Founded in 1994 by John Dorsey, Electronic Payment Systems (eps-na.com) is a midsize merchant account provider based in Englewood, Colorado. In addition to offering credit card processing services, Electronic Payment Systems (EPS) also provides a variety of other business financial services including a self-branded ACH payment plan service called EZ Payment Plan (formerly EPS90). This service allows merchants to offer a 90-day payment plan to customers and appears to be mentioned in many merchant complaints against the company. John Dorsey is listed as the CEO of EPS, which is a registered ISO/MSP of Esquire Bank.
In July 2017, the FTC filed a complaint against Electronic Payment Systems and several of its sub-ISOs alleging that the company’s employees knowingly laundered payments for a fraud scheme called “Money Now Funding.” The FTC stated that EPS and its sub-ISOs opened nearly two dozen merchant accounts under a number of fake business names to spread chargebacks across multiple accounts and avoid triggering Visa and MasterCard’s fraud monitoring systems. In March 2018, the FTC separated EPS from the other defendants, who settled for $1.3 million a few days later. The outcome of the complaint against EPS is still pending.
- Sales & Marketing: Electronic Payment Systems appears to hire independent sales agents and has received a moderate-to-high number of complaints about its sales practices.
- Costs & Contract: Electronic Payment Systems offers a multi-year contract with an early termination fee of $295 or more.
- Complaints & Service: Electronic Payment Systems has received more than 100 public complaints.
- BBB Rating: Electronic Payment Systems has an “A” rating with the Better Business Bureau and has received 40 complaints in the last three years.
- Rates & Fees: How Merchants Got The Best Rates With Electronic Payment Systems