Card Payment Systems is a New York-based merchant services provider offering credit/debit card processing, POS systems, and merchant cash advances to businesses since 1988.
Editorially reviewed by Harvey Brooks
Card Payment Systems (CPS) is a family-owned and operated merchant services company headquartered in New York that has served the region since 1988. The company positions itself as a comprehensive, one-stop-shop for payment processing and point-of-sale solutions tailored to businesses of varying sizes and industries. With 30 years of experience in the payment processing industry, CPS has built its reputation around personalized service and technology integration.
The company offers a broad range of services including credit and debit card processing, merchant cash advances, cash discount programs, high-risk account processing, wireless and mobile payment solutions, EMV terminals, POS systems, virtual terminals, e-commerce solutions, gateway solutions, and gift card processing. CPS also operates a partner program that provides revenue-sharing opportunities for resellers, with stated quick approval timelines (2-3 business days for most applications). They position themselves as authorized resellers for multiple POS platforms including TouchBistro, Exatouch, Clover, Adelo, and Poynt, and claim integration capability with most POS systems currently available.
CPS differentiates itself through 24/7 in-house customer support, state-of-the-art PCI compliance technology, and extensive payment solution flexibility. The company emphasizes its family ownership structure, local New York presence, and partnership expertise. They offer comprehensive online reporting and claim to address needs across virtually every business sector. The messaging consistently highlights that customer service and merchant relationships are core to their business model.
As a privately-held merchant services provider, CPS operates in a competitive, commoditized industry where pricing and service quality are primary differentiators. While the website demonstrates legitimate merchant services capabilities and longevity in the market, potential customers should note that specific pricing, contract terms, and comparative rate information are not disclosed online. The company's 30-year history and family ownership suggest stability, though detailed financial information and independent customer reviews are not available on their website.
Yes. Card Payment Systems is a registered company headquartered in 247 W 35th St, New York, NY 10001. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Card Payment Systems is best suited for New York-area merchants and resellers seeking comprehensive, locally-based merchant services with 24/7 support and multi-platform POS integration. The primary caveat is the lack of transparent pricing and rate information online; interested businesses will need direct contact to compare costs against competitors.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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