Complaint Review: Elavon Merchant Services - NOVA Information Systems - Atlanta Georgia

I have been using Costco/Nova/Elavon for about 6 years and during that time I have had zero.... that is 0 problems. I am a small business man and run anywhere from 0 to $20,000 monthly through this system and I may mention that my charges are all phone charges which supposedly involves higher rates... and so far I am very satisfied with them. I have been approached by several other card runners but the difference in the bottom line cost is just not that great and my thought is..... "if it ain't broke, don't try to fix it". You want a simple way to figure your bottom line just take the total fees (including your machine rental or cost) and divide that by the total sales; period... mine is running a consistent overall 2.2%... overall I just don't think the difference with anyone else is gonna make me change, especially with all the reports I am reading with the other companies.

Some of Elavon's partner banks and independent sales organizations have a price match gaurantee.  I know US Bank does as of last fall for new accounts. Having said that, the early termination fees they charge are among the lowest in the industry.  Some of First Data's are over $500 and I've seen some competitors that charge the minimum discount and statement fees prorated through the end of the term so the cancellation costs over $1000.  Elavon is anywhere from $75-295 tops depending on which sales channel you sign through.  Finally, they do have a retention department which will review your account on request as all processor companies do.  But you also have to know a little about the competitor offer.  There are TONS of offers out there that have rates which are not inclusive of the 4 main components of discount fees such as interchange, assessments, per item, and the processor's profit margin which typically is pennies on the dollar over cost.

I was defending Elevan, not criticizing them.  The person who wrote the original report was erroneous in their comments about unfair Elevan business practices and all I was doing was presenting situational questions and presenting possible answers why this merchant was being changed.  I agree, it's all in his contract that he signed and I pointed that out in my original post.

I have no problem with Elevan as a company, their quality of service, people, or their business practices.  It's a great company and in my 12 years there, I learned a lot of valuable information and met many wonderful, talented people.  If I wasn't offered a higher paying job with better room for advancement at another company, I'd still be working for them.  I don't know what proof I was expected to provide as a former employee, but here goes.  Elevan, formally NOVA Information Systems, is headquartered in Atlanta GA and is owned by US Bancorp.  Their Atlanta offices are located in a north perimeter office park in a low rise blue glass building directly across the pond from the Westin.  They have an operations center in Knoxville, TN that used to be a K-Mart.  Although owned by US Bancorp, Elevan does contract with a variety of other banks to perform merchant acquirer services.  USB is headquartered on Nicollet Mall in Minneapolis just a couple of blocks down from Marshall Fields (formerly Daytons) where Mary Tyler Moore was seen tossing her hat into the air during the opening credits of her show.  Their Minneapolis MPS offices were on the 18th floor of the US Bank Plaza (formerly the Pillsbury Center), but they may have moved since I resigned. Sorry, can't remember the color of the carpet.

You are full of crap.

My guess is you're a competitor. You did not provide any real examples of working with them, so, you probably never have. They are very fair, just because you are ignorant and too lazy to READ YOUR CONTRACT, that is your choice.  How big does print have to be? All contracts are in small print. duh. Elavon is really good, and should be your first choice.

I don't work for them, I just know what great service they provide, the excellent rates they offer.

You did not mention if the closing fee was imposed because you chose to close the account before the contract expiration date.  If you did close the account before the term was up, a fee is not uncommon in the industry and as you wrote, it was disclosed to you.  Pricing is based on volume, average transaction and mode of processing.  All Processors are billed the exact same Interchange and Association fees from the the Card Associations and these exact fees are passed through to the merchant at every single merchant processor.  Each company will have their own processing costs to maintain through fees to the merchant so it's a business decision as to who you think is presenting the cheapest pricing.  However, the lowest processing cost quoted may not necessarily be the most cost effective company to contract with. 

Real costs are involved in opening and maintaining accounts often times thousands of dollars a year.  Most processors will amorize these costs over the term of a contract.  If you close your account early, the processor is left underwater on your account and will charge you a penalty for breaking the term of your contract.

The reason Elavon probably said it would take at least 30 days to close your account (of which you would continue to pay) is because merchant accounts are not just shut off.  Your customers must be able to return goods or services and present chargebacks for a mandated period of time.  Elavon must continue to keep your account open to address these transactions.  Depending on your business and if delayed delivery is a factor, this process can take months.

Every fee you will be charged is disclosed on your contract.  A business owner must take responsibility for comprehending the entire contract, not just what they think their rate is going to be.  Good luck.

everything he reported happened to me as well. they will not negotiate or even discuss anything with clients. its like they are a plantation and you are the servants. they have full access to your bank account and will take full advantage.