Electronic Transfer Inc. Review

Electronic Transfer Inc. Overview

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Payment Processing for Gun Dealers

Electronic Transfer, Inc., also known as Fash Charge and Electronic Merchant Systems, 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 owns GunMerchantAccount.com as a way to specifically market to gun vendors.

Headquartered in Spokane, Washington

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 Inc. Review Table of Contents

  • Costs & Contract: Electronic Transfer Inc. appears to offer variable contract terms depending on each merchant’s needs.
  • Complaints & Service: Electronic Transfer Inc. has received fewer than 10 public complaints.
  • BBB Rating: Electronic Transfer Inc. currently has an “A+” rating and has received 0 complaints and 2 reviews in the last 3 years. The company has been accredited by the Better Business Bureau since 2000.
  • Sales & Marketing: Electronic Transfer Inc. appears to hire independent sales representatives but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Electronic Transfer Inc.

Electronic Transfer Inc. Statement Analyzer

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Products & Services Offered

Types of Businesses Served

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

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Electronic Transfer Inc. Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99% + $0.25
Keyed-in Rate 1.00% - 4.99% + $0.25
Virtual Terminal Rate 1.00% - 4.99% + $0.25
Statement Fee $9.95 Per Month
Gateway Fee $10 Per Month
Early Termination Fee None
PCI Compliance Fee Undisclosed
Equipment Lease Terms None

Month-to-Month Agreement

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 Electronic Transfer’s website claims the company offers a month-to-month agreement and does not charge any setup fees.

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.

Electronic Transfer Inc. Pricing

At the time of our last update, the company’s website advertised no annual fee and a $9.95 monthly statement fee. The rates and fees chart on the company’s website- which is not currently visible- also listed a $0.25 transaction fee on both debit and credit payments, and it invited 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.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Electronic Transfer, Inc. also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. Exact rates are not disclosed but the company does charge a $10 monthly gateway fee. Additional rates and fees including technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Satisfactory Contract Terms

In the absence of any information that contradicts the company’s advertised terms, we will assume that Electronic Transfer offers competitive rates in comparison to low-cost merchant accounts and that its contract terms that are acceptable 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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Response from Electronic Transfer Inc.

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Electronic Transfer Inc. Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Volume

A review of several consumer protection websites does not uncover any Electronic Transfer Inc. 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.

Electronic Transfer, Inc. Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Electronic Transfer Inc. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Electronic Transfer, Inc. Customer Support Options

It seems likely that Electronic Transfer Inc.’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 Inc.’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; its support department appears to function at a level close to top-rated payment processors for customer service.

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Response from Electronic Transfer Inc.

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Electronic Transfer Inc. BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

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.

An “A” Performance Overall

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. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Electronic Transfer Inc.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Resellers and Outside Agents

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 Electronic Transfer, Inc. complaints that mention the company’s sales team.

No Misleading Advertising

The company also does not appear to engage in any deceptive advertising strategies in its official materials. If you are concerned that Electronic Transfer is overcharging you, however, we recommend seeking a third-party statement audit to eliminate hidden fees.

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Response from Electronic Transfer Inc.

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Electronic Transfer Inc. Logo

Our Opinion of Electronic Transfer Inc.

Reliable Option for Standard- and High Risk Merchants

By all available indicators, Electronic Transfer, Inc. rates as a reputable merchant services provider for standard- and high-risk businesses. The company is showing no publicly available complaints and appears to offer better-than-average contractual terms. Electronic Transfer, Inc. is an ideal choice for merchants seeking a gun-friendly credit card processor, but merchants operating in other high risk industries should compare the company’s contract terms and rates to other top-rated high risk payment processors.

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Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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2 Reviews Leave Your Review for Electronic Transfer Inc. Below

  1. Gail Landi says:

    Also known as Signature Card Services
    Absolutely this company and all of their employees are absolutely amazing to work with. They will jump through hoops to get you a great rate and to get you up and running as soon as possible. Do you believe in this day and age that every time I call a human being picks up the phone. And they are so knowledgeable, professional and friendly. I have dealt with many credit card processing companies in the past with my 30+ years in retail business and I am thrilled with this company. Do yourself a favor and try them out, you will not be disappointed. Thank you Naomi, Travis and Sherry, JOB WELL DONE!

  2. mario says:

    their application states a $295 cancellation fee. Their gateway monthly fee is now closer to $11.

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