implications of the agreement.
To enhance its market standing and customer satisfaction, EPI could benefit from abolishing its Liquidated Damages cancellation fee, a change that would likely lead to a reduction in customer grievances and improve its reputation. Moreover, by continuing to work on decreasing its overall complaint rate, EPI can solidify its reliability as a merchant service provider. Businesses in the process of selecting a merchant account should also take the time to compare EPI’s pricing and contract terms with those of top-rated credit card processors to ensure they are receiving the most competitive offer.
| CEO and Co-founder | Michael Nardy |
|---|---|
| Headquarters | 7800 Congress Ave, Suite 112 Boca Raton, FL 33487 |
| Toll-Free Customer Support | (800) 966-5520 |
| Contact Support | Online Support Form |
| Website | electronicpayments.com |
