UPDATE 8/4/2017: Cynergy Data appears to have been fully absorbed into the Priority Payment Systems brand, and it appears that the company no longer boards new merchants under the name “Cynergy Data.” As a result, we will no longer update this review. See our Priority Payment Systems review for up-to-date information about this company.
Cynergy Data (cynergydata.com) was established in 1995 and is one of the largest credit card processors in the United States. Though Cynergy Data is a merchant account provider, the company does not appear to directly market its services to business owners. Instead, Cynergy Data partners with sales organizations (ISOs) that package and resell Cynergy Data credit card processing with their own value-added services. In some cases, ISOs market and sell credit card processing under Cynergy Data’s name even though Cynergy Data is not actually involved in the sales process.
Based in Long Island City, New York, Cynergy Data has seen its share of booms and busts. Since its inception, the company has grown and established offices in New York City, Boston, Chicago, and Atlanta, and gained over 150 employees. From 1997–2005, Cynergy Data was picked several times as one of the fastest growing companies in the United States, and in 2007 the processor acquired Abanco International. Not long after, things took a downturn for Cynergy Data and in 2009 the company filed for Chapter 11 bankruptcy protection. Cynergy Data was rescued from financial collapse by the Comvest Group, a private investment firm, and acquired for $81 million. The Comvest Group has since brought Cynergy Data to financial stability and invested millions of dollars into the company. It should also be noted that outside reviews of the company have suggested that Cynergy may be somehow affiliated with another processor by the name of Pipeline Data or Pipeline Data’s acquirer, Calpian Commerce. Afshin Yazdian is listed as the president and CEO of Cynergy Data.