SurchX does not disclose if the company is an ISO/MSP. Nor does the SurchX provide information about backend processors or acquiring banks.
The company was established in 2017 by Robert Maynard. SurchX company headquarters are in Phoenix, Arizona.
|Early Termination Fee||$0|
|Contract Terms||No Contract Required|
SurchX was founded in 2017 by Robert Maynard and is headquartered in Phoenix, AZ. The company is not a merchant processor but a Fintech specializing in a software solution to help eCommerce merchants quickly and transparently calculate additional costs of accepting credit cards and passing it onto their customers.
SurchX service effectively let’s merchants offer a cash discount to cash-paying customers, alternatively, a surcharge for cardholders. Such product iterations in the payment processing industry have started to gain attention and popularity as more tech entrepreneurs enter the fray to affect change in the industry.
SurchX does not have a rating profile or accreditation with the Better Business Bureau (BBB). Also, we were not able to find any complaints on any online forums against the company. The lack of testimonials may reflect the still-nascent niche that SurchX operates in and has yet to gain traction among merchants.
It is also important to note that SurchX filed an Assignment for the Benefit of the Creditors, a form of liquidation process after the company quickly burned through $3 million in seed capital it had raised through angel investors.
There are reports of overspending and lack of fiscal prudence of startup capital raised by the company, mismanagement in the execution of growth strategy, and mental health issues of the CEO, Robert Maynard, that led to the company’s downfall.
SurchX is no longer an independent entity after InterPayments acquired it in February 2020.
SurchX Pros & Cons
SurchX Products & Services
SurchX is not a merchant processor. It looks to partner with them and eCommerce platforms such as Shopify, Etsy, etc. However, the company’s services of letting merchants pass on interchange fees to credit cardholders work in conjunction with payment processing infrastructure already in place at merchants. SurchX software technology does not replace that infrastructure but offers additional functionality.
SurchX is proprietary software that allows merchants to identify the card type and, based on local regulation, applies a surcharge to purchases paid via a card. The company maintains that this entire process can be carried out seamlessly on top of the existing payment processing infrastructure, within milliseconds.
SurchX Advertising & Sales
It is unclear if SurchX has hired outside or inside sales teams to build out the company’s sales pipeline. The company’s website mentions that it is actively looking to enter into partnerships to expand its market and product usage.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
|Public Pricing Available||No|
SurchX Pricing, Rates & Fees
SurchX claims that the company software solution is free. The company likely keeps a certain portion of each surcharge it calculates, if possible. Effectively, merchants will continue to be levied payment processing fees, but they will recoup them from their credit-card paying customers.
Pricing At A Glance
|Pricing Model||Interchange Plus, Tiered Pricing|
|Mobile Payment Rate|
|Virtual Terminal Rate||0.5%|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$0|
|PCI Compliance Fee||$0|
|Equipment Lease Terms||$0|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee||Undisclosed|
SurchX Contract & Terms
The company’s technology is not available for merchants in states where processing additional surcharges for paying by credit card is illegal. It is permitted in some states under strict regulations such as giving their customers advance notification of merchants’ intention to adding surcharges. Those surcharges cannot exceed 4%, so the interchange fee and SurchX’s fees are capped at that rate. Furthermore, the surcharges are not applicable to debit card transactions.
Merchants should carefully review their specific state regulatory guidelines and the competitive impact and consumer sentiment of such a feature.
SurchX Setup & Support
SurchX does not list a support number or detail its timings. However, we have not found any complaints about its support quality. Given SuchX’s recent reorganization, it may be that the company still has a small client base supported by a skeletal crew.
It is unclear what SurchX’s setup process is. The company’s marketing copy mentions shopping cart integrations and APIs with existing payment processors to calculate and process an additional surcharge. Since it will be impossible to integrate without the payment processor granting API access seamlessly, merchants need to be mindful that SurchX works in tandem with merchant account providers; it does not replace them.
SurchX Complaints, Ratings & Reviews
We did not find any complaints against SurchX on any online forum. The company does not have a BBB profile or rating, nor are there any lawsuits filed against SurchX. As noted earlier, this lack of customer reviews may reflect SurchX still trying to scale operations, the inability of which has already led the company to change ownership in February 2020.
|No Reviews yet|
|Total Online Reviews||<10|
|Total Online Complaints||<10|