COCARD Review

COCARD Overall Rating

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COCARD Company Overview

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COCARD (cocard.net) is a company of which its exact role is difficult to determine due to a complex set of partnerships with other payment processors and merchant services providers.  After calling COCARD corporate headquarters to get more information, I was given several different phone numbers of local offices/agents and directed to call them.  Each time I asked the person at COCARD HQ if they could answer a few simple questions and to send me a merchant account application, I was told that only a local office/agent could help me.

Upon calling the phone numbers that were given, this reviewer was less than impressed with the level professionalism demonstrated by the agents.  None answered the call by identifying themselves as a COCARD representative/office, and a couple agents seemed confused when asked if they represented COCARD Merchant Services.  Three of the agents seemed to have difficulty with the English language and it took several attempts to find out if they did in fact represented COCARD, which it turned out they did.  Eventually, I was able to reach an agent who was able to answer my questions and promised to email a merchant account application, which was never received.

After several hours of research and telephone calls, I was able to piece together that COCARD is a sales organization partnered with National Payment Processing (NPC) and Fifth Third Bank, and that First Data supplies the merchant accounts that COCARD agents sell.  It appears that COCARD’s main role is recruiting and managing independent sale agents who market and sell the merchant accounts on COCARD’s behalf.

COCARD Sales Strategy & Tactics | C-

As mentioned earlier, COCARD is a sales organization that primarily recruits and manages independent sales agents to market and sell the merchant services of National Payment Processing, Fifth Third Bank and First Data.  These agents sell merchant accounts under COCARD’s oversight and collect a commission for each sale.  In fact, COCARD positions itself as a marketing company with its official name being “COCARD Marketing Group, LLC.”   COCARD earns a “C-“ in this section because it utilizes a common and “average” sales strategy in the merchant services industry; however, the “minus” in the rating is due to the fact that this reviewer had difficulty reaching a competent agent.

Here is a list of just some of the other websites that independent agents use to market COCARD’s merchant services:

• cocardsystems.com
• cocardmerchantaccounts.com
• avataspayments.com
• cocardaustin.com
• cocardfhp.com
• cocarddifference.com
• cocardmd.com
• cocardanderson.com
• cocardsystemsny.com
• cocardusa.com
• cocardmerchantsolutions.com
• tracercocard.com
• cocardbanksolutions.com
• cocardinfo.com
• cashlesspayments.com
• cocardflorida.com
• cocardnw.com
• cocardb2gx.com

COCARD Costs, Fees and Contract Terms | C

As with any merchant account provider that resells the merchant services of partnered companies, the costs, fees and contract terms will vary by merchant.  Additionally, independent agents often have pricing flexibility and can set rates and fees on a case by case basis.  Agents often receive higher commissions for signing merchants to higher rates and fees.  COCARD appears to follow this model, so merchants are advised to work with an agent they trust and to thoroughly read the merchant account agreement before signing.

COCARD Complaints, Customer Service & Dispute Resolution | C

COCARD, itself, has relatively few complaints and on the surface and appears to do a good job servicing its merchants.  However, in this reviewer’s opinion, the lack of complaints associated with COCARD are likely due to the fact that COCARD doesn’t actually manage, or service, the merchant accounts after they are signed.  Instead, it is very probable that complaints get attributed to National Payment Processing, Fifth Third Bank and First Data.  Complaints may also get attributed to the independent agents that initially sold the accounts.  This reviewer asked both the agents and Concord headquarters about who handles the customer service if a merchant has a problem and the both said to call the other.  This is confusing to say the least.

COCARD Better Business Bureau Report | A (CPO Adjusted)

COCARD is accredited with the BBB under the business name “COCARD Marketing Group, LLC” and currently holds an “A+” rating with one complaint filed in the last 36 months.  This can be misleading because there are several other Better Business Profiles for the independent offices/resellers that market under COCARD’s brand name.   The BBB’s rating for COCARD does not appear to be a very accurate measurement of the company itself.  We believe “A+” ratings should be reserved for companies with no complaint and have adjusted this section’s rating to an “A” for the purposes of this review.

Bottom Line

When merchants sign up with a COCARD agent, they are actually getting a merchant account with one a COCARD merchant services partner.  It appears that the majority of merchant accounts are supplied by First Data and serviced by National Payment Processing.  These complex relationships may cause confusion, so merchants are advised to thoroughly read and understand all paperwork before signing with COCARD.

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