Element Payment Services Review

We are currently able to locate five Element Payment Services negative reviews, although none of these refer to the company as a ripoff or a scam. Nearly all of the complaints report billing errors, unexpected fees, poor customer service, and difficulty cancelling service. Element’s decision to add an annual fee of $199 for all merchants in August 2014 also seems to have resulted in a moderate uptick in complaints since our last review. The Element Payment Services website provides dedicated phone and email support contact information, but these channels may be partially serviced by Vantiv.

Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.

Element Payment Services is showing Better Business Bureau accreditation since 2005 and currently boasts an “A+” BBB rating. The company has had 14 complaints filed in the last 36 months. Ten were related to billing and collection, while four were related to problems with the product or service. All of these complaints were resolved with BBB assistance. Element has also received one negative review and one neutral review, although it should be noted that these reviews are not subject to verification by the BBB. Since it is our philosophy that “A+” ratings should be reserved for companies with zero complaints, we have slightly adjusted the BBB’s grade to a “B+.”

The standard Element Payment Services contract (available below) is a three-year agreement through Vantiv with automatic renewal for two-year terms, a Liquidated Damagesearly termination fee, and either Interchange-plus or tiered pricing. At this time, we cannot confirm specifics regarding other fees, such as PCI Compliance fees, monthly minimum fees, or rate structures. However, some merchants have reported that the company added a $199 annual fee in August of 2014.

The Liquidated Damages clause found in this contract is uncommonly complex, and it charges two different amounts upon termination depending on whether the merchant is on an Interchange-plus or tiered pricing plan. For Interchange-plus merchants, the company takes the average monthly fees assessed during the merchant’s three most expensive months of service and multiplies that amount by the number of remaining months in the merchant’s contract. For merchants who are on a tiered pricing schedule, the company takes the same three-month average, subtracts 2% of the merchant’s average monthly sales dollar volume, and then multiplies that amount by the number of remaining months in the merchant’s contract.

In light of the company’s complicated termination penalty and long-term agreement, we have scored Element’s contract terms a “D.” See the Element Payment Services Terms and Conditions.

Element Payment Services rates as an above average merchant services provider according to our rating system. The company is showing only a few complaints outside of the BBB but has seen an increase in complaints filed with the BBB. Element’s recent acquisition by Vantiv appears to have changed some of its policies and contract terms going forward, so merchants are advised to read their contracts carefully and ensure that they understand all rates and fees.