Century Payments Overall Rating
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Century Payments Overview
Century Payments Logo
Century Payments (centurypayments.com) appears to be a fairly recent newcomer to the credit card processing industry. Based in Frisco, Texas and founded in 2009, Century Payments hasn’t wasted any time in growing its business. The company is funded by a $50 million dollar investment from venture capital firm Austin Ventures. Additionally, the Century Payments claims to have been listed in Inc. Magazine’s fastest 500 growing U.S. companies list two years in a row, which would mean that it made the list in its first year of operation. It should be noted that this claim was not verified for the purposes of this review.
Century Payments Sales Tactics & Marketing Strategy | B
As of this review, Century Payments does not appear to utilize any misleading sales tactics or marketing. The company is also currently running a campaign through September, 2012 called “Every Swipe Counts” that allows merchants to have a percentage of their transaction fees donated to couple of charitable causes. There is no additional cost to merchants for participating and Century Payments is donating $25 upfront for each merchant that joins. Although somewhat of a marketing gimmick, this is the only provider reviewed on CardPaymentOptions.com to offer such a program.
The only factor that lowers Century Payments rating in this section is that the company hires independent agents and sub-ISOs. This lowers the rating because quality control of the sales process with resellers is more difficult to manage and often leads to a higher complaint ratio. At this time, utilization of resellers does not seem to have negatively affected Century Payments, but it may be too early in the company’s life to gain a full perspective.
Century Payments Fees, Costs & Contract | No Rating
This reviewer was unable to obtain a merchant account agreement for the purposes of researching Century Payments’ contract terms and pricing before the publishing of this review. It has been verified, however, that Century Payments uses WorldPay and iPayment as it processors and may also use others. Once the Century Payments agreements have been received, this review will be updated. Please subscribe if you would like to be notified. In the meantime, be sure to fully read and understand the terms of the contract before signing with Century Payments.
Century Payments Complaints, Dispute Resolution & Service | A
As of this review, Century Payments does not have any complaints filed online on the usual forums and websites. Overall, this fact reflects very positively on the company but may also be an indication of the company’s short time in business.
Century Payments Better Business Bureau Report | A-
The Better Business Bureau (BBB) report for Century Payments states that the company has received BBB accreditation, which basically means that Century Payments has paid the appropriate BBB fees and satisfied the necessary qualifications. The BBB is reporting an “A-” rating and 11 complaints filed in the last 36 months with 11 resolved in the last 12 months, which may indicate that they are complaints from the first round of Century Payment merchant customers. Of the 11 complaints, six are due to problems with the service, two with billing and collection and three with advertising or sales issues.
Bottom Line
Century Payments is a young merchant services company but appears to be performing well so far. This reviewer will need to see Century Payments’ merchant account agreements before raising the company’s rating. If you have any further information about the company, please leave it in the comment section below.
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3 comments
Sara says:
January 4, 2012 at 2:37 pm (UTC -8 )
I just started using Century Payments, through the gateway “Transengen”, because the payments could be integrated with business management software that I had begun using. The rates were competitive and I was also told there was no contract. It turns out, the sales rep’s don’t know much about the equipment needed. I told them I intended to use my iPad2 and they told me to buy a certain card reader, through a third party distributor. When the equipment didn’t work, they said they had just realized that other customers have had the same problem, and “they did not know why” that was the case. When they recommended another device, also through a distributor, I called the manufacturer who said that I could not use it without the company first programming it for their system. Another “detail” that the sales rep was unaware of. So, the rep basically told me she would waive the early termination fee (either $195 or $495 depending on which part of the contract you read) if I cancel now, and recommended I go to square. My review: a big minus for not knowing what equipment to use and leading me on a wild goose chase, a plus for telling me to get out now, which probably saved me hundreds of other headaches in the future.
Susie says:
December 12, 2011 at 10:56 am (UTC -8 )
BEWARE! Charging outrageous fees, we were promised $8 a month and ended up paying hundreds. Trying to close the account and now they want to charge me $350 cancellation fee. DO NOT CHOOSE THIS COMPANY FOR MERCHANT SERVICES.
Kathy says:
September 22, 2011 at 2:06 pm (UTC -8 )
I am having alot of trouble getting a problem solved with Century Payments. There sales person lied when he came in to my store, now they say that I have a contract when the sales person told me that there was no contract. Beware!!