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 Company, so merchants should expect costs and policies to remain consistent across all three. 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. Chad Smith is the CEO of Future Payment Technologies.
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||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. Another recent complaint by a merchant describes nondisclosure of terms and misrepresentation of fees.
Future Payment Technologies Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||$495|
|PCI Compliance Fee||Unknown|
|Equipment Lease Terms||Variable|
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.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||35+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
There are over 35 negative Future Payment Technologies reviews at this time, many of which accuse the company of being a scam or a ripoff. These complaints allege deceptive sales tactics, nondisclosure of contract terms, poor customer service, expensive fees, and confusing cancellation policies. They have been posted at a consistent rate since we first published this review, which indicates that the issues cited are not being effectively addressed. Merchants should also note that some complaints intended for Future Payment Technologies might instead be filed against Crescent Processing depending on what kind of documentation each merchant receives. It is even possible that Crescent Processing launched the Future Payment Technologies brand as a clean business name under which to continue operating. Given the close association between the two companies, we are factoring Crescent Processing’s complaints into the company’s grade in this section. Merchants who are wary of Crescent Processing should not expect Future Payment Technologies to deliver a product or experience that is significantly different.
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Key Points - BBB
|Product & Service Complaints||98|
|Billing & Collection Complaints||70|
|Advertising & Sales Complaints||54|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
At this time, the former Better Business Bureau 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 223 complaints filed within the last three years. Of these complaints, 98 are related to problems with the product or service, 70 are due to billing and collection disputes, 54 cite advertising or sales problems, and one is due to a delivery failure. The company has resolved 82 of these complaints with BBB assistance, while 163 either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant. Five received no resolution whatsoever. Considering the company’s complaint total and resolution ratio, we are inclined to adjust the BBB’s grade to a “D” in this case.
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About Phillip Parker
Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with PhillipSchedule a Consultation with Phillip
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