Costco Credit Card Processing For Small Business – Costco Merchant Services is the merchant services division of the well-known wholesaler Costco. Costco Merchant Services is actually Elavon’s contract merchant, and that relationship was clearly stated on the department’s website earlier. Elavon is part of the Payment Services division of the US Bank (US. Bancorp). This means businesses that register for a merchant account with Costco will receive Elavon’s processing services.
Costco Merchant Services processes all major debit and credit cards for most types of businesses. Their services include POS systems, EMV card readers and swipes, mobile processing, and online processing solutions.
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Founded in 1976, Costco is headquartered at 999 Lake Dr. Located at Ste 200, Issaquah, WA 98027-8982. V Craig Jelinek is the president and CEO of Costco.
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We were able to find about 10 Costco Merchant Services reviews posted here and on other consumer protection sites. While the old complaint cited low costs, difficulty canceling service and undisclosed early termination fees, the new complaint described difficulties maintaining inventory, renting expensive equipment, and replacing stolen terminals. Most of the available claims are posted in our Elavon review rather than this review. It should be noted that Costco’s merchant services department falls under the company umbrella of Costco but also resells Elavon, so most merchant complaints can be shared between the customer service department and the online profiles of these two other entities.
We did not find any class action or FTC complaint filed against Costco Merchant Services. Disgruntled traders who wish to take legal action against the company should consider reporting it to the appropriate regulatory agency.
Given Elavon’s general complaint record and Costco’s size, it is difficult to determine whether merchants are complaining about Costco’s merchant services. In general, merchants do not appear to be alleging that Costco Merchant Services are fraudulent or fraudulent. The Costco Merchant Services helpline is managed by Elavon, which provides merchants with 24/7 customer support.
We’ve given the company a “B” in this section, but we don’t think it’s the best payment processor for customer service.
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While the Better Business Bureau does not have a dedicated page for Costco Merchant Services, Costco itself has complaints across multiple profiles for each location. Additionally, some Costco Merchant Services may redirect complaints to Elavon.
Profile. Therefore, BBB consulting is not helpful for information on Costco merchant services, and we will not consider BBB in this review.
As noted above, Costco resells the Elavon contract and assumes that the terms of the Costco standard contract are the same as the standard Elavon contract. Costco’s postage costs were as low as 1.22% and $0.12, while the trade review report fee was as high as 3.35% and $0.29, respectively. The terms include a flat-rate three-year contract, a $25 application fee for the credit, and the company charges no early termination fees or PCI compliance fees. Costco also ignored requests and disclosures for executive members.
In addition to its in-store payment processing services, Costco has devoted part of its website to promoting its virtual terminals and payment gateway services. The company discloses that the commission rate of 1.99% and $0.25 applies to online transactions. It is not clear where additional fees including portal fees, technical support fees, or package fees apply to these e-commerce services.
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Processing equipment can be purchased in advance from the company’s website, but Costco can lease the equipment through Ladco Leasing. That said, Costco’s presence does not add or detract from many of the common services that Elavon offers. These factors led us to give Costco a “B” in this category, but buyers are encouraged to compare the company’s prices with the cheapest merchant account providers. We encourage traders to check out our list of top merchant account providers.
Costco appears to be selling its merchandising services using the same channels it uses to sell other products, including mail order, online promotion, and in-store. The company’s large membership base allows it to advertise directly to its repeat customers, eliminating the need to use independent sales representatives like its processor Elavon. This is compared to our list of the best credit card processors.
The Costco Merchant Services website previously listed two fees: 1.22% and $0.12 and 1.99% and $0.25 per transaction. This rate is the “eligible” rate for swipe and lock transactions. The small print at the bottom of the quote indicates that this is a fee for an eligible transaction, but doesn’t say and state that gift cards (which charge “eligible” and “non-eligible” fees are set higher. speed. This is a high score. We believe this type of pricing is a bit deceptive because merchants who ignore or misunderstand the fine print can have unrealistic expectations about the fees they will pay. We haven’t discounted Costco too much because the fine print makes it clear that it only shows eligible rates. If you suspect that Costco Merchant Services is charging you an undisclosed fee, request an audit of third-party statements to uncover hidden fees.
According to our criteria, Costco Merchant Services Rates are above average as a merchant account provider. As an Elavon contract seller, Costco has a lower claims ratio than Elavon and offers a softer added value that its processors lack. The company was downgraded because Elavon did not rate it as an outstanding supplier by our standards and complaints against Costco Merchant Services are difficult to pinpoint. In general, merchants are advised to read their contracts carefully and compare the company’s prices with top-rated credit card processors to get the best deal.
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Philip is a research analyst specializing in merchant services and credit card processing. He has nearly two decades of experience in card payment services as a former employee as well as a professional business finance journalist. Philip has written more than 1,000 articles and reviews on payment services and merchant account providers selling credit and debit card processing products and services to US and Canadian businesses. In addition to his contributions here, Philip has been cited in The Los Angeles Times, INC Magazine, Miami Herald, Computer World and many other major publications.
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