Central Payment Corporation (CPAY) Reviews
Central Payment Corporation (CPAY) Overview
Central Payment Corporation (also known as “Central Payment” or “CPAY”) is a merchant account provider that operates as part of a “joint venture” with TSYS. The phrase “joint venture” is intended to reflect that while TSYS owns more than half of Central Payment Corporation, the company still operates with some degree of independence. Central Payment claims to serve over 60,000 businesses and process over $10 billion annually, making it a large processor for the industry. It is still dwarfed, however, by TSYS’s organization and market share.
Central Payment’s products and services include point-of-sale solutions, EMV-compliant credit card processing hardware, gift and loyalty programs, mobile payment processing, American Express OptBlue pricing, e-commerce solutions, and recurring billing. The company offers phone and email support to all of its merchants. Zachary and Matthew Hyman are the co-managing partners of Central Payment Corporation.
Online reputation and reviews
Central Payment Corporation has received over 250 negative reviews on consumer protection forums. Merchants complain of nondisclosure of contract terms, misrepresentation of rates and fees, poor customer service, unethical agent conduct, difficulty cancelling service, and large early termination fees. This high complaint total stands in marked contrast to TSYS, which maintains an uncharacteristically low complaint volume for a company of its size. Central Payment Corporation generally has a much worse reputation among merchants than its much larger partner entity.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Central Payment Corporation at this time.
Have you used Central Payment Corporation for your business? Rate the company at the top of this post and tell us about your experience in the comment section below:
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Recent User Reviews
I was approached by our accounting department to look at our recent statement from CPAY. “CPAY” was currently charging us almost 10%. I went back and did a 5 year statement review.
They hiked rates each Feb, by .3%, .35%, .55%, 0.6%, 0.75%, and finally 0.9%. THOSE ARE ADDITIVE EACH YEAR.
They also charge a separate AMEX mark-up of 1.64%, ONTOP of what they already marked up AMEX by (above).
Plus they add “settlement fees” of 0.35%, and then increased that by an ADDITIONAL 0.40%.
They hide their notifications in the statements that don’t always get delivered. A small statement that rates are going up to account for “increasing costs of processing cards”, and you have 30 days to cancel your account or its assumed you accept the hikes.
I have been in merchant services a long time, it companies like this that give our industry a bad name.
Ditch these people. they should not be allowed to do this.
They offered low rate so you can sign up then raised it after 2 months.
This is a ripoff. My have been out of business since 2018. I have called them an sent all the info they have asked for an they still getting 331 dollars a month out of my account. I’m gonna contact a lawyer an see if I can get my money back. This is sorry as hell
I’ve been trying to cancel my service for 4 months now. Sent a letter called 3 times jump threw all there hoops and still getting billed fees for nothing no longer using them as credit card prosser.
They are theifs They tack on fees all the time you have to watch your statement and fight to get them back . Recently I found they signed me up for some Csi program without my consent and have been takeing $54.95 each month for last 5 months from checking account . Then when confronted they refuse to return the money. I finally got back one months wirth but not satisfied with that . there should be class action lawsuit towards them for taking customers money without consent . They fail to notify you of pci compliance due date then . they also do it with pci compliance fees and other random ones. I would strongly discourage doing business with them !!