Choosing the right credit card processor is one of the most important decisions for any business. Two of the leading providers in the space are Elavon and Worldpay, each offering comprehensive payment solutions.
But when it comes to fees, security, integrations, reporting, and overall value, how do these processors match up? This detailed comparison examines the pros and cons of Elavon and Worldpay to help you select the best payments partner.
A Brief Comparison Table
| Feature | Elavon | Worldpay |
| Pricing | Interchange-plus pricing, customized markup | Competitive interchange-plus pricing |
| Integrations | Seamless POS integrations | Broad POS and software integrations |
| Reporting | Robust reporting dashboard | Advanced analytics and business intelligence |
| Security | Best-in-class tools like E2EE and tokenization | Solid security protections |
| Support | High-touch customer service and account management | Self-service focused support |
| Customers | Ideal for small and mid-size businesses | Well-suited for large enterprises |
| Focus | Tailored personalization and service | Scalability and global omnichannel |
Overview of Elavon
Elavon is a global payment processor providing solutions for over 1 million merchants worldwide. Headquartered in Atlanta, Elavon processes over $400 billion annually across 130+ countries.
Key features include:
- Processing for all major card brands (Visa, Mastercard, Amex, Discover)
- Omnichannel solutions supporting in-person, online, mobile
- Seamless integration with top POS systems
- Robust reporting through online portal
- Tokenization and encryption for data security
- Responsive 24/7 customer support
Elavon focuses on flexible, customized payment solutions tailored to each business. They aim to provide seamless payments backed by strong security and support.
Overview of Worldpay
Worldpay from FIS processes transactions for merchants in over 120 countries worldwide. The Florida-based company provides payment services for over 1 million small, mid-size, and enterprise businesses.
Features of Worldpay include:
- Credit, debit, and alternative payment processing
- eCommerce, mCommerce, and in-store acceptance
- Integration with all leading POS systems
- Omnichannel data analytics and reporting
- Business intelligence insights to improve sales
- Fraud prevention tools with machine learning
Worldpay emphasizes easy global expansion, robust data analytics, and reducing complexity for clients. They aim to maximize customer value through payments technology.
Comparison Between Elavon and Worldpay
1. Pricing and Fees: A Crucial Consideration
When it comes to selecting a payment processor, pricing and fees are often at the forefront of merchants’ considerations. Both Elavon and Worldpay have risen to the forefront of the industry by offering competitive and transparent pricing structures.
At the heart of transaction fees are three primary components:
- Interchange fees: These are set fees determined by card brands. They remain consistent regardless of the processor in use.
- Markup: This is an added percentage which the processor, in this case either Elavon or Worldpay, adds to the interchange fees.
- Per transaction fees: These are typically marginal, ranging from $0.10 to $0.30.
Both Elavon and Worldpay offer what is referred to as interchange-plus pricing. For a vast majority of businesses, this pricing begins with a markup of approximately 0.25% above the established interchange rates. However, it’s imperative to note that exact pricing can differ based on several factors like business category, average transaction size, and overall processing volume.
Transparency is key. Both providers do an admirable job of elucidating their rates, which are meticulously tailored to the individual profiles of each merchant. Therefore, in the arena of pricing, Elavon and Worldpay emerge as almost neck and neck, each offering competitive pricing structures adaptable to individual merchant needs.
2. Payments Integrations and POS Support: Seamless Business Operations
Another pivotal concern for merchants is how well a processor integrates with existing point-of-sale (POS) systems and other crucial business software. Both these giants in payment processing, Elavon and Worldpay, boast integrations with virtually all major POS platforms.
This integration manifests in seamless payment acceptance across top systems such as:
- Shopify
- Square
- Clover
- Vend
- TouchBistro
- Toast
- And numerous other platforms
Both processors have successfully transformed the addition of payment acceptance into a straightforward process, especially on widely recognized software platforms. This is not a one-time effort; both Elavon and Worldpay diligently ensure they remain up-to-date with leading POS systems through regular software updates.
However, Elavon offers a slight edge with its provision of dedicated account management, ensuring personalized POS integration support. But, it’s worth noting that Worldpay is not far behind, often being commended by merchants for the ease with which they can integrate it into their systems.
3. Reporting and Data Analytics: Empowering Business Decision Making
In the contemporary business world, data-driven decisions can be the difference between success and stagnation. Both Elavon and Worldpay recognize this, offering comprehensive reporting through online merchant portals and integrated business software.
Merchants can access a wealth of features, including:
- Detailed transaction histories and statements
- Concise sales and revenue summaries
- Advanced inventory and customer analytics
- Comprehensive dashboard performance indicators
- Highly customizable reports with the option for exporting
- Real-time notifications and alerts
However, Worldpay slightly pulls ahead in this area with its sophisticated business intelligence capabilities, leveraging the power of machine learning to provide predictive insights. While Elavon also offers substantial reporting, Worldpay’s advanced analytics can be a game-changer for businesses looking for an extra edge.
4. Security and Compliance: The Bedrock of Trust
With rising concerns about data security and fraud, ensuring PCI compliance and stringent security measures is non-negotiable. Both Elavon and Worldpay are deeply committed to this, employing advanced measures to guarantee compliance and deter potential fraud.
Some of the standout security features include:
- End-to-end encryption (E2EE)
- Advanced tokenization processes that substitute sensitive card data
- Neural network-based fraud monitoring systems
- Proactive chargeback prevention tools
- PCI-validated point-to-point encryption (P2PE)
- Support for EMV chip card acceptance
While both processors are robust in their security offerings, Elavon edges out with its Spectrum suite, providing an all-encompassing protection package. On the other hand, while Worldpay is certainly not lacking in security, it has encountered some data breaches in the past, making Elavon a slightly more secure option for merchants prioritizing data protection.
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5. Customer Support and Services: Building Lasting Relationships
Last but certainly not least, the quality of customer support can profoundly influence a merchant’s experience with a payment processor. Both Elavon and Worldpay offer extensive 24/7 support options spanning phone, email, chat, and expansive knowledge bases.
However, distinctions emerge when you delve deeper:
- Elavon provides dedicated account management and specialists for onboarding, exuding a “white-glove” service approach.
- Worldpay leans more towards self-service online support, combined with advanced risk management protocols.
- In terms of responsiveness, Elavon garners consistent appreciation from merchants.
- Worldpay’s feedback is more varied; some merchants feel the support can sometimes be lacking in personal touch.
In the realm of customer service and rapid issue resolution, Elavon appears to have a slight edge over Worldpay due to its more personalized approach.
Choosing between Elavon and Worldpay is not a straightforward task, as both offer commendable services tailored to merchant needs. However, while they are on par in many areas, subtle differences in security, customer support, and analytics can influence a merchant’s decision. As always, the right choice boils down to individual business needs and priorities.
Frequently Asked Questions (FAQs)
No, Elavon and Worldpay are two separate payment processing companies and competitors in the space. Worldpay previously had a partnership with Elavon but acquired superior entities like Vantiv and FIS. The two companies have distinct merchant service offerings.
Top reasons to choose Elavon include: Customized pricing for your business needs, Dedicated account management and support, Seamless POS integrations, Robust data security protections, Responsive customer service team.
Some of the key benefits of Worldpay include: Enterprise-level global payment processing, Value-added business intelligence and analytics, Omnichannel commerce solutions, Ability to seamlessly scale as you grow, Streamlined self-service experience.
Elavon is a merchant services provider that acts as both the payment gateway and the processor. They authorize transactions and process payments from end-to-end, handling all aspects of securely transferring money between customers and merchants.
Final Takeway
In summary, here are some of the key conclusions when comparing the two providers:
Consider Elavon for:
- Customized pricing and account management
- Seamless POS integrations
- Best-in-class security technologies
- Responsive customer support
Consider Worldpay for:
- Enterprise-level global payments
- Value-added data analytics
- Streamlined self-service experience
- Integrated solutions for complex needs
For most small to mid-size merchants, Elavon provides a well-rounded processing solution tailored specifically to their needs. Larger enterprises may benefit more from Worldpay’s robust analytics and integrated global payments.
Ultimately, choosing the right provider depends on your business requirements and size. But both Elavon and Worldpay deliver excellent payment solutions.
