|Featured Credit Card Processors (*no cancellation fee)|
Crescent Processing Company Review
Merchant Maverick's Rating: (3 out of 5)
Last Updated: August 5th, 2012.
Things don't look too great for Crescent Processing Company (CPC) based on what I've found online. Although they've only been around since 2005, they've managed to rack up a large amount of complaints and negative reviews. I give a full explanation of my opinion about those complaints down in the "Negative Reviews" and "Common Complaints" section below. I highly recommend you read both of them, otherwise you won't get the full story.
The 4-year contract and $495 early-termination (deconversion) fee are a bit high considering there are other processors (e.g. Flagship Merchant Services) that don't charge a penny for cancellation.
They have a couple video testimonials on their site, which are always good, but don't forget to ask for references as well. Especially from merchants that are in the same industry as you.
CPC has a blog that's geared more towards educating their outside sales reps on their selling tactics rather than teaching about the intricacies of credit card processing. It goes to show where their priorities are. The "hard-sell" seems to be CPC's bread and butter.
Like I said above, you need to read this review in full to get an idea of why CPC has so many complaints against it. I don't think they're a bad company, but I do think that it would be wise of you to do your due diligence before signing up. Which is something I would expect a good business owner to do anyway.
I can't give them anything better than a 3 out of 5 for now.
No parent corporation here.
Acquiring Bank(s) (Acquirer):
Columbus Bank & Trust.
TSYS Merchant Solutions.
Authorize.Net. Do you need help setting up your payment gateway with your website? Click here.
You can find the Crescent Processing BBB profile here. It has a "C" rating, with 322 complaints in the last 36 months (as of this update).
Crescent is also a member of The Electronic Transactions Association, The Merchant Acquirers' Committee, and The International Association of Financial Crime Investigators.
You'll find quite a few negative reviews all across the web. To do your own research, you can search for phrases like:
- crescent processing company reviews
- crescent processing company complaints
- crescent processing company scam
- crescent processing company comments
- crescent processing company experiences
- crescent processing reviews
- crescent processing complaints
- crescent processing scam
- crescent processing comments
- crescent processing experiences
If you take some time to read the complaints, you'll notice that quite a few of them are from ex-sales reps of the company. It seems that Crescent relies heavily on independent sales agents for their business, much like Central Payment Corporation. The problem that that causes for you and I is that our experience with the company as a whole becomes based on our experience with our particular sales reps. Especially if the ISO doesn't have a good handle on they way their reps get the business.
With that said, quite a few merchants complained about "hidden" fees that they believe their sales rep didn't tell them about, or terms and conditions that they were presented with after signing an initial contract. A great deal of those complaints could have been prevented if only the merchants were a bit more vigilant. So, I'm telling you right now, don't take your sales reps word for everything. Verify EVERYTHING! There are ethical reps and unethical ones, but unfortunately, you have to have some level of distrust for all of them if you plan on uncovering the unexpected.
Crescent Processing has some video testimonials on their website. Don't forget to ask for references as well.
No on-site security features (i.e. McAfee, Security Metrics etc...). The security issue really depends on what kind of information the merchant account provider is collecting from you. If they require you to fill out a full digital application with sensitive info like SSN numbers, then they should definitely have some third-party security in place. Sometimes, and in the case of Crescent Processing, the initial contact form only requires some basic info, then the real application is taken care of by fax or later on through a secure online app.
I haven't dealt with them, so your input would be appreciated.
There is a 4-year contract that you have to sign, but I heard they're willing to negotiate.
Cancellation fee is $495.
Interchange-plus is offered, but depends on your business profile and processing volume.
Seasonal downtime is not offered by Crescent, but I was told that they do keep costs down during down months (be sure to read your contract).
Retail (Credit/Debit), eCommerece, Gift & Loyalty, Check Conversion, Check Guarantee, Cash Advance.
Don't forget to leave your review and rating in the comment section.