PROS / PCI compliance is included in your monthly cost.
CONS / Elavon has the second highest monthly minimum of the processors we reviewed.
VERDICT / Elavon is a trusted name in credit card processing, but it's more expensive than some of its competitors.
Elavon is a direct credit card processor based in Atlanta, Georgia. It is one of the five largest processors and claims that more than one million businesses process through it. Elavon accounts are resold by many ISO/MSPs, including Helcim. Elavon offers both interchange-plus and tiered rates as well as high quality customer service.
This processor offers prospective merchants the option of choosing between the industry-preferred interchange-plus pricing model and tiered pricing. Tiered pricing can be a good choice for businesses that run a lot of regular debit cards, but interchange is generally more cost effective. Elavon's interchange-plus rates are competitive. The interchange-plus markup ranges from 0.15% to 0.20%, which are lower than average. The per-transaction fee ranges from $0.05 to $0.10, which are also better than most. Pricing often varies due to several factors, including the dollar amount your business processes each month and your average ticket size. The tiered rates that Elavon quoted our testers start at 1.49% for qualified debit cards and 1.69% for qualified credit cards as well as a $0.19 per-transaction fee.
At $19.99, Elavon's monthly fee is among the higher fees we saw. The average monthly fee of the processors we reviewed is $12. However, Elavon's monthly fee includes PCI compliance. Elavon's monthly minimum is $35 and is the second highest in our review.
As part of our review process, we considered the transparency and consistency of each credit card processor. While Elavon posts some information about its rates and fees online, it is only a sampling and it doesn't post its terms. Some of the reps our testers spoke with were not as forthcoming as others with important information.
Elavon doesn't require you to sign long-term contract; your account with it is for month-to-month service, and there are no cancellation fees if you choose to move on. Account setup can take up to two days, a standard in this industry, but it can take up to three days for the processor to clear your account and deposit your funds into your business bank account.
Elavon rated well in our customer service score, receiving 95%. The reps we contacted were very patient and took the time to explain complicated concepts, such as EMV and interchange-plus pricing. They followed up with rate quotes and recommended the most cost-effective options to our testers.
Elavon is one of the largest credit card processors in the country. It serves small businesses as well as larger clients. The rates you are quoted may depend on your business's processing volume, and it can take longer than average to clear the account, but Elavon has excellent customer service.