Elavon is a well-established provider of merchant payment processing solutions. Serving businesses across the globe, the company offers an array of products and services to facilitate safe and efficient transactions. This article provides an in-depth review of Elavon, exploring what it has to offer to UK businesses, along with an assessment of its pros, cons, and potential alternatives.
Overview of Elavon – what’s on offer?
Operating since 1991, Elavon provides comprehensive payment solutions for small, medium and large enterprises. The company operates in over 30 countries, servicing more than one million customers. It is a subsidiary of U.S. Bancorp and is considered a significant player in the payment processing industry.
Elavon offers a range of products and services designed to simplify payment processing. These include card processing services, card readers and online payment solutions, point-of-sale systems, and value-added solutions like fraud protection, data security, and reporting tools. The company boasts of advanced technology and a robust infrastructure that ensures fast, secure transactions.
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A significant advantage of Elavon is its wide-ranging acceptance of payment methods. Whether it’s debit and credit cards, mobile wallets, or digital currencies, businesses using Elavon’s services can accommodate customers’ preferred payment methods, thereby widening their customer base. Moreover, the company supports multi-currency transactions, which is particularly beneficial for businesses with international clientele.
Pros and cons of Elavon
Pros
- Wide range of payment solutions: Elavon provides comprehensive payment solutions, from card processing to online and mobile payment systems, accommodating various business needs.
- Diverse payment method acceptance: Elavon supports a wide range of payment methods, including debit and credit cards, mobile wallets, and even digital currencies.
- Multi-currency support: The ability to handle transactions in multiple currencies makes Elavon a great choice for businesses with international customers.
- Reliable customer service: Elavon has a reputation for providing reliable customer service, including 24/7 support and dedicated account managers for larger businesses.
- Security and compliance: Elavon prioritises data security and fraud protection, with compliance to PCI-DSS standards.
Cons
- Complex pricing structure: Elavon’s fee structure can be complicated, and it might take some time for businesses to fully understand the costs involved.
- Inconsistent customer reviews: While some users praise Elavon’s services, others have reported issues with the resolution of their problems.
- Early termination fee: Elavon imposes a fee for early contract termination, which might deter businesses seeking more flexibility.
- Additional fees: Certain features and services may attract additional fees, which could add to the overall costs.
Elavon products and services guide
Elavon offers an extensive range of products and services to facilitate payment processing. The key offerings include:
Card processing services
Elavon accepts all major debit and credit cards, providing swift and secure processing. Its card machines accept contactless payments, supporting businesses in providing a seamless customer experience.
Mobile and online payment solutions
Elavon’s mobile and eCommerce solutions offer businesses the flexibility to take payments online or on the go. These solutions come with fraud detection and data security measures.
Point-of-sale systems
Elavon’s point-of-sale (POS) systems offer inventory management, reporting tools, and employee management capabilities alongside processing transactions.
Security and compliance
Elavon adheres to PCI-DSS standards and provides end-to-end encryption, safeguarding businesses and their customers’ data from fraud.
Reporting and analytics
Elavon provides a range of reporting and analytics tools, helping businesses track sales, monitor trends, and make data-driven decisions.
Elavon pricing, fees and charges explained
Elavon’s pricing structure can be complex. Pricing is typically customised based on the specific needs of a business, considering factors such as the business’s size, transaction volume, and industry.
Generally, Elavon charges a fee for each transaction processed, which varies based on whether the transaction is card-present or card-not-present. There might also be additional fees for other services, such as PCI compliance, chargeback handling, and monthly account maintenance.
One crucial aspect to note is the early termination fee. Elavon usually signs businesses on a three-year contract, and terminating the agreement prematurely can attract a penalty. Businesses should thoroughly understand the pricing and fee structure before signing up for Elavon’s services.
Alternatives to Elavon
While Elavon offers comprehensive services, there are alternative payment processing providers that might better fit specific business needs. These include:
- Stripe: Ideal for online businesses, Stripe offers a straightforward pricing structure and advanced APIs for integration.
- Square: Square offers a user-friendly platform, making it a good choice for small businesses and startups.
- Worldpay: Worldpay supports a wide range of payment methods and currencies, making it an excellent choice for businesses with a global reach.
Conclusion – Is Elavon a good choice?
Elavon offers a robust and comprehensive payment processing solution suitable for businesses of various sizes and industries. Its broad acceptance of payment methods, multi-currency support, reliable customer service, and commitment to security and compliance make it a worthwhile consideration.
However, its complex pricing structure and the imposition of early termination fees may be a deterrent for some businesses. As such, it is crucial to understand the specific needs and circumstances of your business before choosing a payment processing provider.
FAQ – Elavon review
Elavon serves a wide range of businesses, including retail, hospitality, healthcare, and e-commerce businesses, among others.
Yes, Elavon supports mobile payments through its mobile payment solutions.
Yes, Elavon can process transactions in multiple currencies.
Yes, Elavon charges a fee for early termination of its services.
Yes, Elavon provides 24/7 customer support.
Yes, Elavon offers a range of reporting and analytics tools.
Elavon employs end-to-end encryption and adheres to PCI-DSS standards to ensure secure transactions.
Yes, Elavon supports transactions with digital currencies.
Elavon’s pricing is customised based on the specific needs of a business. It generally includes a transaction fee and potentially additional fees for other services.
Yes, Elavon provides point-of-sale systems with various features.
Yes, Elavon supports contactless payments.
Yes, Elavon’s point-of-sale systems offer inventory management capabilities.
Yes, Elavon accepts all major debit and credit cards.
Yes, Elavon’s online and mobile payment solutions make it suitable for e-commerce businesses.
Yes, Elavon operates in over 30 countries worldwide.
Yes, Elavon offers fraud protection services.
Yes, Elavon provides payment solutions for businesses of all sizes, including small businesses.
Yes, Elavon can handle chargebacks, though this may involve additional fees.
Yes, Elavon’s comprehensive solutions and dedicated account managers make it suitable for large businesses.
Alternatives to Elavon include Stripe, Square, and Worldpay.