Elavon

Elavon Payment Review

Elavon is a global payment processing giant, boasting services in over 30 countries. As an affiliate of U.S. Bank, it ranks among the top five payment processors worldwide. This comprehensive review dives into Elavon's offerings, strengths, weaknesses, and how it stacks up against its competitors.

Overview

Elavon's History and Background

Elavon's history stretches back to 1991 when it was established as NOVA Information Systems. Over the years, it has evolved into a formidable player in the U.S. credit card processing landscape, handling billions of transactions annually.

Key Milestones and Growth History

Elavon's journey has been marked by significant growth and expansion. The company has broadened its services to include international merchant services, enabling multi-currency transactions. Furthermore, it has seamlessly integrated with various e-commerce platforms and third-party services, enhancing its reach and convenience for businesses.

Regulatory Compliance and Licenses

Elavon operates within a strict regulatory framework, adhering to the regulations of various payment networks, including those mandated by PCI-DSS standards. This commitment to compliance ensures a secure and reliable payment processing environment.

Elavon demonstrates its commitment to security and compliance through its adherence to the Payment Card Industry (PCI) Data Security Standards and EMV (Europay, Mastercard, and Visa) chip card technology standards. These certifications provide assurance to businesses and customers that their sensitive data is handled securely.

Services and Products

Payment Processing Solutions

Elavon offers a comprehensive suite of payment processing solutions tailored to meet the needs of businesses of all sizes. From traditional card payments to mobile wallets and digital currencies, Elavon provides a diverse range of options to accommodate various business models.

Elavon supports all major debit and credit cards, ensuring widespread acceptance among customers. Additionally, it accepts mobile wallets like Apple Pay and Google Pay, catering to the growing trend of contactless payments. Elavon also excels in handling multi-currency transactions, making it an ideal choice for businesses with an international customer base.

Merchant Services

Elavon goes beyond basic payment processing and offers specialized services for specific industries like healthcare and restaurants. For healthcare providers, Elavon provides patient payment processing, mobile payment solutions, and customizable gift and loyalty programs. These solutions streamline operations and enhance the patient experience.

Elavon's merchant services offer a host of benefits for businesses. These include simplified ordering and payment processes, reduced wait times, and improved efficiency, particularly in high-volume environments. By optimizing payment workflows, Elavon helps businesses enhance customer satisfaction and streamline operations.

Digital Wallet and Mobile App

Elavon empowers businesses with convenient mobile payment options. Healthcare providers can utilize the Elavon MobileMerchant app to securely accept payments from any location using mobile devices. This mobility allows for greater flexibility and convenience in payment processing.

Key Features

Security and Fraud Protection

Elavon places a high priority on security and employs advanced protocols to safeguard transactions. Encryption and two-factor authentication (2FA) are implemented to protect sensitive information and prevent unauthorized access. Elavon's commitment to security instills confidence in both businesses and customers.

Elavon's robust security measures extend beyond basic protocols. The company actively combats fraud by adhering to the Payment Card Industry Data Security Standard (PCI-DSS) and utilizing EMV chip card technology. These measures work together to prevent data breaches and protect customer information.

Integration and Compatibility

Elavon seamlessly integrates with a wide range of e-commerce platforms and third-party services, making it a versatile payment processing solution. Its compatibility with platforms like Microsoft Dynamics 365, WooCommerce, Sage 50, Wix, NCR Aloha, and Oracle NetSuite ensures a smooth integration with existing business workflows.

Speed and Reliability

Elavon operates with a robust infrastructure that ensures fast, secure transactions. Its advanced technology supports contactless payments, mobile wallets, and in-app payments, delivering a seamless payment experience for both businesses and customers.

Pricing Structure and Fees

Transaction Fees

Elavon employs an interchange-plus pricing model. This means that transaction fees are determined by the card network (Visa, Mastercard, etc.) and the specific type of transaction. Elavon adds a markup to this interchange fee, which is generally transparent and clearly outlined.

Elavon's transaction fees vary depending on the method of payment:

Other Charges

Elavon also charges additional fees beyond transaction fees, including:

• Monthly Fee: $10
• Payment Gateway Fees: Up to $25
• Batch Fees: Undisclosed
• PCI Compliance Fees: $29 to $59 per month

It's important to note that Elavon's pricing structure can be complex, and these additional fees can add up significantly.

Customer Support

Contact Methods

Elavon offers customer support through various channels, including phone, email, and live chat. This provides businesses with multiple avenues to reach out for assistance. However, specific details on the availability of 24/7 customer support and multilingual assistance are not explicitly mentioned in the sources.

Pros and Cons of Elavon Payment

Pros

• Dedicated Merchant Accounts: Elavon provides dedicated merchant accounts, offering businesses a separate account for processing transactions. This can improve financial management and provide greater control over transactions.
• Contactless Payment Terminals: Elavon offers contactless payment terminals, accommodating the growing preference for tap-and-go payments. This enhances the customer experience and reduces transaction times.
• Chargeback Management: Elavon provides robust chargeback management capabilities, helping businesses minimize chargeback disputes and protect their revenue.
• Seamless Integration with Various Business Tools: Elavon's integration with popular e-commerce platforms and third-party services streamlines operations and simplifies payment processing.

Cons

• High Fees: Elavon's fees, particularly its interchange-plus pricing model, can be relatively high compared to some competitors.
• Complex Pricing Structure: Elavon's pricing structure can be complex and challenging to navigate, requiring careful scrutiny to understand the total cost of processing payments.
• Limited Customer Service Information: While Elavon offers various customer support channels, specific details regarding 24/7 availability and multilingual support are unclear.

Conclusion

Recap

Elavon stands as a comprehensive payment processing solution with a strong market position, robust security measures, and extensive integration capabilities. Its wide range of services, including traditional card payments, mobile wallets, and specialized industry solutions, caters to a diverse range of businesses. However, Elavon faces criticism for its high fees and complex pricing structures.

Recommendations

Elavon is a suitable choice for businesses in the retail, healthcare, restaurant, and hospitality industries. Its tailored solutions for these sectors, including patient payment processing, mobile payment solutions, and customizable gift and loyalty programs, can streamline operations and enhance customer satisfaction. However, businesses should carefully evaluate Elavon's pricing structure and compare it with other payment processors before making a decision.

Frequently Asked Questions about Elavon Payment

• How do I set up an account with Elavon?To set up an account with Elavon, you can visit their website and fill out an application form. They will require information about your business, such as your legal name, address, and tax ID.
• What are the transaction fees for using Elavon?Elavon operates on an interchange-plus pricing model. This means that transaction fees are determined by the card network (Visa, Mastercard, etc.) and the specific type of transaction. Elavon adds a markup to this interchange fee. You can find a detailed breakdown of Elavon's transaction fees on their website.
• How do I resolve a chargeback dispute with Elavon?If you need to resolve a chargeback dispute, you can contact Elavon customer support. They will guide you through the process and help you gather the necessary documentation.
• Is Elavon secure?Yes, Elavon takes security very seriously. They comply with PCI-DSS standards and employ advanced security protocols, including encryption and 2FA, to protect your transactions and sensitive data.