Element Payment Services Review

Established in 2003, Element Payment Services is a key player in the financial services industry, focusing on offering comprehensive payment processing solutions. The company is based in Chandler, Arizona, and functions as a branch owned by Worldpay following its purchase in 2013. Element is dedicated to providing secure, effective, and compliant payment solutions for various businesses, with a focus on security through PCI DSS and PA-DSS adherence. The company aims to consistently come up with new ideas in payment processing, so that their customers can easily utilize the most up-to-date technology for secure and efficient payments.

Element Payment Services has grown a lot over time, thanks to its strong technology and dedication to following rules. Their special system, which is set up to work well with different services, helps protect information using methods like hiding numbers and keeping data safe from start to finish. This makes it a good choice for companies wanting to lower the dangers of handling payments. Element handles more than $4 billion in transactions each year, showing how important it is in the market. Led by CEO Sean Kramer, Element keeps working to offer excellent payment services to many different customers.

Core Services and Offerings

Element Payment Services offers a comprehensive suite of payment processing solutions designed to meet the diverse needs of businesses across various industries. With a focus on security and efficiency, the company provides integrated services that enable seamless transactions for both merchants and their customers. Element’s core offerings are built around the principles of simplicity, compliance, and technological advancement, ensuring businesses can operate smoothly in a secure environment.

Overview of Payment Processing Solutions

Element Payment Services delivers a range of payment processing solutions tailored to fit businesses of all sizes. Their services include credit card processing, ACH payments, and recurring billing solutions, allowing businesses to handle transactions efficiently and securely. The company’s processing capabilities are supported by advanced technology, which ensures fast and reliable payment processing.

In-depth Description of the Payment Gateway and Integration Options

The Element Payment Gateway is a strong platform that allows for smooth integration with different business management software systems. Built with a service-oriented architecture, the gateway provides flexibility for merging with current business systems, making it an appealing option for merchants needing personalized payment solutions. The portal is created with the intention of being easy for users, offering simple API entry for developers to design customized payment experiences. Furthermore, it offers a variety of payment options, allowing businesses to accommodate their customers’ various preferences.

Mobile Payment Solutions

Recognizing the growing importance of mobile transactions, Element Payment Services offers mobile payment solutions that enable businesses to accept payments via smartphones and tablets. These solutions are ideal for businesses that operate in dynamic environments, such as food trucks, pop-up shops, and other mobile enterprises. The mobile payment systems are designed to be intuitive, allowing merchants to process payments quickly and securely while on the move.

Point of Sale (POS) Systems and Terminals

Element Payment Services provides a variety of Point of Sale (POS) systems and terminals that cater to the unique needs of different business types. Whether it’s a traditional retail environment or a more complex setup, Element’s POS solutions are designed to enhance the customer experience while ensuring secure and efficient transactions. The systems support various payment methods, including EMV chip cards, contactless payments, and mobile wallets, ensuring businesses can offer their customers a broad range of payment options.

eCommerce Payment Solutions

For companies that sell products or services on the internet, Element Payment Services provides ways to handle payments for online shopping. Their systems are compatible with websites and shopping carts, enabling customers to safely and easily make payments using credit cards, debit cards, or digital wallets. These systems are designed to efficiently and securely process numerous transactions, allowing online businesses to meet high demand while maintaining speed and security.

Security Features and Compliance (PCI-DSS, Tokenization, Encryption)

Security is a cornerstone of Element Payment Services’ offerings. The company is fully PCI-DSS compliant, ensuring that all payment processing adheres to the highest standards of security. To further protect sensitive cardholder data, Element utilizes advanced tokenization and encryption technologies. Tokenization replaces sensitive payment information with unique identifiers, making it unusable to potential hackers. Encryption further secures data by converting it into a secure code during transmission, ensuring that it cannot be intercepted or accessed by unauthorized parties. These security features significantly reduce the risk of data breaches and fraud, providing peace of mind to both merchants and their customers.

Technology and Innovation

Element Payment Services is committed to leveraging cutting-edge technology and innovation to enhance the payment processing experience for its clients. By utilizing a sophisticated technology stack, the company ensures that its services are not only reliable but also secure and adaptable to the evolving needs of businesses.

Overview of the Technology Stack Used by Element Payment Services

Element Payment Services utilizes a strong and adaptable technology framework that can manage high transaction volumes and uphold top-notch security measures. Their platform relies on service-oriented architecture (SOA) as its foundation, allowing for smooth integration with different business management software systems. This design enables Element’s services to be tailored to suit the unique requirements of various businesses, providing flexibility and adaptability.

Emphasis on Innovative Solutions

Element Payment Services places a strong emphasis on innovation, particularly in the areas of security and efficiency. The company has integrated cloud-based services into its platform, allowing for enhanced scalability and reduced downtime. This approach not only improves the reliability of their services but also enables businesses to access and manage their payment processing from anywhere, providing greater flexibility. Additionally, Element employs AI-driven fraud detection technologies that continuously monitor transactions for suspicious activities, thereby reducing the risk of fraud and enhancing overall security.

API and Developer Support for Custom Integrations

In order to meet the needs of businesses with specific requirements, Element Payment Services provides comprehensive API and developer assistance. Their APIs are clearly explained and simple to incorporate, allowing developers to design personalized payment solutions that meet their business’s particular requirements. This assistance offers various integration choices for businesses to effortlessly add Element’s payment processing features to their current platforms or systems.

User Interface and Experience (UI/UX) of Their Platforms

Element Payment Services is also focused on providing an intuitive and user-friendly interface for its clients. The platforms are designed with a clean and simple UI/UX, ensuring that users can navigate and manage their payment processing with ease. The user experience is further enhanced by responsive design, making the platform accessible across various devices, including desktops, tablets, and smartphones. This attention to detail in UI/UX design ensures that businesses can manage their payment processes efficiently without the need for extensive training or technical expertise.

Pricing and Contract Terms

Element Payment Services offers a range of pricing models designed to accommodate the diverse needs of its clients, ensuring flexibility and transparency in their offerings. The company primarily utilizes two popular pricing structures: interchange-plus and flat-rate pricing.

Detailed Breakdown of Pricing Models

Interchange-plus pricing is a very clear pricing model offered by Element Payment Services. It means that the company passes on the fees that card networks like Visa and MasterCard charge directly to the merchant, plus a set extra amount. Many businesses like this model because it shows exactly how much each transaction costs. Another option, flat-rate pricing, is easier because it charges a set percentage for every transaction, no matter what kind of card is used. Smaller businesses or those that don’t handle many transactions often choose this option because it’s easier to understand and predict.

Setup Fees, Transaction Fees, and Monthly Fees

Element Payment Services typically charges a setup fee to cover the costs of establishing a new account and integrating the necessary payment processing systems. In addition to the setup fee, merchants are also subject to transaction fees, which vary depending on the pricing model chosen. For interchange-plus, the transaction fee includes the interchange rate plus a predetermined markup. For flat-rate pricing, the fee is a fixed percentage of each transaction. Additionally, there may be monthly fees associated with maintaining the account and access to customer support services.

Analysis of Contract Length and Termination Policies

Element Payment Services’ contracts vary in duration, with numerous merchants opting for agreements that span multiple years. These agreements frequently have penalties for cancelling early if a merchant ends their service before the contract’s completion. Businesses must have a thorough comprehension of these terms before agreeing, as termination fees might be significant.

Transparency in Pricing and Hidden Fees

Element Payment Services is known for its commitment to transparency, but like many payment processors, it is important for merchants to thoroughly review their contract terms. While the company strives to be upfront about its pricing, there have been instances where merchants reported unexpected fees, such as annual compliance fees or charges for additional services. Businesses are encouraged to carefully examine their statements and contract details to avoid any surprises.

Customer Support and Service

Element Payment Services places a strong emphasis on providing reliable and accessible customer support, understanding that effective service is crucial in the payment processing industry. The company offers multiple channels for customer support, including phone, email, and live chat, allowing merchants to choose the method that best suits their needs. These options are designed to ensure that clients can get assistance whenever they need it, whether it’s a quick question or a more complex issue that requires detailed attention.

Types of Customer Support Offered

Element Payment Services offers complete assistance through various important methods. If you need help quickly or have an urgent question, you can call and talk to a support person directly. For more specific issues, you can send an email, and you’ll usually get a reply within a day. If you like getting help right away, you can also use live chat to get immediate assistance with any problems or to learn more about their services.

Availability and Responsiveness of Customer Service

The availability and responsiveness of Element Payment Services’ customer support are generally regarded as reliable. Their support team is available during standard business hours, and efforts are made to ensure that inquiries are handled promptly. However, some users have reported occasional delays, particularly during peak periods, which can affect the overall responsiveness. Despite this, the company strives to minimize wait times and address customer needs efficiently.

Expertise and Professionalism of Support Staff

Customer reviews often point out the high level of expertise and professionalism of Element Payment Services’ support staff. The assistance team is well-informed about the products and services offered by the company and is equipped to address a variety of technical and operational issues. This knowledge is essential in guaranteeing that clients get precise and efficient resolutions to their issues. Many users admire the polite and patient behavior of the support representatives, acknowledging their professionalism.

Customer Satisfaction and Feedback Mechanisms

Element Payment Services actively seeks to maintain high levels of customer satisfaction by providing channels for feedback and continuously improving their service offerings. Customer feedback is often solicited through surveys and direct follow-up, allowing the company to address any concerns and make necessary adjustments to their service approach. This focus on customer satisfaction underscores the company’s commitment to maintaining strong, long-term relationships with its clients.

Pros and Cons

Element Payment Services has several advantages and a few drawbacks, which are important to consider when evaluating it as a payment processing partner. Here’s a breakdown:

Pros

Robust Security Features: Element Payment Services excels in providing secure payment processing, with strong adherence to PCI DSS standards, tokenization, and encryption. This focus on security helps reduce the risk of data breaches and fraud, making it a reliable option for businesses concerned about protecting sensitive customer information.

Comprehensive Payment Solutions: The company provides various payment options such as mobile payments, eCommerce solutions, and POS systems. This flexibility guarantees that Element is capable of satisfying the requirements of different types of businesses, including retail and online-only establishments.

Transparent Pricing Models: Element Payment Services provides flexible pricing options, including interchange-plus pricing, which is known for its transparency. This model can be particularly cost-effective for businesses with higher transaction volumes, as it clearly separates the interchange fees from the processor’s markup.

Ease of Integration: The platform is designed with a service-oriented architecture that allows for seamless integration with various business management software systems. The availability of well-documented APIs further enhances the ability to create customized payment solutions tailored to specific business needs.

Cons

Potential Hidden Fees: Despite its strengths, some users have reported encountering unexpected charges, such as annual compliance fees or additional costs for services not initially disclosed. This lack of upfront transparency can lead to dissatisfaction among merchants.

Customer Support Issues: Although the support team is usually well-informed, there have been concerns regarding delays in response times, especially during busy periods. For businesses in need of quick help, this could be a major disadvantage.

Comparison with Industry Standards and Competitors

Compared to industry standards, Element Payment Services stands out for its strong security measures and advanced technology. However, when it comes to customer service and fee transparency, some competitors may offer a more straightforward and responsive experience.

In summary, while Element Payment Services is a strong contender with robust features and flexible options, potential users should be mindful of the possible hidden fees and occasional customer service delays when considering this provider.

User Reviews and Feedback

Element Payment Services has received mixed reviews across various platforms, with users sharing both positive and negative experiences. These reviews provide valuable insights into the company’s performance and customer satisfaction levels, highlighting common themes that potential users should consider.

Aggregated Analysis of User Reviews from Various Platforms

Element Payment Services’ user reviews show a variety of different experiences. Many customers praise the company for its strong security measures, seamless integration, and flexible payment options. Businesses often point out these qualities as strengths, especially when in need of a reliable and adaptable payment processing platform. Favorable feedback frequently highlights the smooth incorporation with different software platforms and the extensive security features that safeguard confidential information.

However, there are also negative reviews that shed light on areas where the company could improve. Some users have expressed dissatisfaction with the transparency of fees and the responsiveness of customer support. These reviews often cite unexpected charges or difficulties in reaching support staff during critical times. The inconsistency in customer service experiences appears to be a recurring issue, with some customers reporting quick and effective responses, while others describe prolonged wait times and unresolved issues.

Common Themes in Customer Feedback (Positive and Negative)

Positive Themes:

Security: Many customers appreciate the strong security features, including PCI DSS compliance, tokenization, and encryption, which provide peace of mind.

Ease of Integration: The ability to integrate seamlessly with existing business management software is frequently highlighted as a major benefit.

Versatile Solutions: Users value the wide range of payment solutions, including mobile, eCommerce, and POS systems, that cater to various business needs.

Negative Themes:

Fee Transparency: A common complaint involves unexpected or hidden fees, such as compliance or maintenance charges that were not clearly communicated upfront.

Customer Support: While some users report positive interactions, others have experienced delays and challenges in obtaining timely assistance from the support team.

How the Company Responds to and Addresses Customer Concerns

Element Payment Services has made attempts to deal with customer issues, especially by reaching out and receiving feedback. The company is dedicated to solving problems by providing direct access to support representatives who can help with billing disputes or technical issues. The efficacy of these responses differs, with certain users finding resolutions satisfactory, whereas others feel their concerns were not sufficiently dealt with.

Conclusion

Element Payment Services is a great option for businesses with complicated payment processing demands due to its strong security features, flexible payment solutions, and easy integration capabilities. Nevertheless, potential users need to be cautious of potential undisclosed charges and varying customer support encounters. Element is a reliable choice for businesses that place importance on security and integration.

Frequently Asked Questions (FAQs)

What types of payment methods does Element Payment Services support?

Element Payment Services supports a wide range of payment methods, including credit cards, debit cards, ACH payments, and mobile payments. This versatility allows businesses to accept payments through various channels, catering to their customers’ diverse preferences.

Is there a long-term contract required with Element Payment Services?

Indeed, Element Payment Services generally necessitates an extended commitment, typically spanning one to three years. Businesses should carefully review the terms before signing contracts that might have early termination fees.

How does Element Payment Services ensure payment security and compliance?

Element Payment Services ensures payment security through PCI-DSS compliance, tokenization, and encryption. These measures protect sensitive data and prevent fraud, making transactions secure for both merchants and customers.