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Mar 15, 2022 · The Federal Trade Commission has filed an administrative complaint against Electronic Payment Systems and its owners, John Dorsey and Thomas McCann, for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding, a business opportunity scam that the FTC previously sued.
John Dorsey is an accomplished CEO with years of success in growing businesses from the ground up, beginning his career in the payments industry in the mid 80’s as a sales agent offering credit card processing services to businesses.
John Dorsey has been in the merchant service payments industry for over 30 years. His bank card achievements and entrepreneurial spirit led to co-founding ElectCheck guaranty which turned...
- 500+
- January 1, 1984
- Electronic Payment Systems
- Englewood, Colorado, United States
www.ftc.gov · legal-library · browseElectronic Payment Systems, In the Matter of | Federal Trade ...
Mar 15, 2022 · The Federal Trade Commission has filed an administrative complaint against Electronic Payment Systems and its owners, John Dorsey and Thomas McCann, for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding, a business opportunity scam that the FTC previously sued.
- Transparent Contract Terms
- Variable Contract Structures
- Virtual Terminal and Payment Gateway Costs
- Equipment Leasing Concerns
- Unfavorable Pricing Structure
EPS provides a one-year contract term, which is shorter than the industry average. However, it’s essential to note that their contract includes a substantial liquidated damages-style cancellation fee, which could be costly for businesses seeking to terminate the agreement early. Additionally, EPS’s standard merchant agreement reveals various fees, ...
EPS offers different contract terms, including a two-year agreement with distinct fee structures, such as an annual PCI Compliance fee and an early termination fee plus Liquidated Damages. The variability in contract terms and fee structures could lead to confusion for clients. However, none of the identified contracts seem competitive compared to ...
While EPS advertises virtual terminal and payment gateway services, detailed pricing for these services is not readily available. The company’s merchant agreement discloses a qualified rate for transactions but lacks transparency regarding additional fees associated with virtual terminal and payment gateway usage, such as monthly gateway fees and w...
EPS leases credit card processing equipment through Northern Leasing Systems and First Data Global Leasing, with reported high monthly fees and non-cancellable 48-month terms. Additionally, EPS charges terminal warrant fees for leased equipment. Business owners should carefully review equipment lease terms before committing, considering outright eq...
EPS’s merchant agreement reveals high transaction rates, numerous fees, and long-term equipment leases, resulting in an overall grade of “F” in this category. The combination of high rates, excessive fees, and inflexible equipment leases could impose significant financial burdens on merchants. Business owners should carefully assess EPS’s pricing s...
Mar 16, 2022 · On March 15, the Federal Trade Commission (FTC or Commission) released a consent agreement with Electronic Payment Systems and its owners John Dorsey and Thomas McCann (collectively, EPS) for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of Money Now Funding (MNF).
Mar 15, 2022 · The Federal Trade Commission filed an administrative complaint against Electronic Payment Systems and its owners, John Dorsey and Thomas McCann, over allegations of opening credit card processing merchant accounts for fictitious companies on behalf of a business opportunity scam, according to a Tuesday news release.
