Strategic Payment Systems Review

Strategic Payment Systems Overview

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Started By The Founders of COCARD

Strategic Payment Systems is a merchant account provider that was launched in 2011 by 2 founding members of COCARD. The company has an uncommon business structure for a credit card processor, as it compensates its ISOs primarily in shares of stock rather than long-term residual payments.

Strategic Payment Systems URLs

We have found at least 4 primary websites for Strategic Payment Systems, and it is likely that each of the following web addresses is associated with a different ISO of the company:

Strategic Payment Systems Location and Ownership

Strategic Payment Systems utilizes National Processing Company (NPC) as its backend processor and is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California, of Fifth Third Bank, Cincinnati, Ohio, and of First National Bank of Omaha, Nebraska. The company is headquartered at 45 Dan Road, Suite 100, Canton, Massachusetts. Rick Pylant is listed as the co-founder and CEO and Jon Stevens is listed as the President of Strategic Processing Systems. It is worth one of the company’s many websites is attributed to independent sales agents Michael Roux and Jennifer Berube.

Strategic Payment Systems Review Table of Contents

  • Costs & Contract: Strategic Payment Systems appears to offer variable contract terms through NPC.
  • Complaints & Service: Strategic Payment Systems has received fewer than 10 public complaints.
  • BBB Rating: Strategic Payment Systems has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
  • Sales & Marketing: Strategic Payment Systems hires independent sales representatives but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Strategic Payment Systems
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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • MOTO

Our unbiased reviews are supported, in part, by helping you find highly rated merchant accounts. You can learn more here.

Strategic Payment Systems Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%
Keyed-in Rate 1.00% - 4.99%
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
Early Termination Fee $250
PCI Compliance Fee $20 Per Month
Equipment Lease Terms 48 Month (locked)

Variable Contract Terms

There is very little specific information available at this time regarding the standard Strategic Payment Systems contract. The company is a reseller of NPC merchant accounts, so it is likely that the basic SPS contract is similar to the standard NPC contract. The standard NPC contract is reportedly a three-year agreement that automatically renews for two-year terms and includes an early termination fee of $250 as well as a PCI compliance fee of $20 per month. However, it’s probable that SPS and its sub-ISOs are free to alter certain contract terms as they deem necessary.

A standard NPC merchant agreement also includes a 48-month non-cancellable equipment lease. These lease agreements result in merchants paying fees well in excess of the cost of the equipment. Additionally, these equipment leases do not terminate if a company cancels their merchant agreement, even upon paying any applicable early termination fee.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Strategic Payment Systems also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

No Contract Complaints

Given the total lack of complaints that mention the company’s pricing and terms, we will assume for now that SPS provides favorable terms at a fair price. However, its pricing likely does not compete with the cheapest merchant accounts. If you have any specific knowledge of the standard Strategic Payment Systems contract (including monthly minimum fees, statement fees, and pricing structures), please share that information in the comment section below.

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Response from Strategic Payment Systems

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Strategic Payment Systems Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

We are able to locate only one negative Strategic Payment System review, and this review does not go so far as to call the company a ripoff. The complaint (found here) cites difficulty cancelling service through Strategic Payment Systems and NPC and expresses confusion over the company’s switch from the name COCARD. It did not receive a response. Given the fact that this is the only complaint to be found against SPS across all consumer protection websites at this time, it will not impact the company’s score too harshly.

Strategic Payment Systems Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Strategic Payment Systems. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Strategic Payment Systems Customer Support Options

SPS offers direct phone support through its ISOs and through its various backend processors. However, its level of service will likely vary depending on the branch a merchant works with. At this time, Strategic Payment Systems does not rank among the top payment processors for great customer service.

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Response from Strategic Payment Systems

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Strategic Payment Systems BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Clean Complaint Record

Strategic Payment Systems currently has an “A+” rating with the Better Business Bureau and is not BBB-accredited. The company has received 0 complaints in the past 36 months. It also has not received any informal reviews, although it should be noted that these reviews are not always subject to verification by the BBB.

An “A” Performance

In light of SPS’s clean complaint record, we agree with the BBB’s rating. Merchants should be aware, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Strategic Payment Systems

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Outside Sales Team

As noted above, Strategic Payment Systems appears to partner with a large number of independent resellers to market its services at various locations across the country. This sales strategy is often linked to high complaint rates among merchants, but in this case, we are unable to locate any Strategic Payment Systems negative reviews that describe unethical behavior by the company’s sales team.

No Deceptive Quotes

As an additional point in its favor, none of the company’s primary websites feature deceptive rate quotes or other misleading promotional language. If you suspect that Strategic Payment Systems is overcharging you, you can double-check your monthly bill with a third-party statement audit.

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Response from Strategic Payment Systems

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Strategic Payment Systems Logo

Our Opinion of Strategic Payment Systems

A Decent Option for Most Business Types

Strategic Payment Systems rates as a reliable merchant services provider according to all available information. There is only one public complaint posted against the company, and there is no indication that SPS engages in deceptive advertising strategies. Our grade for SPS may change once more information about its contract terms becomes available. For now, merchants are encouraged to compare SPS’s pricing to that offered by top-rated merchant accounts in order to obtain the best deal.

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Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

How I Can Help You

I specialize in helping businesses get refunds of excessive fees and have recovered $1,567,184 this year alone! Submit a recent statement below to find out if you are getting overcharged. I'll take a look at it for free. If I find fees that can be refunded, hire me on contigency. I only get compensated if I put money back into your pocket.

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