Strategic Payment Systems Review

Rates and Fees
60/100
Truth in Advertising
70/100
Consumer Reviews
65/100
Customer Support
70/100
3.5

Best for

Merchants seeking cost-effective solutions for payment processing services in multiple industries, including sales offices, associations, and financial institutions.

Specializes in

Strategic Payment Systems specializes in providing low-cost payment processing services to various types of merchants, including those in the sales and finance space. This company offers a low-price guarantee on transaction fees.

Pricing Summary

Setup Fee: N/A

Monthly Fee: N/A

Swipe Rate: 1.00% - 4.99%

Keyed-in Rate: 1.00% - 4.99%

Early Termination Fee : $250

Contract Terms:

3 Years
Visit Strategic Payment Systems

Strategic Payment Systems is a merchant account provider that was founded in 2011 by two individuals who also founded CoCard.

The company is headquartered in Canton, Massachusetts and Rick Pylant is its co-founder and CEO. The president is Jon Stevens.

Strategic Payment Systems uses National Processing Company (NPC) as its backend processor and the company is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, CA, and Fifth Third Bank, Cincinnati, OH.

Strategic Payment Systems Overview

 

Strategic Payment Systems was launched in 2011 by Rick Pylant who today, serves as the company’s CEO. The company’s president is Jon Stevens, and it is located in Canton, Massachusetts.

The company’s About Us page describes Strategic Payment Systems as a full-service provider of cost-effective, leading class products for various merchants. One online review indicates that the company has an unusual business structure in that it compensates its ISOs in the form of stock shares rather than residual payments.

Strategic Payment Systems has several websites, and it is likely that they belong to the company’s ISO partners. This company partners with NPC as its backend processor.

Quick Facts

Head Quarters

45 Dan Rd Canton, MA 02021-2852

Year Founded

2011

CEO

Rick Pylant

Employees

Unknown

Merchant Provider Risk Tolerance

Low Risk Businesses

What We Like

Low price guarantee on transaction fees.

Multiple unique value-added services.

Accepts most major payment types.

Multiple options for technical and customer support.

A+ Better Business Bureau rating with zero customer complaints.

What We Don't Like

No information on hardware and software offered to merchants.

Utilizes independent agents to bolster sales.

Undisclosed contract length and terms.

Hardware has a locked 48-month lease without option for purchase.

$250 early termination fee.

Industries Served

  • Online Sellers

Business Types Served

  • Mobile
  • Online

Strategic Payment Systems Products & Services

 

Hardware & Software

Strategic Payment Systems appears to offer its merchant customers POS systems, credit card terminals, mobile payment options, and payment gateways. However, there is no information available on the company website regarding what makes and models they are, or what software is used.

Because of Strategic Payment Systems’ partnership with NPC, it is likely that the company offers its POS systems, terminals, and mobile card readers to its merchant customers. Strategic Payment Systems may also offer PayFac to its merchant customers, which is a payment facilitator that functions more like a payment aggregator without a lengthy underwriting process.

Value Added Services

Strategic Payment Systems offers a few unique and standard value added services for its merchant customers. They include:

Cash advances for merchants in need of working capital to build and grow their businesses.
A Merchant eMall, which allows merchants to shop for their supplies and various types of merchandise. Merchants can also become a part of the eMall and sell their products or services there.
Business valuation services, which provide updated information about a merchant’s business value. This service has valued more than 10 million companies.
A gift card program.
A loyalty card program.

Supported Payment Types & Services

Merchants that choose Strategic Payment Systems as their payment processor and merchant account provider will be able to accept multiple forms of payment, including:

Payments with all four major credit cards
Debit card payments
EBT payments
Fleet payments
ACH payments
Check and electronic check payments

Strategic Payment Systems Payment Processing

  • Cash Transactions
  • Credit Card Processing
  • Debit Card Processing
  • Mobile Commerce
  • Online Payments
  • Payment Gateway

Strategic Payment Systems Billing & Invoicing

  • Mobile Payments
  • Online Payments
  • Payment Processing

Strategic Payment Systems Advertising & Sales

 
Strategic Payment Systems appears to have multiple methods of marketing its products and services to potential merchant customers.

The company does not seem to have a very large inside sales team. Instead, it markets its services through agent/ISO programs and affiliate programs. This type of marketing tends to result in a higher number of complaints, but that does not appear to be the case with Strategic Payment Systems.

There is no evidence that suggests that this company uses unethical sales strategies or misleading information to market its products and services. However, it does offer merchants a guarantee for the lowest payment processing fees in the industry, which may be difficult to uphold.

Truth in Marketing

Discloses All Important Terms

No

Public Pricing Available

Unknown

Strategic Payment Systems Pricing, Rates & Fees

 

Because Strategic Payment Systems is a reseller for NPC merchant accounts, it most likely follows NPC pricing and fees.

Rates for swiped, keyed-in, and virtual terminal transactions vary according to the merchant’s business size, risk level, and payment processing history. This company provides merchants with a guarantee for the lowest payment processing fees.

Merchants may also be charged a PCI compliance fee of $20 per month.

Pricing at a Glance

Pricing Model

Unknown

Swiped Rate

1.00% - 4.99%

Keyed-in Rate

1.00% - 4.99%

Mobile Payment Rate

Unknown

Virtual Terminal Rate

1.00% - 4.99%

Monthly Fee

N/A

Payment Gateway Fee

Undisclosed

Batch Fee

N/A

Early Termination Fee

$250

PCI Compliance Fee

$20 Per Month

Equipment Lease Terms

48 Month (locked)

Address Verification Service (AVS)

Unknown

Application Fee

N/A

Account Setup Fee

N/A

Gateway Setup Fee

N/A

Annual Fee

N/A

Monthly Minimum

Unknown

Statement Fee

Unknown

Strategic Payment Systems Contract & Terms

Strategic Payment Systems most likely offers contract terms that are the same or very similar to those offered by NPC. This is a standard, three-year contract that automatically renews for two-year terms. It also includes an early termination fee of $250.

Merchants in need of POS systems or other types of hardware may sign separate contracts for those leases. Terms are typically for 48 months and they are locked.

Contract Length

3 Years

Early Termination Fee

$250

Strategic Payment Systems Setup & Support

 

There is no indication of how long it might take before a merchant will be ready to accept payments based on the information that is available on the Strategic Payment Systems website. However, because this company works with NPC, some merchants may be able to begin accepting payments immediately if they opt for PayFac, which is more like a payment aggregator than payment processing.

Strategic Payment Systems has a Contact Us page with several phone numbers to various parts of its customer service team. There is also a phone number for sales support.

Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

  • Domestic Phone Support (Business Hours)
  • Email Support

Strategic Payment Systems Complaints, Ratings & Reviews

BBB Rating

Strategic Payment Systems is not accredited by the Better Business Bureau, but the company has an A+ rating and no complaints.

Other Online Reviews

There is only one online complaint for Strategic Payment Systems, and it indicates that the merchant was confused when the company switched from the name CoCard.


Ratings

BBB

A+ and This Business is not BBB Accredited. (0 Reviews; 1 Complaints)

Google

3 Stars / 2 Reviews

Facebook

5 out of 5 Based on the opinion of 1 person

Yelp

N/A

Reviews

Total Online Reviews

Unknown

Total Online Complaints

Lawsuits

Unknown

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