EPX (Electronic Payment Exchange) is a compelling solution to accept credit cards online that has some unique benefits. Because of its distinctive advantages for taking payments online, EPX wins the TopTenREVIEWS Bronze Award. EPX is a straight-through payment processor, which means that it controls transactions from beginning to end. This allows the company to offer two significant advantages: tokenization and lower prices. Tokenization (discussed in greater detail in the “Security” section of this review) is the process of substituting a sensitive credit card number into a “token” that can be used the same way for payments online. Tokenization is secure because a token is useless to thieves.
Another benefit of doing business with a credit accepting company that controls every component of the confusing process is that there aren’t third parties involved. No middlemen means that you’re not paying additional fees and the company can pass the savings on to you with lower monthly rates and per-transaction fees. Whereas most credit card processing solutions involve a separate provider for the gateway and merchant account, having them together from one provider means lower prices and one point of contact for support.
Getting started with online payment processing is easy. This company has a 99% approval rating for merchant accounts for credit acceptance and the application process is straightforward. Merchants simply call the company to sign up, which means personalized and professional assistance and the opportunity to discuss everything up front. Merchants can have a conversation about what processing solution is right for them, and have a candid discussion about the fees and rates to expect to accept credit cards online.
Application turnaround time is two days, but getting setup doesn’t take long because everything is online. Merchants can expect personalized training on how to properly use the website for payment processing and integrate the system into their businesses. Even after setup and training, merchants will appreciate continued support and personalized help that is available 24/7 via toll-free phone number, email or fax. Because it is the sole provider for the whole solution you only have to contact one company to get assistance with any problems.
Electronic Payment Exchange offers very competitive overall cost for accepting credit cards online. The merchant account is $15 a month with a $5 monthly statement fee that includes the payment gateway. There is no monthly minimum, annual fee or daily batch fee. Because there is no application or setup fee, you don’t have to pay anything to get started. The length of contract is negotiable, but there isn’t a cancellation fee. Please know that you will need to agree that you can’t switch to a competing provider during the contract.
The monthly service charge for payments online is competitive, but what about the per-transaction fees? The company doesn’t nickel and dime merchants with harsh rates each time you process a card. In fact, the discount rates are some of the best in the industry and can be as low as $0.20 + 1.59% per transaction (20 cents for authorization and 1.59% as the qualified discount rate).
This provider does not use a traditional tiered discount rate system. While other merchant account providers simply dump every transaction into a pre-defined bucket or tier with an assigned rate, this company uses interchange optimization technology to match individual transactions to the best rate possible. You can be sure that you’re getting the lowest fee for each transaction, regardless of the specifics or individual exceptions.
The best feature is the advanced tokenization and security. But there are several other features and benefits for online merchants accepting credit cards online.
The virtual terminal is equipped to let merchants accept credit cards and eChecks online from anywhere because it runs securely through your web browser. The online terminal is ideal for merchants who are accepting payments online, over the phone or through mail orders. Merchants can authorize funds and process later, or run a transaction with real-time authorization using AVS (address verification service) and CVV (card verification value) security measures.
Complete reporting and data analysis are provided by the EPX WebSuite. The WebSuite is used for administration, and includes five levels of hierarchy for different access levels appropriate for your various employees. You can access transaction summary reports or individual details about past transactions. One feature that merchants will really appreciate is the ability to access daily statements (as opposed to being in the dark until the end of the month).
The WebSuite is also where you’ll deal with chargebacks. While chargebacks are a part of online credit card processing, they don’t have to be a pain. You can eliminate the weeks of paperwork by taking care of chargeback adjudication online. Furthermore, the company will back you up and help you deal with rebuttals rather than leaving you to fend for yourself on chargebacks.
Unfortunately, Electronic Payment Exchange doesn’t offer a shopping cart for credit card processing through your online store. However, you can use the EPX PayPage. PayPage essentially replaces your existing payment page with a customizable buy page for taking credit, PIN debit, PLD and ACH payments online securely.
Whether you’re just delving into online payments or you are a large enterprise considering switching providers for better security, this company can accommodate your company. The credit-accepting solution is flexible enough to meet the current needs of your business and scalable enough to grow with you. It offers comprehensive solutions for merchants who need to accept credit cards online, over the phone, or mail order. It also has point-of-sale solutions.
Integrating a USB POS swiper to your computer is possible and there are several good reasons to choose a swiper over a traditional terminal to quickly accept credit cards online. The solution supports credit card readers as well as check readers and receipt printers.
The real selling point of EPX is its innovative tokenization technology and the security it provides. Whether you're taking credit, accepting eChecks or other payments, it's crucial to not just maintain, but actively ensure security. There are several good reasons why merchants like to have previous credit card numbers on hand, but it’s hard to maintain security. Electronic Payment Exchange uses tokenization to provide all the benefits without compromising security, and adding additional safety measures in the process.
In traditional credit card processing setups the credit card number is transferred and stored several times (on the swiper device, payment gateway and back-end processor) during a single transaction. But with this credit acceptance process, the BuyerWall technology translates the sensitive card number into a token at the front end, so the merchant never actually stores the credit card number. This BRIC (BuyerWall Recognized Identification Code) facilitates the transaction (and repeat transactions) securely. If a thief were to obtain the token, it would be useless for credit card fraud.
No numbers stored means merchant liability is significantly reduced and you don’t have to worry about a security breach while taking payments online. Everything is protected as you outsource your security to not just be PCI compliant, but truly secure. Best of all, you can use the BRIC tokens to process refunds, returns or recurring billing. Merchants have all the control they need without compromising security.
We are very impressed with the service to accept credit cards online with EPX. The innovative use of tokenization provides a high level of security. we wouldn’t be surprised to see others follow this vendor's example. Even with the amazing security, the pricing is competitive for both the base service fee and per-transaction rates for payments online. For a low-cost and secure way to accept credit cards online, we recommend Electronic Payment Exchange as one of the best.
