In this review of Strategic Payment Systems, we will provide a detailed overview of the company’s payment processing solutions, including credit card processing, point-of-sale systems, and e-commerce services. We will discuss the pricing structure, contract terms, and customer feedback to give you a clear understanding of what Strategic Payment Systems offers. Additionally, we will examine the transparency of their fees, the quality of their customer support, and the overall satisfaction levels reported by their clients. By the end of this article, you will have a comprehensive understanding of whether Strategic Payment Systems meets your business’s payment processing needs.
About Strategic Payment Systems
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. The company was acquired in 2020 by Payroc, though it is still run as its own brand.
Strategic Payment Systems-homepage
Strategic Payment Systems URLs
We have found at least three 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 provides robust payment processing services for major credit and debit cards. This service ensures businesses can accept payments from widely used card networks.
EBT Processing
Strategic Payment Systems also offers Electronic Benefits Transfer (EBT) processing. This service allows businesses to accept EBT payments, catering to customers who receive government assistance benefits.
ACH and Check Processing
For businesses that require Automated Clearing House (ACH) and check processing, Strategic Payment Systems delivers reliable solutions.
Mobile Solutions
Strategic Payment Systems supports mobile payment solutions, allowing businesses to accept payments via smartphones and other mobile devices.
Virtual Terminals
Virtual terminals from Strategic Payment Systems enable businesses to process payments without the need for physical card readers.
Strategic Payment Systems Customer Reviews
Customer Reviews Summary
Total Online Complaints
<10
Live Customer Support
Yes
Most Common Complaint
N/A
Recent Lawsuits
No
Minimal Complaints Reported
We have only uncovered one negative review of Strategic Payment Systems (SPS), and even this review stops short of labeling the company as a ripoff. The sole complaint revolves around challenges in canceling services, involving Strategic Payment Systems and NPC, compounded by confusion stemming from the company’s transition from the name COCARD. As this single complaint stands alone across various consumer protection platforms, it is unlikely to significantly impact the company’s overall standing. If you have your own experience or review regarding Strategic Payment Systems, we invite you to share it in the comments section below.
Legal Standing and Penalties
To date, there have been no reported class-action lawsuits or FTC complaints against Strategic Payment Systems. Dissatisfied customers seeking recourse can explore options with relevant regulatory bodies.
Customer Support Options
While Strategic Payment Systems offers direct phone support through its Independent Sales Organizations (ISOs) and backend processors, the quality of service may vary depending on the specific branch a client interacts with. Presently, Strategic Payment Systems does not rank among the top payment processors for exceptional customer service.
Strategic Payment Systems Customer Satisfaction Ratings
Online Ratings Summary
BBB Reports
1
Nearly 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 1 complaint in the past 36 months. It 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. Businesses should be aware, however, that there are good reasons to be skeptical of the BBB’s rating system.
Strategic Payment Systems Fees, Rates & Contract
Rates & Fees Summary
Cancellation Penalties
Yes
Monthly & Annual Fees
Yes
Processing Rates
1.00% - 4.99%
Equipment Leasing
Yes
Variable Contract Terms
Current information about Strategic Payment Systems (SPS) rates and contract terms is limited. As a reseller of NPC merchant accounts, SPS’s basic contract is likely reflective of NPC’s standard terms. Typically, NPC’s contract includes a three-year term, auto-renewing for two years, with a $250 early termination fee and a $20 monthly PCI compliance fee. However, SPS and its sub-ISOs may adjust these terms as needed.
A standard NPC merchant agreement also includes a 48-month non-cancellable equipment lease. These leases often lead to businesses paying significantly more than the equipment’s actual cost. Additionally, these leases persist even if a merchant agreement is cancelled, independent of any early termination fee payments.
Virtual Terminal and Payment Gateway Pricing
Alongside its in-store payment processing, Strategic Payment Systems promotes its virtual terminal and payment gateway services. Specific pricing for these services is not publicly disclosed. Commonly, additional rates and fees such as gateway fees, technical support fees, batch fees, and transaction rates are applicable to these e-commerce services.
No Contract Complaints
The absence of Strategic Payment Systems complaints regarding pricing and contract terms suggests that SPS might offer satisfactory terms. Nonetheless, it’s uncertain whether SPS’s pricing is as competitive as the most affordable merchant accounts. Readers with insights into the standard Strategic Payment Systems contract, including monthly minimum fees, statement fees, and pricing structures, are encouraged to share their experiences in the comments below.
Strategic Payment Systems Employee Reviews & Sales Practices
Jobs & Marketing Summary
Uses Independent Resellers
Yes
Telemarketing
Likely
Misleading Marketing
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 reviews that describe unethical behavior by the company’s sales team.
As an additional point in its favor, none of the company’s primary websites feature deceptive Strategic Payment Systems 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.
Strategic Payment Systems Review Summary
Strategic Payment Systems (SPS) is currently regarded as a reliable credit card processing provider based on all available information. With just a single public complaint and no signs of deceptive advertising practices, SPS maintains a commendable reputation for transparency. However, our assessment could shift once more details about the company’s contract terms become known.
Readers should consider comparing SPS’s pricing to that offered by top-rated merchant account providers to secure the best possible deal. This careful comparison will ensure businesses obtain competitive rates while aligning their processing needs with a trustworthy partner.
Contact Strategic Payment Systems
Contact & Customer Support
Co-founder and CEO
Rick Pylant
President
Jon Stevens
Headquarters
45 Dan Road, Suite 100, Canton, Massachusetts
Toll-Free Customer Support
(888) 332-9140
Local Office
(781) 828-2523
Fax
(781) 828-0449
Website
spsprocessing.net
Top Performing Strategic Payment Systems Competitors
Please note that we only suggest providers that adhere to strict ethical standards and offer top performing support at extremely competitive pricing. We may earn revenue if choose one of our recommendations.
Reader Comments, Testimonials & Complaints
1 User Reviews
Miguel Vanessa
I am delighted to share my experience with Strategic Payment Systems! As a business owner, managing payments efficiently is crucial, and I can confidently say that SPS has been a game-changer for me. Their seamless payment processing solutions have streamlined my operations, saving time and money.
From the get-go, SPS’s team demonstrated utmost professionalism, understanding my unique business needs and tailoring their services accordingly. Their cutting-edge technology ensures secure transactions, and the integration was a breeze. What truly sets them apart is their dedicated customer support; they’re always just a call away, ready to assist with any queries.
Since partnering with Strategic Payment Systems, my business has witnessed a significant boost in customer satisfaction, thanks to their diverse payment options. I highly recommend SPS to any business looking for reliable and hassle-free payment solutions. They’ve truly earned my trust and loyalty!
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Miguel Vanessa
I am delighted to share my experience with Strategic Payment Systems! As a business owner, managing payments efficiently is crucial, and I can confidently say that SPS has been a game-changer for me. Their seamless payment processing solutions have streamlined my operations, saving time and money.
From the get-go, SPS’s team demonstrated utmost professionalism, understanding my unique business needs and tailoring their services accordingly. Their cutting-edge technology ensures secure transactions, and the integration was a breeze. What truly sets them apart is their dedicated customer support; they’re always just a call away, ready to assist with any queries.
Since partnering with Strategic Payment Systems, my business has witnessed a significant boost in customer satisfaction, thanks to their diverse payment options. I highly recommend SPS to any business looking for reliable and hassle-free payment solutions. They’ve truly earned my trust and loyalty!