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East Commerce Solutions Inc. is a mid-sized credit card processor and merchant account provider for every type of business. The company began offering merchant account services in 1994 and today has a huge client base and affordable rates. They also offer exemplary customer care services with application approval within 24 hours. At the same time, the company has dealt with a number of controversies during its two decades in business. We provide the pros and cons of East Commerce, as well as what you can expect to pay for their services.
Pros and Cons of East Commerce Solutions, Inc.
Pros: East Commerce Solutions Inc. utilizes independent and telemarketing sales agents to market its services. This marketing strategy protects potential clients from deceptive marketing and advertising. Agents also disclose all information to clients. In addition, with e-commerce there is no standing in line; you get a fast solution to problems rather than spending hours waiting in line.
Cons: Clients enter into contract agreements lasting between one and three years, meaning the client must honor the full length of the contract or incur a termination fee. East Commerce's termination fees are significantly higher than other merchant account providers. Clients also complain about the company's service, particularly as regards wait times and delays.
Points to Consider before Choosing East Commerce Solutions, Inc.
- The contract: East Commerce Solutions requires all customers to enter into a contract before opening a merchant account. Review the contract thoroughly before signing anything, preferably with the help of a lawyer.
- Services offered: Evaluate your company's needs and then compare the services offered by East Commerce to those of other providers, including the charges. Most financial companies offer a variety of packages, so look carefully at what's included in each package and which one best meets your needs.
- Features: The features incorporated into each package offering vary. Again, compare these to what your company actually needs and would use. There's no sense in paying for features you don't need, or in choosing a plan that doesn't include a feature your company definitely needs.
- Expenses and fee structure: Review fees and expenses carefully to understand exactly what you're paying for and what costs extra. Also, file any necessary documents to ensure you don't accrue additional charges for failing to do so.
- Reviews: Online reviews are the quickest, easiest way to determine how customers feel about a company and its services, so take the time to research these. You can also reach out to current and former customers, either those you know who use the company or referrals the company provides.
Sample Prices of East Commerce Solutions, Inc.
East Commerce Solutions Inc. offers some of the high rates in the industry, if not the highest rates. The swiped, keyed-in, and equipment lease rates are all variable. Other variable rates also include gateway fees, retail card processing discounts, and online card processing. These variable charges add up quickly. Though you see a lot of variables, the following rough estimates help guide your budget.
- PCI compliance ranges between $100 and $200 per year.
- Once customers enter into a one- to three-year contract, they cannot leave without paying a termination fee of $200 to $250.
- The monthly minimum charge of the service is also high when compared with other e-commerce services, costing between $30 and $50 a month.
- The annual fee for administrative and general services averages between $75 and $100.
- There is no charge for setup or application fees.
- Regulation and repair charges cost between $50 and $200 or even more depending on the magnitude of the problem.
- Credit card transaction fees vary from 1% to more than 3% per transaction.