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Strategic Payment Systems: Reviews & Complaints
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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.
Before we dive in, here’s a short summary of what we’ll cover:
- Strategic Payment Systems’ various payment processing services.
- There are few complaints against the company.
- Contract terms are not readily available.
- Possibly uses telemarketing tactics.
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 Payment Processing
Though each ISO may have different features, all Strategic Payment Systems companies process all major debit and credit cards for most business types. Their services likely include EBT processing, ACH and check processing, mobile solutions, access to virtual terminals and payment gateways, cash advances, and gift and loyalty programs.
Location & 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., Concord, California; and of Fifth Third Bank, Cincinnati, Ohio. 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.
Table of Contents
Strategic Payment Systems Customer Reviews
Here's What Their Clients Say
|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 Systems review, and this review does not go so far as to call the company a ripoff. The complaint cites difficulty canceling 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. If you have your own Strategic Payment Systems review to make, please do so in the comments below.
Strategic Payment Systems Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Strategic Payment Systems. Dissatisfied clients 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 client works with. At this time, Strategic Payment Systems does not rank among the top payment processors for great customer service.
Strategic Payment Systems Customer Service Numbers
- (888) 332-9140 – Toll-Free Customer Support
- (781) 828-2523 – Local Office
- (781) 828-0449 – Fax
Other Support Options
- Customer service email address at [email protected]
Strategic Payment Systems Online Ratings
Here's How They Rate Online
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 & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%|
Variable Contract Terms
There is very little specific information available at this time regarding the standard Strategic Payment Systems rates or 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 businesses 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 to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. 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 Strategic Payment Systems 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.
Strategic Payment Systems Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|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.
This compares favorably to our list of best credit card processors.
No Deceptive Quotes
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.
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