Electronic Transfer Inc. Review

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Electronic Transfer Inc. Logo
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. Logo

Electron Transfer Inc. Logo

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 the president of Electronic Transfer, Inc.

Electronic Transfer Products and Services:

Industries served:

  • Retail
  • E-commerce
  • MOTO
  • High risk
  • Firearms

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.

[Related: Get rate quotes from “A” rated merchant account providers right now]

Costs & Contract | A

Key Points – Costs & Contract Terms
Swiped rate: Variable
Keyed-in rate: Variable
Termination fee: $195-$295
PCI compliance fee: Variable
Equipment lease: Variable

There is very little verifiable information about the standard Electronic Transfer contract at this time. As of our last review several complainants reported a one-year contract with a $195-$295 cancellation fee, but a representative of the company stated that the cancellation fee can be waived under many circumstances. In any case, the fee does not appear to an issue for most merchants.

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 rates or fees. In the absence of any information that contradicts the company’s advertised terms, we are forced to assume that Electronic Transfer offers competitive rates and contract terms that are satisfactory to most merchants and that it merely does a poor job of communicating the exact nature of these terms. 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.

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’s entirely possible 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.

[Related: Get matched with a provider with “A” rated customer service]

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. Three of these reviews are positive in nature, while the fourth is a negative review that describes difficulty cancelling the service. 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.

Bottom Line

Electronic Transfer, Inc. Review

Rated 4.6 out of 5 Stars
Reviewed by Phillip Parker
Reviewed on 2015-02-12

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 2/12/15.

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