Capital Processing Network
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Capital Processing Network Overview
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Capital Processing Network (capitalprocessingnetwork.com) is a fairly recent addition to the merchant services industry. This provider is located in Phoenix, AZ and entered the credit card processing industry in 2006. Capital Processing Network is a relatively small operator among the numerous providers out there, but does have a very professional website which adds to the company’s credibility.
As of this review, Capital Processing Network meets the Better Business Bureau’s (BBB) accreditation standards and holds and “A” rating with 22 complaints filed in the last 36 months. The bulk of the complaints are centered on advertising and sales Issues as well as problems with products or services.
Capital Processing Network has about 25 complaints filed elsewhere online. The complaints mirror the types that are filed with the BBB with two common themes. The first common complaint is with Capital Processing Network’s use of telemarketing to set appointments for agents to visit the merchant. Several merchants complained of constant phone calls even after they specifically requested to be removed from Capital Processing Network’s calling list. Apparently, the calls were so frequent that these merchant felt the need to publicly complaint about it.
The next common complaint casts a little more concern with this reviewer. Merchants complained of being lured into 48 month equipment leases but only 36 month merchant account agreements. This puts merchants in the awkward position of being forced to keep one more year of service with Capital Payment Processing in order to fulfill the equipment lease. Not only did this upset merchants, but the leases cost merchants thousands of dollars for machines that could be bought for as little as $150. Add to this a steep $495 early service termination fee and you could see why these merchants were compelled to file complaints.
Lastly, in one complaint from a former employee, Capital Processing Network responded by threatening to sue the individual if he did not removed his complaint. Unprofessional rebuttals like these could make evident the type of culture and philosophy that Capital Processing Network possesses.
Capital Processing Network, LLC is a registered ISO/MSP of First National Bank of Omaha and of Wells Fargo Bank, N. A., Walnut Creek, CA, and appears to use First Data as its processor. However, the exact processor could not be determined at the time of this review.
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3 comments
Ken Tobias says:
January 17, 2012 at 8:47 pm (UTC -8 )
I can only echo the complaints above! They promise reduced processing rates that look good for the first month until you see the lease payment fees! Then in reality, you’re paying more than your previous processor. If you’re in the Chicago area, watch out for their representative, Benji Stemple. He’ll smooth talk you into believing that their rates are better but you’ll get a rude awakening when the lease payments hit. Don’t let that guy in the door!
Wendi says:
November 22, 2011 at 9:09 am (UTC -8 )
We also have a small business, and this seems to be a common theme with credit card processors. We had Intuit (QuickBooks) and they did similar shady sales tactics. We asked questions as when they faxed over the lease for the equipment, it stated it was non-cancellable and was for 36 months. Our credit card machine ended up costing us three times what it was worth and to add insult to injury, it ended up being an outdated machine! My advise- don’t sign anything until you are satisfied and have it in writing and inform yourself!
We are currently with Elavon and are satisfied as they were able to use our outdated machine and their statements are easy to reconsile and I have found their rates are competetive.
Budget Pool Supply says:
September 1, 2011 at 1:13 pm (UTC -8 )
My husband talked to a capital processing representative by phone and signed a faxed contract. After reviewing the contract the same day we realized they signed us up for 48 months of leasing a processing machine at $88.00 a month. The next day I called and canceled telling them that I was not going to pay 4.000.00 for leasing a machine. They said they could put it down to $44.00 a month and I told them we were not paying them $2000.00 for a machine. Since then they have taken 37.00 a month since Sept. then 186.00 for we don’t know what on Mar31. In April $37.00, May and June 56.95 a month and July 88.93. In all $555.94 for processing nothing. We signed up with Bank of America and are not happy with them either.