Founded under the name “NOVA” in 1991, Elavon is currently one of the largest merchant account providers in the United States. The company is a U.S. Bancorp subsidiary that processes payments in over 30 countries and boasts over one million global merchants. Elavon offers settlement in 16 currencies and can convert international card payments into the cardholder’s home currency in over 48 countries. The company is a direct processor that serves as the backend payment processing network for many large and small ISOs, the most notable of which is Costco Merchant Services.
Like other large direct processors, Elavon offers a large array of services and is capable of serving nearly any type of business. Elavon currently advertises a mobile processing app and online payment gateway called “Converge,” which is intended to function as an omni-channel payment platform for retail, mobile, and online merchants. Elavon also sells long-term credit card terminal leases through its subsidiary Ladco Global Leasing Solutions. There is no prominent language on the Elavon website that officially links the two entities, but merchants who sign up for accounts through Elavon may be presented with Ladco lease agreements alongside their merchant account contracts.
In 2013, Elavon eliminated early termination fees from its standard contracts, distinguishing it from its large competitors like First Data, Chase Paymentech, and TSYS. However, it continues to attract a complaint volume commensurate with its immense size.
At a glance
Location: Atlanta, Georgia
Acquiring bank: U.S. Bancorp
Phone number: 1-800-725-1243
E-mail: [email protected]
Online reputation and reviews
As a product of its massive size, Elavon has received hundreds of complaints on various consumer protection websites. Negative reviewers most commonly mention non-cancellable leases through Ladco, undisclosed fees, and poor customer service. The consensus from reviewers seems to be that Elavon is not very responsive to the needs of small merchants, but that it can be a good fit for medium-sized and large businesses.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Elavon at this time.
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