Cynergy Data Review

Cynergy Data Review


Cynergy Data is one of the bigger merchant account provider that has been in the business since 1995, quite a long time now. Since then they have been awarded with Inc. 100, 500 and 5000 awards, and CEO of the company has achieved the 2008 Ernst & Young “Entrepreneur of the Year” award. To be honest, these don’t really matter in my book but the thing that can really tell you about a provider’s dealing is the opinion of its customers.

In accordance with their BBB profile, 35 complaints have been filed so far while their ROR (RipOffReport) data shows a very low number of negative reviews. To many of you two digits complaints might matter a lot, but honestly, for a provider of Cynergy’s size and time in the business, it’s quite reasonable. I have seen so many providers of such size and time in the business but with much more number of complaints.

Their Cynergy Data’s Yelp profile currently has 6 1-star reviews.

They don’t have testimonials listed on their site but you can find some in their white paper titled “Why Cynergy.”

They do have a Twitter account where you can connect with them online.

I would like to see more reviews from the merchants who have dealt with them, but till then I am scoring Cynergy Data 3.5 out of 5.

Date Established:

Long Island City, New York.

Domain Name(s):

Parent/Partner Company:
The Cynergy Data parent corporation is Cynergy Holdings LLC. They were in the process of merging with EVO Merchant Services in 2006, but I’m not sure if they ever went through with it. They did acquire Abanco International in 2007.

Cynergy recently filed for bancruptcy (Chapter 11), and sold all of their assets to The Comvest Group for $81 million.

Registered ISO/MSP.

Acquiring Bank(s) (Acquirer):
Wells Fargo Bank.

Payment Processor(s):
Cynergy Data processes its own transactions.

Payment Gateway(s):
Authorize.Net or their own LUCY payment gateway.

Trust Symbols:
The Cynergy Data BBB profile doesn’t have a rating yet (as of this review), but has had 35 complaints in the last 36 months.

Negative Reviews:
ROR has a few complaints on Cynergy.

Common Complaints:
I couldn’t find any commonalities among the complaints filed on RipOffReport, but their profile on the BBB clearly shows that majority of their unhappy clients have reported a lot about contract, collection, and billing issues.

Verifiable Testimonials/References:
The only place that you’ll find testimonials is within the Cynergy Data promotional white paper titled “Why Cynergy.” I went ahead and contact the merchants in that white paper, but I am yet to hear back from them.

No third-party security features (i.e. McAfee, Verisign etc…) on the Cynergy Data site, they do have a privacy policy though.

Customer Service:
My personal experience with their customer service team was very good. I contacted them via their site and found their reps very patient and polite in answering to all mu “pressing” questions, such as do they charge for cancellation or not and about their contract terms. I was told by the rep that they do hold contract for 3 years and yes, they charge for cancellation as well, but these terms are flexible. Feel free to let us know about your experience also.

Contract Duration:
The usual 3-year contract term, but it can be negotiated.

Cancellation Fee:
I couldn’t get the exact cost for this, but the rep said that it can also be negotiated.

Seasonal Downtime:
Cynergy Data does offer seasonal downtime.

Product/Service Offering:
Retail, Gift Cards, EBT, Check Processing, e-Commerce.

Product/Service Specialty:
None in particular.

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