Security Card Services is a provider of merchant accounts that uses a novel approach to marketing its many services. The company does not sell its merchant services directly to individual business owners; instead, it forms relationships with local and regional banks all over the United States in order to provide merchant services to the clients of those banks. The company was established in 1996. This Security Card Services review covers all the major aspects related to the company including its acquisition and services provided.
Consequently, it is highly improbable that any merchant will interact directly through Security Card Services (SCS) unless the store signs up for payment processing through a regional bank partnered with SCS.
Depending on the type of relationship that has been created between SCS and the bank, a merchant who registers for an SCS account via their bank might deal with bank officials, SCS representatives, or even both, depending on the nature of the transaction.
BluePay completed the acquisition of Security Card Services in August 2017, just a few short months before being acquired by First Data along with all of its subsidiaries in December 2017. First Data Community Financial Institutions was formed through the consolidation of the acquiring partnership businesses of Security Card Services, BluePay, as well as CardConnect (First Data CFI).
First Data CFI is a recently established branch of First Data. Its primary mission is to collaborate with community banks to provide clients with streamlined payment solutions. It has yet to be determined whether Security Card Services would give up its separate brand identity as well as eventually begin operating beneath the First Data CFI title.
This is something that will be determined shortly. Customers of Security Card Services are informed through a notification posted on the company’s website that the company “is now First Data CFI.” Still, it is maintaining its individuality for the time being.
Complaints, Fees, Rates, Customer Feedback
Security Card Services Review Based On Complaints and customer feedback
Even though we could only uncover a few complaints regarding Security Card Services, some of these alleged wrongdoings include calling the company a con or a rip-off, although this is a minimal complaint total for a business that has been in business since 1996, it is essential to point out that Security Card Services does not usually engage directly with merchants.
It is also important to highlight that Security Credit Services, a debt settlement agency co-owned by SCS, is receiving a reasonable amount of complaints online about the aggressive legal action being taken against debtors. The acts of Security Credit Services are not affecting merchants who did sign up for Security Card Services, yet, the two organizations appear to have very distinct reputations in the online sphere.
The holding firm Security Holdings LLC oversees the operations of three different companies, two of which are Security Card Services and its affiliated company Security Credit Services. As a result of the FTC’s investigation in 2014, Security Credit Services was required to make restitution to customers in the amount of more than 761 thousand dollars for fraudulent phone payment fees.
Security Card Services Review Based On Rates and fees
Currently, there is a minimal amount of information accessible to the general public on the primary Security Card Services contract. The company was indeed a reseller of NPC/Vantiv before its takeover by BluePay, which implies that its basic terms may still be comparable to those provided by Vantiv (now Worldpay).
However, it is more likely to provide an agreement comparable to the typical agreement offered by First Data. Merchants should be prepared for a multiyear deal with First Data that includes a cancellation charge and conditions that are more or less typical for the industry, even though First Data provides a wide variety of contract options to choose from.
A term of service frequently mentioned in merchant reviews is a non-cancellable equipment lease for 48 months in First Data Global Leasing. However, due to the vast number of partners and the wide variety of partnership arrangements that SCS provides, any individual SCS agent likely possesses a significant amount of pricing leeway.
Security Card Services Review Based On Advertising and Sales
There is no direct selling office division that Security Card Services keeps, as the company’s primary focus is marketing its services to financial institutions throughout the country. Under its “Referral Bank” scheme, which requires banks to transfer their clients to Security Card Services including all bank boarding and customer support needs, SCS may sometimes lend a hand to its partner banks in closing transactions. There is also the possibility that banks will connect their customers to SCS as part of a program known as a “Hybrid Bank.”
Security Card Services is known to sign cards up for various bank rate reduction services over the phone without obtaining written permission from them. Although it does not appear to be a service that SCS would provide, it may be connected to either Security Credit Services or Security Check. At this time, we have not discovered any complaints about Security Card Services that allege the company’s in-house sales team engaged in false representation or failed to disclose applicable fees.
To wrap up, the official marketing materials that SCS distributes do not appear to contain misleading price quotes or unrealistic assurances. However, if you have reason to believe that Security Card Services is paying you hidden fees, you should get your statements reviewed by a professional third party. Because of this, we have decided to provide the organization with an “A” rating in this particular category for the moment being.
According to the information that has been gathered in our Security Card Services review, the company receives high marks as a dependable merchant services company. In general, the company does not promote its products or services directly to merchants; however, it is possible that sellers will interact with Security Card Services for concerns concerning their merchant accounts.
Once additional information regarding the particular contract terms of Security Card Services becomes available, our ranking for this company may shift. If merchants want to receive the best possible bargain, they should be sure to compare the pricing structure given by SCS to that of other well-regarded credit card processors.