Elite Payment Processing was introduced in 2007 and currently have its headquarters in Fort Lauderdale, Florida. The company serves as a reseller for most payment processing companies out there. Elite Payment Processing is also an ISO/MSP of Merrick Bank and Wells Fargo Bank.
Elite Payment Processing Review and Overview
The company is known to specialize in working with global merchants who operate retail stores. The company also works with merchants accepting payments in multiple currencies. As per the official website of the company, Elite Payment Processing puts great emphasis on the formation and maintenance of personal relationships with merchant consumers.
Elite Payment Processing is capable of offering merchants POS systems, EMV swipers, mobile-based payment processing solutions, e-commerce solutions, and so more -depending on the individual needs of the merchants. Currently, the company has been in operation since 2007 and Bryan Facterman is the President.
Review Based on Services Offered by Elite Payment Processing
Elite Payment Processing is capable of processing all types of credit and debit cards for most businesses. The e-commerce aspect of the company provides access to transaction recycling, dynamic descriptors, recurring billing, online reporting, level 2 & 3 B2B processing, batch processing, virtual terminals, and so more.
- Hardware & Software: Elite Payment Processing offers assistance to retail merchants when it comes to obtaining accessories, terminals, and POS or Point of Sale systems. In turn, it further offers assistance in operating the retail gateway for customer-centric purchases and payments. While Elite Payment Processing does not have its own set of equipment, it partners with other leading companies in order to provide compliant hardware and software.
Merchants who have access to an existing POS system can effectively integrate with the software solution of Elite Payment Processing. It allows merchants to accept different forms of payment. The company does provide mobile-based and tablet payment processing solutions at the same time. Elite Payment Processing is also known to offer dedicated solutions for transactions featuring a card-not-present facility for e-commerce merchants and merchants requiring the processing of MOTO orders.
- Value-added Services: Elite Payment Processing comes forth with a fraud prevention system to include features like 3D security, chargeback management, and fraud manager. The official website of the company also features a separate resources page that offers assistance to merchant customers with the help of in-depth information related to payment processing.
- Support Payment Services and Types: Elite Payment Processing provides payment processing solutions for allowing merchants to ensure the acceptance of different types of payments like debit cards, credit cards, Visa, Mastercard, Discover, American Express, MOTO, and even checks. Additionally, Elite Payment Processing also enables its merchant customers to ensure the acceptance of payments in over 60 currencies.
Elite Payment Processing Review Based On Complaints
At the moment of the update, there has been no evidence of complaints about Elite Payment Processing on consumer protection portals or websites. The contact page of the company features a long list of previous processors. Therefore, there is a possibility that there are other companies responsible for handling the customer support services for Elite Payment Processing.
Therefore, there is also a possibility these different companies might absorb the customer complaints regarding Elite Payment Processing on their individual online profiles. As it is almost impossible to track whether or not it is taking place, it can be reasonably assumed that the spotless record of Elite Payment Processing is the outcome of its outstanding department handling customer support services.
As far as BBB rating is concerned, Elite Payment Processing is not accredited by Better Business Bureau. Still, the company maintains its profile on the website of BBB. Still, it does not feature any rating. Moreover, there is no listing of any customer reviews or complaints. For Elite Payment Processing, you can come across only a single review on BBB stating that it is a profitable company.
Elite Payment Processing Pricing
You can come across some information concerning the fees and pricing structure of Elite Payment Processing. However, the company is expected to structure the merchant fees with respect to the total volumes processed, the overall risk level, and the duration for which they have been operational in business. Some important information related to the pricing structure of Elite Payment Processing is:
- Virtual terminal fee -2.90 percent + $0.30 for every transaction
- Batch fee -$0.10.
- Gateway fee -$25
- PCI compliance fee -around $19.95 every month
- Early termination fee -around $495
With Elite Payment Processing, you can also get access to level 2 & 3 processing for both B2G and B2B transactions. Both types of transactions will feature varying interchange rates. There is no information related to the interchange rates on its website.
Payment Gateway & Virtual Terminal Pricing
Along with reselling the existing contracts, Elite Payment Processing also reveals costs related to virtual terminals and payment gateways for merchants. These services will mostly feature dedicated gateway fees along with additional costs for ensuring membership costs and technical support. The official website of Elite Payment Processing does not reveal information about these fees.
Still, the website of the company indeed lists the company in the form of a preferred reseller for Authorize.net. The gateway fee, in this case, is around $25 every month. Payments processed through the payment gateway of Authorize.net are also subject to the rate of 2.9 percent, along with a $0.30 fee and a batch fee of $0.10.
In addition to this, Elite Payment Processing has its rights reserved to modify the existing terms and conditions -because it serves to be a preferred reseller. The ability to modify the existing terms & conditions depicts the overall importance of knowing how to negotiate reduced fees and prices.
Payment Processing Terms & Contracts by Elite Payment Processing
There is minimal information online regarding the contract of Elite Payment Processing with its merchant customers. There are chances that the terms could be variable -depending on the type of merchant customer requesting the respective products and services.
Equipment leases offered by Elite Payment Processing mostly depict varying terms in comparison to payment processing contracts. There is a possibility that the terms of the equipment lease of the company could be available for 2 years.
Setup & Support by Elite Payment Processing
Currently, there is no information on how long it might take merchants to set up accepting payments from customers through Elite Payment Processing. The merchants who make use of payment gateways and virtual terminals by the company can get started within a span of one to two days. Those who wish to integrate with the ongoing virtual terminals or POS systems of the company or need new equipment might have to wait longer.
The official website of Elite Payment Processing has access to a dedicated Contact page for allowing customers to fax, call, or email about any potential issue that they might encounter. There is the presence of dedicated email addresses as well for sales, information, and service. There is also the delivery of live support on the website that can be accessed 24/7.
Advertising and Sales by Elite Payment Processing
Elite Payment Processing makes use of a combination of outside and inside sales agents to market the respective products and services. The company hires independent contractors as well. There is proof that Elite Payment Processing makes use of relevant telemarketing strategies. There is an absence of reviews online stating any misleading or deceptive sales tactics by any outside sales agent.
However, in our Elite Payment Processing review, one recent complaint in the review’s common section had been posted by a sales agent within the company. According to the sales agent, there has been pressure from the company to purchase leads from the company at a higher cost with minimal returns on the overall investment. The respective issue might have a minimal impact on the overall merchant experience. However, it is important to know that it could affect the sales operation of the company.
Conclusion
As per our Elite Payment Processing review, it can be stated that the company has been successful in rating as a great merchant service provider. There are mere complaints regarding the products and services of the company. Moreover, there is no sign of anything deceptive about the manner in which the company tends to advertise itself. Even while dealing with other credit card processors rating high by common standards, it is recommended that merchants should carefully go through the terms & conditions of any existing contract while comparing the prices to the best overall providers.
