Electronic Transfer Inc. Review

Category Breakdown
Sales & Marketing rated A
Costs & Contract rated A
Complaints & Service rated A
BBB Rating rated A plus

Overall Rating

"A" Credit Card Processor Rating


Electronic Transfer, Inc. (electronictransfer.com) has been a merchant account provider since 1989. The company offers processing services for a wide range of businesses, but one of its major specialties is payment processing for firearms dealers. The company operates GunMerchantAccount.com as a way to specifically market to gun vendors. Electronic Transfer, Inc.is headquartered at 3107 E. Mission Ave, Spokane, Washington 99202 and is an ISO/MSP of Westamerica Bank, Santa Rosa, California. Mike Knudtson is listed as the president of Electronic Transfer, Inc.

Electronic Transfer Products and Services Industries Served
  • Retail
  • E-commerce
  • MOTO
  • High risk
  • Firearms

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Sales & Marketing | A

Key Points – Sales & Marketing
Uses independent resellers? Yes
Promotes deceptive rate quotes? No
Discloses all important terms? No

Electronic Transfer appears to hire independent resellers, sub-ISOs, and agents to market its services. This is a standard practice within the industry that often results in an elevated complaint rate for a company, as it is difficult for any business to regulate the conduct of independent sales entities. In the case of Electronic Transfer, however, this hiring practice does not seem to have had a negative effect on its reputation. At the time of this update, we are unable to locate any negative Electronic Transfer, Inc. reviews that mention the company’s sales team. The company also does not appear to engage in any deceptive advertising strategies in its official materials.

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Costs & Contract | A

Key Points – Costs & Contract Terms
Swiped rate: Variable
Keyed-in rate: Variable
Termination fee: None
PCI compliance fee: Variable
Equipment lease: None

There is very little publicly verifiable information about the standard Electronic Transfer contract at this time. At the time of our last review, several older complaints reported a one-year contract with a $195-$295 cancellation fee, but a representative of the company has informed us that the company has not charged any annual fees or termination fees for the past two years. The same representative also stated that the company has not leased any equipment to merchants since 2002, and that merchants who utilize the company’s FastCharge payment gateway can cancel service at any time as long as they provide 30 days’ notice.

The company’s website advertises no annual fee, a $9.95 monthly statement fee, and a $10 monthly payment gateway fee. The rates and fees chart on the company’s website also lists a $0.25 transaction fee on both debit and credit payments, and it invites merchants to “call for new low rates” to learn about its discount rates for face-to-face sales. Usually, we would consider this type of generalized, unclear rate quoting to be either deceptive advertising or indicative of undisclosed high rates, but Electronic Transfer is showing zero complaints online that mention higher-than-expected rates or fees. A company representative has informed us that it is company policy to immediately refund merchants whenever fees are not properly disclosed.

In the absence of any information that contradicts the company’s advertised terms, we will assume that Electronic Transfer offers competitive rates and contract terms that are satisfactory to most merchants. If you have any knowledge of the standard Electronic Transfer contract (including any PCI compliance fees or monthly minimum fees), please leave that information in the comment section of this review.

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Complaints & Service | A

Key Points – Complaints & Service
Total complaints: <10
Live customer support? Yes
Most common complaint: N/A

A review of several consumer protection websites does not uncover any Electronic Transfer reviews that describe the company as a ripoff or a scam. In fact, we mostly found positive consumer testimonials about the company, although nearly all of these were unverified. For a company that has been in business since 1989, this is a remarkably low complaint volume. It seems likely that Electronic Transfer’s customer service department, which offers dedicated lines for general merchant support and specific complaints, is responsive enough to resolve all complaints in-house. An alternative explanation could be that Electronic Transfer’s partnership with numerous processors has resulted in complaints being funneled to the online profiles of those companies. Since we can find no evidence that this is actually occurring, we have awarded Electronic Transfer an “A” in this category.

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BBB Report | A+

Key Points – BBB Report
Product/service: 0
Billing/collection: 0
Advertising/sales: 0
Guarantee/warranty: 0
Delivery: 0

Since 2000, Electronic Transfer, Inc. has been an accredited business of the Better Business Bureau, and the company retains an “A+” grade at the time of this review. Electronic Transfer has not received any complaints in the past three years, but it does show four informal reviews posted to its profile. All four of these reviews are positive in tone. However, it is important to bear in mind that these informal reviews are not verified by the BBB. In light of this information and the fact that the company is not showing any complaints, we agree with the BBB’s rating of the company.

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Electronic Transfer, Inc. Bottom Line

Electronic Transfer, Inc. Review

Rated 4.6 out of 5 Stars
Reviewed by Phillip Parker
Reviewed on 2016-01-18

By all available indicators, Electronic Transfer, Inc. rates as an excellent merchant account provider. The company is showing no publicly available complaints and appears to offer better-than-average contractual terms.

This review was originally published on 6/25/12 and was last updated on 1/18/16.

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Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with Phillip

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