Capital Bankcard (capitalbankcard.com) is a merchant account provider that serves most standard-risk business types in the U.S. There may be some confusion about this processor because there is an independent reseller that goes by the name of “First Capital Bankcard.” Capital Bankcard has an independent reseller/agent program that allows other companies and individuals to resell its services, and First Capital Bankcard is one of those resellers. “First Capital Bankcard” is not a processor, but is actually a company called the “Greengold Consulting Corp” which markets Capital Bankcard credit card processing with the domain name of firstcapitalbankcard.com.
Capital Bankcard is an outside sales branch of Cayan. The company is a registered ISO and MSP with Visa and MasterCard and is also able to set up Discover Card and American Express processing, which merchants usually have to do in a separate application. Capital Bankcard has been in business since 1998 and boasts that it manages over 80,000 merchant accounts, processes over 7 million transactions per month, and has over 170 dedicated employees. Capital Bankcard uses First Data for the actual processing of the card transactions, but First Data plays a minimal role beyond that. Customer service is provided and the accounts are managed by Capital Bankcard’s in-house team. Capital Bankcard is headquartered in Boston, Massachusetts, and Henry Helgeson is listed as the CEO of Cayan/Capital Bankcard.
- Sales & Marketing: Capital Bankcard appears to hire independent sales representatives but has not received any merchant complaints about its sales team.
- Costs & Contract: Capital Bankcard appears to offer variable contract terms through First Data.
- Complaints & Service: Capital Bankcard has received fewer than 10 public complaints.
- BBB Rating: Capital Bankcard has an “A” rating with the Better Business Bureau and has received 13 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Capital Bankcard
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
Capital Bankcard uses independent sales agents to market its services. This is a standard industry practice that can often result in an untrained and unmonitored sales force. However, Capital Bankcard has received very few complaints regarding its sales agents, which indicates that the company does a better job than most of regulating agents’ behavior. In general, Capital Bankcard does not appear to engage in any deceptive sales tactics, and the company’s low complaint rate seems to indicate that its agents are forthright when it comes to rate quoting and contract term disclosure.
Capital Bankcard Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||$79 Per Year|
|Equipment Lease Terms||Variable|
Most of Capital Bankcard’s accounts are brought in by independent resellers who have a certain level of pricing control in the merchant account agreement; however, Capital Bankcard seems to consistently promote fair pricing and flexible contracts. Pricing will vary by business type, processing volume, and the agents setting up the account. Capital Bankcard offers month-to-month contracts, but resellers can add a cancellation fee of their choosing that turns it into a three-year agreement. A copy of the company’s standard merchant application (available below) includes a $79 PCI Compliance fee but leaves all other rates and fees to the agent’s discretion. Overall, Capital Bankcard offers low-commitment, low-cost terms to most of its merchants. See the Capital Bankcard Merchant Application.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Capital Bankcard has a very low amount of complaints for the length of time it has been in business. There appears to be only one serious complaint filed against the company (documented here), which received a very professional rebuttal from the representative in question. The remaining complaints tend to cite customer service issues and are not posted with regularity over the past three years. Capital Bankcard offers live chat support on its website and a dedicated phone line that connects to an in-house support team. Capital Bankcard’s low complaint rate seems to indicate that this team does an adequate job of anticipating and responding to complaints.
Key Points - BBB
|Product & Service Complaints||7|
|Billing & Collection Complaints||4|
|Advertising & Sales Complaints||2|
|Guarantee & Warranty Complaints||0|
As of this review, Capital Bankcard has an “A” rating with the Better Business Bureau and has received 13 complaints filed with the BBB in the last 36 months. Of these complaints, four were related to billing and collection issues, while seven were related to the product or service and two had to do with advertising or sales problems. The company resolved three complaints to the merchants’ satisfaction, while the other 10 either were resolved to the dissatisfaction of the merchant or did not receive a final assessment from the merchant. The company also has six negative reviews posted to its profile, but these reviews aren’t vetted by the BBB. Given the company’s complaint rate and resolution ratio, we agree with the BBB’s rating at this time.
Related: EMV Terminal Recommendations
About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.Schedule a Consultation with Phillip
Related: Phillip’s Top All-Purpose Merchant Account Picks
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