Best for
Merchants that own and operate CBD and Hemp businesses and who are in need of payment processing services for those types of high-risk businesses.
Specializes in
Payswipe specializes in working with CBD and Hemp businesses to provide them with merchant accounts and payment processing services. This company can offer same-day funding in some cases.
Pricing Summary
Setup Fee: N/A
Monthly Fee: N/A
Swipe Rate: 1.00% - 4.99%+
Keyed-in Rate: 1.00% - 4.99%+
Early Termination Fee : Variable
Contract Terms:
Payswipe is a merchant account provider and payment processor that was founded in 2004.
This company’s main focus is on working with merchants in the CBD and Hemp space who need payment processing services for their high-risk businesses.
Payswipe is headquartered in Valley Stream, New York, and is a registered MSP/ISO of Elavon, Inc., Georgia.
Payswipe was founded in 2004 and is located in Valley Stream, New York. This company’s CEO is Gil Abir, and it is a registered ISO/MSP of Elavon, Inc., Georgia.
Payswipe services most standard-risk business types, but it specifically works with businesses in the Hemp and CBD spaces. These services are provided by Symplehemp, which offers flat-rate payment processing with a fixed monthly fee.
This company has partnered with CityHive to provide virtual terminals and payment gateways. It offers various add-ons to assist its merchant customers with growing their businesses.
Head Quarters
70 East Sunrise Highway, Suite 500, Valley Stream, New York 11581
Year Founded
2004
CEO
Gil Abir
Employees
Unknown
Merchant Provider Risk Tolerance
Specifically provides payment processing for CBD and marijuana businesses.
Multiple POS systems and payment options available.
Large inventory of value-added services.
Accept all major payment types.
Keeps their sales team in-house for effective marketing.
Website seems incomplete and does not support all financial claims.
No information on pricing or fees.
Unverifiable rolling reserve level.
No information on contracts.
Separate lease needed for equipment.
Hardware & Software
Payswipe advertises partnerships with several POS system providers on its website. Those providers include:
Cinch
Talech
Mobilibuy
OnDeck
Converge
Elavon
Poynt
Ingenico Group
Verifone
Cloud POS system solutions are offered through Talech, which uses an iPad POS interface that includes inventory management software. Smart terminals and automated ecommerce solutions are also available through the company’s partnership with CityHive.
Value Added Services
Merchants who choose to work with Payswipe as their payment processor will have access to some additional services that can help them grow their businesses. They include:
A unified loyalty and rewards program
Inventory management
Business loans
Social media promotion packages
Buy Now, Pay Later checkout options
Pickup scheduling and delivery
Supported Payment Types & Services
Merchants choosing Payswipe as their MSP/ISO will be able to accept many forms of payment. They include:
EMV cards, including Visa, Mastercard, Discover, and American Express
Debit card payments
Apple Pay
Samsung Pay
ACH payments
Omnichannel payments
Mobile payments
Nacha payments
UnionPay Visa
Discloses All Important Terms
No
Public Pricing Available
Unknown
There is no information available on the Payswipe website regarding pricing and fees. This is most likely because terms vary so much for each merchant that this company offers its services to. Pricing and fees are likely variable, depending on a merchant’s business size, monthly volume, payment processing history, risk level, and other factors.
CityHive is the company that offers Payswipe’s virtual terminal and payment gateway services. The CityHive website advertises four different plans with their own price points.
The Starter Plan is for merchants who have up to 1,000 customers. It costs $49 per month and has a transaction fee of 2.5%.
The Growth Plan is for merchants with up to 2,500 customers. It costs $99 per month and has a transaction fee of 2.5%.
The Processional Plan is for merchants with up to 5,000 customers per month. It costs $149 a month and has a transaction fee of 2.4%.
The Enterprise Plan is for merchants with up to 10,000 customers. It costs $249 a month and has a transaction fee of 2.30%.
Some merchants may also be subject to six-month rolling reserves and strict chargeback limits.
Pricing Model
Unknown
Swiped Rate
1.00% - 4.99%+
Keyed-in Rate
1.00% - 4.99%+
Mobile Payment Rate
N/A
Virtual Terminal Rate
Up to 2.50%
Monthly Fee
N/A
Payment Gateway Fee
Up to $249 Per Month
Batch Fee
N/A
Early Termination Fee
Variable
PCI Compliance Fee
Variable
Equipment Lease Terms
Variable
Address Verification Service (AVS)
Unknown
Application Fee
N/A
Account Setup Fee
N/A
Gateway Setup Fee
N/A
Annual Fee
N/A
Monthly Minimum
Unknown
Statement Fee
N/A
There is no information available on the Payswipe website regarding contracts and terms. It is likely that these vary based on merchant customers’ risk levels.
Merchants in need of payment processing equipment may be required to sign a separate agreement if they choose to lease it from a Payswipe partner company. These leases often have non-cancelable terms and can result in higher costs for equipment.
Contract Length
Unknown
Early Termination Fee
Variable
There is no information available on the Payswipe website regarding how long it might take for a merchant to get set up to process payments. Merchants will need to go through an underwriting process, and depending on their needs, it could take as long as 2 weeks before they can process payments.
Payswipe has a telephone number, email address, and contact form on its website for customer service.
BBB Rating
Payswipe does not have a profile or a rating with the Better Business Bureau.
Other Online Reviews
There are no online complaints about Payswipe, which indicates that this company goes adobe and beyond in its customer service, products, and services.
BBB
N/A
N/A
No Reviews
Yelp
N/A
Total Online Reviews
Unknown
Total Online Complaints
Lawsuits
Unknown
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