CoCard Review

CoCard is a leading company in the electronic payment processing sector, offering a wide range of services tailored to suit the various requirements of businesses. Founded in 1999, CoCard functions with an exclusive system of owner-operated Independent Sales Offices (ISOs), enabling the company to utilize collective bargaining power and offer affordable solutions. They offer payment processing, data convergence, point-of-sale (POS) systems, and fraud prevention services for a wide range of retail and service businesses. Let’s dig deeper into the CoCard Review.

Company Background | CoCard Review

Established in 1999, CoCard has experienced consistent growth and is now a reputable company in the payment processing sector. Based in Nashville, Tennessee, the business runs efficiently with a small team and cost-effective operations, allowing it to offer reduced prices to its customers and members. It aims to empower its members and resellers by maximizing their value through a member-owned structure, promoting entrepreneurial spirit, and enhancing economic returns for all members.

CoCard’s goal is to establish a transparent and encouraging atmosphere to help members succeed. CoCard’s board and committee members possess a total of over 100 years of industry experience, guaranteeing that all members can access a wide range of knowledge and resources. Important moments in CoCard’s past include the creation of exclusive point of sale platforms like Revonu and forming important alliances with major processing companies like First Data and TSYS.

Services Offered

CoCard provides a wide array of services tailored to meet the diverse needs of various business types, from retail to e-commerce. Their offerings are designed to streamline payment processing and enhance operational efficiency for their clients.

Payment Processing Solutions

CoCard offers robust credit and debit card processing solutions, enabling merchants to accept all major credit cards, including Visa, MasterCard, Discover, American Express, and more. They provide secure and efficient transaction processing, ensuring businesses can cater to a wide customer base with ease.

Mobile payments are another key service provided by CoCard, allowing businesses to accept payments on-the-go. This is particularly beneficial for businesses that operate outside traditional retail environments, such as food trucks or mobile service providers.

It provides thorough solutions for e-commerce companies to guarantee smooth online transactions. Their e-commerce solutions are created to seamlessly blend with different shopping carts and platforms, offering a safe and effective payment gateway that improves the customer’s experience.

Point of Sale (POS) Systems

CoCard’s POS systems, including their proprietary Revonu, are designed to meet the specific needs of different business types. These systems offer a range of features and functionalities such as inventory management, sales tracking, and customer relationship management. It provides both hardware and software options, including tablet-based and Windows-based systems, to ensure flexibility and scalability for growing businesses.

Security and Compliance

Security is a top priority for CoCard. They offer PCI compliance services to ensure that businesses adhere to industry standards for secure payment processing. Additionally, it provides advanced fraud prevention tools to protect merchants and their customers from fraudulent activities. Their security solutions include network firewalls, data encryption, and comprehensive monitoring to safeguard financial transactions.

Additional Services

CoCard also provides a range of extra services to help business expansion and customer involvement. Their loyalty and gifting schemes switch out traditional paper vouchers for plastic cards, offering traceable and reusable choices that boost customer loyalty. Businesses have access to ACH processing and check services to effectively manage different payment types.

These services demonstrate CoCard’s commitment to providing comprehensive payment solutions that cater to the diverse needs of businesses across different industries, ensuring they have the tools and support necessary to succeed in a competitive marketplace.

Technology and Innovation

CoCard leverages advanced technology to provide top-notch payment processing solutions for various business needs. The company utilizes a range of proprietary systems and software to ensure efficient and secure transactions. Their innovative approach includes developing in-house technology that sets them apart from competitors, offering unique features and enhanced control over their services.

Proprietary Systems and Software 

CoCard’s proprietary systems, such as the Revonu POS system, are designed to offer comprehensive solutions tailored to different business environments. Revonu, available in both tablet-based and Windows-based versions, is a versatile system that includes features like inventory management, sales tracking, and customer relationship management. This proprietary technology allows CoCard to offer customized solutions that meet the specific needs of their clients, ensuring a seamless and efficient payment process.

Integration Capabilities 

CoCard excels at integrating with various platforms and systems, offering businesses flexibility and scalability. Their options work well with leading payment processors like First Data and TSYS, making it easy for businesses to integrate CoCard’s technology into their current systems. Businesses are able to upgrade their payment processing systems without disrupting operations, thanks to this integration capability.

Innovations in the Pipeline 

CoCard continuously invests in innovation to stay ahead in the rapidly evolving payment processing industry. They are exploring advancements in contactless payment solutions, enhancing security features, and developing more intuitive user interfaces. It strives to offer innovative solutions that meet present needs and forecast future requirements by maintaining a leading-edge position in technology. Their dedication to pioneering ideas guarantees they stay competitive in the market, providing clients with dependable and cutting-edge payment processing services.

Pricing and Fees

CoCard is known for its transparent pricing model, which aims to provide clear and straightforward pricing options for businesses of all sizes. They offer several pricing structures to accommodate various business needs, ensuring there are no hidden fees or unexpected costs.

Transparent Pricing Model 

CoCard’s pricing is designed to be transparent and easy to understand. They provide a range of pricing models, including wholesale, flat rate, and zero-cost processing. Their zero-cost processing program allows businesses to eliminate up to 100% of monthly credit card fees, which can result in significant savings.

Setup and Monthly Fees 

One of the appealing aspects of CoCard’s pricing is the absence of setup fees. Businesses can start using CoCard’s services without incurring initial costs. Their monthly fees vary depending on the chosen plan. For example, the zero-cost processing plan has a flat monthly fee of $39.95, which covers unlimited processing and includes a chip/contactless terminal.

Transaction Fees 

CoCard transaction fees can vary from 1.00% to 4.99% per transaction, depending on the transaction type (swiped, keyed-in, or virtual terminal). These fees are included in their interchange plus pricing model, which guarantees that companies are charged the true expense of every card transaction plus a set margin.

Comparison with Competitors 

When compared to competitors, CoCard’s pricing structure is competitive, particularly with its zero-cost processing program, which is a unique offering in the market. While many other providers may have lower per-transaction fees, they often include hidden costs or additional fees for services that CoCard includes in their transparent pricing models. This makes it an attractive option for businesses looking to optimize their payment processing costs without compromising on service quality.

Overall, CoCard’s commitment to transparent and competitive pricing, along with the absence of setup fees and the availability of various cost-saving programs, positions them favorably against other payment processing providers​.

Contract Terms

CoCard offers a range of contract terms that are designed to accommodate the diverse needs of businesses. Understanding these terms is crucial for businesses to make informed decisions about their payment processing services.

Length of Contracts: The duration of CoCard contracts can differ, usually spanning from one to three years. The particular length of a contract is frequently determined by the specific agreement between the company and the sales representative. Businesses should carefully examine and comprehend the duration of contracts before agreeing, as longer contracts may provide discounted rates but require a higher level of commitment.

Early Termination Fees: Early termination fees are common in CoCard’s agreements. These fees are imposed if a business decides to terminate the contract before the agreed-upon term expires. The amount of the ETF can vary based on how much time remains on the contract and other factors outlined in the agreement. Businesses should carefully consider the financial implications of these fees before opting to terminate their contract early.

Renewal Policies: CoCard’s contracts usually contain clauses for automatic renewal. Unless a business gives notice of termination before a specified period ends, the contract will automatically renew for another term. Businesses need to know these clauses and mark renewal dates on their calendar to prevent unintentional contract extensions.

Flexibility and Customizability of Contracts: It is known for its flexibility in contract terms, allowing some degree of customization based on the business’s needs. This can include negotiating specific terms with the sales agent or adjusting the services included in the contract. However, businesses should ensure that any agreed-upon customizations are clearly documented in the contract to avoid misunderstandings later on.

Customer Support and Service

CoCard is dedicated to providing comprehensive customer support to ensure a smooth experience for their clients. They offer multiple channels for support, including phone, email, and live chat, making it easy for businesses to get help when they need it.

Availability and Accessibility of Customer Support: CoCard’s customer support is available during business hours, with dedicated domestic helplines for real-time assistance. This ensures that clients can reach out for support during critical business hours without delays. Additionally, email support is available for less urgent queries, allowing clients to get detailed responses to their questions.

Types of Support Offered: It provides various forms of assistance to cater to various preferences and requirements. Immediate assistance is accessible via phone support, enabling direct communication with representatives for help. Email support is beneficial for thorough questions that may need in-depth responses. Even though live chat support may not be frequently discussed, it seems that CoCard strives to offer a flexible support system that caters to different client requirements.

Quality of Service and Responsiveness: The quality of CoCard’s customer service is generally well-regarded, with many clients appreciating the quick and clear communication they receive. Reviews indicate that support representatives are knowledgeable and genuinely interested in resolving client issues, which enhances the overall customer experience. The responsiveness of CoCard’s support team is a significant strength, ensuring that businesses can quickly address and resolve any issues that arise.

Training and Resources for Clients: CoCard also provides a range of training and resources to help clients maximize the use of their services. This includes detailed user manuals for equipment and services, as well as a knowledge base with instructions and best practices. These resources are designed to empower clients to troubleshoot common issues independently and make the most of CoCard’s payment processing solutions.

User Experience

CoCard’s user interface is created to be easy to understand and user-friendly, allowing businesses to effectively handle their payment processing requirements. Users often praise CoCard’s services for their simplicity, particularly the uncomplicated setup and operation.

Ease of Use of the Services: CoCard’s services are designed to be simple and efficient, allowing businesses to quickly integrate and start processing payments without extensive training. The company provides a range of tools and resources to ensure that users can navigate the system with ease. This user-centric approach ensures that even those without extensive technical knowledge can effectively utilize the platform.

User Interface Design and Functionality: CoCard’s systems have a user interface that is well-designed and highly functional, with a focus on clear navigation and ease of use. The Revonu POS system is well-known for its tidy interface and easy-to-understand layout, making it easier for users to complete tasks quickly. Inventory management, sales tracking, and customer relationship management features are smoothly combined to offer a robust yet user-friendly solution.

Customer Feedback and Satisfaction: Customer feedback about CoCard is generally positive, with many users praising the platform’s reliability and ease of use. Reviews often mention the quick and responsive customer support, which further enhances the overall user experience. Clients appreciate the clear communication and the practical solutions provided by CoCard’s support team, contributing to high levels of satisfaction.

Pros and Cons

Strengths of CoCard

Comprehensive Service Offering: CoCard provides a wide range of payment processing services, including credit and debit card processing, mobile payments, and e-commerce solutions. Their POS systems are versatile and cater to various business needs, making them a one-stop-shop for merchants.

Transparent Pricing: CoCard is known for its transparent pricing model, which helps businesses avoid hidden fees. They offer different pricing plans, including interchange plus pricing, which can be more cost-effective for many businesses.

Customer Support: CoCard provides strong customer support across various platforms like telephone, email, and live chat. They also offer comprehensive training materials and guides to help clients effectively operate their systems and quickly address any issues.

Flexibility and Customization: CoCard’s contracts are flexible, allowing some degree of customization based on the business’s needs. This flexibility makes it easier for businesses to find a plan that fits their specific requirements.

Areas for Improvement

Complex Contract Terms: Some users have reported that CoCard’s contract terms can be complex and may include early termination fees. Businesses need to carefully review these terms to avoid unexpected costs.

Limited Transparency in Some Areas: While CoCard generally offers transparent pricing, there are areas where users have noted a lack of clarity, particularly with certain fees that may not be fully disclosed upfront.

Integration Challenges: Some users have faced challenges with integrating CoCard’s systems with other software or platforms. Improving the integration capabilities could enhance the overall user experience.

Comparison with Key Competitors

Pricing and Fees: When compared to Square and PayPal, CoCard provides competitive pricing, especially through its interchange plus pricing model. Nevertheless, the intricacy of their contract terms could be a drawback when compared to the simpler pricing structures provided by certain rivals.

Customer Support: CoCard’s customer support is highly rated, often outperforming competitors like Stripe, which may have more limited support options. The availability of multiple support channels and comprehensive resources makes CoCard a strong contender in this area.

Service Range: While CoCard offers a comprehensive range of services, competitors like Square provide more integrated solutions, including payroll and inventory management. Expanding their service offerings could make CoCard more competitive in the market.

In summary, CoCard excels in providing a wide range of payment processing services with transparent pricing and strong customer support. However, areas like contract clarity and integration capabilities could be improved to better compete with other leading providers in the industry.

Target Market

CoCard caters to a diverse range of businesses by providing tailored payment processing solutions. Their services are designed to meet the needs of various market segments and industries, ensuring they can effectively support both small businesses and larger enterprises.

Types of Businesses Served 

CoCard primarily targets small to medium-sized businesses (SMBs) that require reliable and efficient payment processing solutions. This includes retail stores, restaurants, e-commerce businesses, and service providers. Their offerings are suitable for businesses that need to handle high transaction volumes securely and efficiently.

Market Segments and Industries Focused On 

It caters to a range of market segments in various industries. Retail is a major priority for CoCard, as they offer point-of-sale systems and payment processing solutions that assist retailers in efficiently handling transactions. The hospitality sector, which includes dining establishments and coffee shops, also sees advantages from CoCard’s mobile and table-based POS systems, improving customer service and operational efficiency.

E-commerce is another critical market segment for CoCard. They offer robust solutions for online businesses, including secure payment gateways and fraud prevention tools that help e-commerce companies handle transactions safely. Additionally, service-based businesses, such as professional services and healthcare providers, utilize CoCard’s solutions for efficient payment processing and client management.

Compliance and Security

It places a strong emphasis on compliance and security to protect its clients and their transactions. Understanding and adhering to industry standards is a cornerstone of their approach, ensuring that businesses can operate with confidence and security.

Overview of Compliance Measures: It adheres to various regulatory frameworks to ensure the security and privacy of transaction data. They are compliant with the Payment Card Industry Data Security Standard (PCI DSS), which mandates rigorous controls to protect cardholder data. Compliance with PCI DSS includes regular audits, stringent access controls, and continuous monitoring to detect and mitigate vulnerabilities.

Security Protocols and Features: CoCard utilizes a wide range of security measures to safeguard sensitive data against online dangers. Important security aspects consist of encrypting data to prevent unauthorized parties from reading transaction details, and using tokenization to substitute sensitive information with a distinct identifier. Furthermore, it utilizes sophisticated fraud detection mechanisms that constantly monitor transactions in real-time to detect and prevent any suspicious behavior.

Risk Management Strategies: Effective risk management is integral to CoCard’s security strategy. They conduct regular risk assessments to identify potential vulnerabilities and implement mitigation strategies. These assessments involve evaluating the effectiveness of current security measures, identifying gaps, and prioritizing actions to enhance security. It also has incident response plans in place to quickly address and resolve any security breaches, minimizing potential damage and ensuring continuity of operations.

By combining robust compliance measures, advanced security protocols, and proactive risk management strategies, it provides a secure and reliable environment for businesses to process payments, safeguarding both their operations and their customers’ data. This holistic approach to security and compliance underscores CoCard’s commitment to maintaining the highest standards in payment processing security.

FAQ

What types of businesses can benefit from CoCard’s services? 

CoCard serves a diverse range of businesses, including retail stores, restaurants, e-commerce businesses, professional services, healthcare providers, and non-profits. Their flexible solutions cater to both small and large enterprises, offering tailored payment processing systems to meet the specific needs of various industries.

How does CoCard ensure the security of transactions? 

CoCard guarantees transaction security by adhering to PCI DSS standards, utilizing data encryption, tokenization, and real-time fraud detection tools. These actions safeguard confidential information and block unauthorized entry, guaranteeing safe and dependable transaction handling for all their customers.

What support options are available for CoCard customers? 

CoCard offers comprehensive customer support through multiple channels, including phone, email, and live chat. They provide dedicated account managers and support staff to assist clients around the clock. Additionally, it offers extensive training resources and user manuals to help businesses effectively use their systems.

Conclusion

In brief, CoCard provides a wide range of payment processing solutions that meet the needs of different businesses, including retail, restaurants, e-commerce, and service providers. The company is known for its strong ability to offer secure transaction processing, supported by strong security protocols and compliance measures. By offering flexible contract terms and a clear pricing model, it helps businesses efficiently handle their payment requirements.