Future Payment Technologies (futurepaytech.com) is a Dallas, Texas-based merchant account provider that appears to be a newly created DBA of Crescent Processing Company and Park Central Company. All three companies share the same address and sell the services of Crescent Processing, so merchants should expect costs and policies to remain consistent across all three. Future Payment Technologies offers debit and credit card processing, check acceptance, gift card programs, and credit card terminals, including units capable of processing NFC and EMV payments. Like its affiliated businesses, the company is headquartered at 12700 Park Central Drive, Dallas, Texas, 75251, and is a registered ISO/MSP of Synovus Bank, Columbus, Georgia.
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||No|
Future Payment Technologies appears to market itself primarily through the use of independent sales agents and resellers. The company also may engage in telemarketing as part of its sales strategy. Although there are only a few public Future Payment Technologies complaints at this time, we have no reason to believe that the company’s practices are an improvement over those used by Crescent Processing. Merchants can therefore expect to experience misleading rate quotes, nondisclosure of contract terms and fees, and deceptive sales practices. One complaint by a former employee of the company describes minimal support and training for sales agents and a lack of qualified leads.
Future Payment Technologies Marketing Example
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||Unknown|
According to the company’s public responses to merchant complaints, the standard Future Payment Technologies contract is an automatically renewing agreement of up to four years that includes a $495 early termination fee and a monthly minimum fee that takes effect after a couple of months. Because the company provides its sales agents with smart tablets and encourages them to collect signatures digitally, many merchants complain of never receiving full hard copies of contract terms. Merchants also report confusing cancellation policies that only provide a brief window of time for termination. With the exception of the use of tablets, these terms are consistent with those described in complaints about Crescent Processing and Park Central Company.
An alarming number of merchant complaints describe sudden increases in fees without notification and incomplete provision of paperwork at the point of signing. This may be due to the company’s use of a small (eight pages or so) merchant agreement, which is presented to the merchant at the point of signing, and a much larger (over thirty pages) program guide, which is only provided after a period of time or at a merchant’s request. It appears that many complainants found their unexpected costs embedded within this larger document, so merchants are encouraged to specifically request it. Additionally, we were unable to find any mention of a specific PCI Compliance fee among complainants, but this fee may constitute some portion of the sudden rate increases that have been reported.
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||Hidden fees|
There are only a dozen or so Future Payment Technologies reviews at this time that accuse the company of being a scam or a ripoff, but this low total is most likely due to the company’s relationship with Crescent Processing. Since Future Payment Technologies customers receive a contract with Crescent Processing’s name on it, they are more likely to file complaints against Crescent Processing than against Future Payment Technologies. It is even possible that Crescent Processing launched the Future Payment Technologies brand as a clean business name under which to operate. Given the close association between the two companies, we are including Crescent Processing’s complaints in this total, most of which allege deceptive sales tactics, nondisclosure of contract terms, poor customer service, expensive fees, and confusing cancellation policies. Merchants who are wary of Crescent Processing should not expect Future Payment Technologies to deliver a product or experience that is any better.
|Key Points – BBB Report|
At this time, the former Better Business Bureau (BBB) profile for Crescent Processing has been redirected to a profile for Future Payment Technologies. The BBB is showing that the company is not an accredited company with the BBB and is awarding an “A” rating despite 287 complaints filed within the last three years. Of these complaints, 135 are related to problems with the product or service, 83 are due to billing and collection disputes, 68 cite advertising or sales problems, and one is due to a delivery failure. The company has resolved 232 of these complaints with BBB assistance, while the remaining 55 either were not resolved by the company, were resolved to the customer’s dissatisfaction, or were unsubstantiated by one of the two parties. Overall, we are inclined to adjust the BBB’s grade to a “D” in this case. To understand why we adjust BBB ratings, please see our rating criteria.
Future Payment Technologies rates very poorly as a merchant services provider according to our criteria. The company appears to be essentially the same organization as Crescent Processing, which has a high complaint rate due to its undisclosed contract terms, expensive fees, poor customer service, and deceptive sales practices. The company can improve its rating by providing adequate agent training, full disclosure, and more competitive rates and fees.
This review was originally published on 1/7/14 and was last updated on 9/2/14.
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