Is Elavon Merchant Services Right For Your Business?
Elavon, a subsidiary of U.S. Bancorp, is a significant player in the payment processing industry. With over two decades of experience, Elavon processes more than 5.5 billion transactions annually and supports payments in 121 currencies. The company offers a comprehensive suite of payment solutions that cater to various business needs, including in-person, online, and mobile payment options.
Payment Solutions Offered by Elavon
In-Person Payments
Countertop Terminals: These terminals support chip-and-PIN, contactless, and mobile wallet payments, making them ideal for retail businesses.
Portable Terminals: Designed for the hospitality sector, these terminals allow payments at the table, enhancing customer convenience.
Mobile Terminals: Perfect for businesses on the go, mobile terminals enable payments using mobile networks.
Online Payments
Payment Gateway: Elavon’s gateway supports secure online transactions and integrates seamlessly with eCommerce platforms.
Virtual Terminal: This feature enables businesses to process payments over the phone or via mail orders.
Integrated Payments
POS Systems: Elavon’s POS systems offer inventory management, sales reporting, and customer management features.
ePOS Solutions: Tailored for specific industries like retail and hospitality, these systems integrate with existing business setups.
International Payments
Multi-Currency Processing: Allows businesses to accept payments in multiple currencies, beneficial for international operations.
Dynamic Currency Conversion: Offers customers the option to pay in their home currency.
Pricing and Fees
Elavon’s pricing structure is complex and varies based on business size, transaction volume, and industry. Common fees include:
| Fee Type | Cost Range |
|---|---|
| Setup Fees | Variable (based on setup) |
| Monthly Terminal Rental | £10 – £30 |
| Transaction Fees | 1% – 2.5% per transaction |
| PCI Compliance Fee | Additional charges may apply |
| Chargeback Handling Fee | Additional charges may apply |
Elavon’s pricing transparency has been a point of contention, with many users reporting undisclosed fees during the signup process. Therefore, it is crucial to thoroughly review the contract and understand all potential charges before committing.
User Feedback
Positive Feedback
Reliability: Users appreciate the reliability and uptime of Elavon’s services.
Customer Support: 24/7 support and dedicated account managers are available, although the quality of service can be inconsistent.
Wide Range of Payment Methods: Supports various payment methods, including mobile wallets and digital currencies.
Negative Feedback
Customer Service Issues: Many complaints about poor customer support and difficulty in resolving issues.
Hidden Fees: Reports of unexpected fees not disclosed upfront.
Performance and Reliability
Elavon is known for its high-performance standards, processing transactions quickly and securely. The company adheres to PCI-DSS standards, ensuring robust data security and fraud protection. Its global presence and multi-currency support make it a strong contender for businesses with international operations.
Conclusion
Elavon offers a broad spectrum of merchant services, suitable for businesses of various sizes and industries. While the comprehensive service offerings and global reach are significant advantages, potential customers should carefully review the contract terms and be aware of potential hidden fees. Businesses that require extensive support and transparent pricing might need to consider these aspects when choosing Elavon as their payment processing provider.
