Crescent Processing Overview
Updated 6/24/2014: The Crescent Processing website (crescentprocessing.com) is inactive and Crescent Processing is now operating under the name of Future Payment Technologies.
Founded in 2006, Crescent Processing Company (crescentprocessing.com) is a merchant account provider located in Dallas, Texas. The company uses TSYS for its card processing network but appears to handle the customer service of its merchant accounts directly. Aside from providing credit card processing services, Crescent also supplies PIN debit processing, check services, gift card processing, electronic signature capture, and merchant cash advances.
Crescent Processing Company is also affiliated with two newer providers called Park Central Company and Future Payment Technologies. The evidence suggests that both Park Central and Future Payment Technologies are DBAs or wholly owned subsidiaries of Crescent. Crescent Processing Company is a registered ISO/MSP of Synovus Bank, Columbus, GA.
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||No|
Crescent Processing Company appears to rely heavily upon hiring independent outside agents and resellers to market and sell its services. Based on reports from numerous merchants, it appears that the company is doing a poor job of controlling deceptive sales tactics that some of these agents occasionally use and that Crescent’s underwriting policies allow for. Not only that, but the company’s sales program seems to encourage agents to sell expensive, long-term merchant account contracts in exchange for high commissions. It appears that Crescent agents are either poorly trained on the details of the contracts they sell, or are encouraged to avoid discussing them with potential merchant customers.
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||Variable|
|Equipment lease:||48 mos./non-cancellable|
Pricing and contract terms seem to vary based on the merchant and the agent setting up the account. However, Crescent’s standard contract appears to be a four-year automatically renewing contract with a $495 Early Termination Fee (ETF). It is unclear at the time of this update if the company also charges an annual or monthly PCI Compliance Fee. Merchants are encouraged to carefully read and understand their contracts before signing with with the company.
Crescent sales agents also appear to receive additional commissions for selling credit card terminal leases that may come with additional and expensive contracts. This reviewer advises to never lease processing hardware because it is the most expensive way to obtain it. Buy your equipment and shop around before purchasing it.
If you have any additional information about Crescent Processing’s fees or contract, please leave it in the comment section of this review.
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||Hidden fees|
For a provider of its size and time in business, Crescent Processing Company has a high number of complaints. In particular, there are many complaints about the company posted by former sales agents on Ripoff Report. The common themes among the merchant complaints are claims of higher-than-quoted processing fees and other unexpected/undisclosed fees, and that agents failed to disclose a $495 cancellation fee in connection with a three- to four-year auto-renewing contract. Several merchants have also reported that Crescent continued to debit fees even after the account was cancelled.
A few reviews also indicated a poor level of customer service and long wait times when attempting to resolve problems. Most of the problems appear to be traced back to the sales agent as the source of the problems due to non-disclosure of terms and fees; however, Crescent’s business practices seem to allow for these types of problems to occur.
|Key Points – BBB Report|
As of this review, Crescent Processing Company is not accredited with the Better Business Bureau (BBB) and has had its profile relabeled under the name Future Payment Technologies. Additionally, the BBB is reporting 288 complaints filed in the last 36 months against the company (down slightly from 311 as of our last update). Yet, inexplicably, the BBB is awarding Crescent an “A“ rating. Of the 311 complaints, 137 are regarding service problems, 86 with billing and collection disputes, and 64 with advertising and sales issues. Of the total, 48 were not resolved to the merchant’s satisfaction, and four were not resolved at all. Based on the amount of complaints and the fact that some have gone completely unresolved, we are adjusting the rating to a “F” for the purposes of this review. You can learn more about why we adjust BBB ratings in our rating criteria.
Crescent Processing Company has received a low rating in this review because of its heavy use of independent resellers, unfavorable underwriting policies, and high complaint count. The company can improve its rating by implementing business practices that do not allow agents to deceive merchants, reducing or eliminating its cancellation fee and service agreement length, and reducing or eliminating future complaints.
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