Swypit Review

Rates and Fees
90/100
Truth in Advertising
90/100
Consumer Reviews
95/100
Customer Support
95/100
4.5

Best for

Merchants with standard-risk businesses that are looking for easy-to-understand and implement payment processing services and merchant accounts.

Specializes in

Swypit specializes in merchant account services to franchises and Chambers of Commerce all over the United States. The company’s website states that it prides itself on providing effective solutions for businesses of all sizes.

Pricing Summary

Setup Fee: Unknown

Monthly Fee: Unknown

Swipe Rate: Unknown

Keyed-in Rate: Unknown

Early Termination Fee : $275

Contract Terms:

Unknown 3 Years
Visit Swypit

Swypit was originally founded in 2000, and this company is a merchant account provider located in Frisco, Texas.

The company was once a reseller for Meridian Payment Systems, but does not have a relationship with that company at this time.

Kevin Hodes is the president and CEO of Swypit, and this company is a registered ISO/MSP of Fifth Third Bank, Cincinnati, OH.

Swypit Overview

 

Swypit is a merchant account provider that has been around since 2000. The company’s president and CEO is Kevin Hodes, who once worked as a chef aboard luxury yachts. Swypit is an endorsed merchant account provider for many companies, including multiple franchises and Chambers of Commerce all over the United States.

This company once worked with Meridian Payment Systems as a reseller, and at that time, MPS was a reseller for NPC/Vantiv. MPS used to be the company’s backend processor, but that relationship has since been dissolved.

Swypit is located in Frisco, Texas and it is a registered ISO/MSP of Fifth Third Bank, Cincinnati, OH.

Quick Facts

Head Quarters

3001 Dallas Pkwy, Ste 120 Frisco, TX 75034

Year Founded

2000

CEO

Mr. Kevin Hodes

Employees

2-10

Merchant Provider Risk Tolerance

Low Risk Businesses

What We Like

Works with businesses of all sizes.

Specializes with working with franchises and Chambers of Commerce located in the United States of America.

Offers a free app that allows payment processing on the go.

Several hardware choices are available.

Offers Value added services.

What We Don't Like

Early termination fee.

Works with standard risk businesses.

Only accepts online sellers.

Not all rates and fees are disclosed.

Requires a three year contract.

Industries Served

  • Online Sellers

Business Types Served

  • Mobile
  • Online

Swypit Products & Services

 

Hardware & Software

Swypit offers several options for hardware, which include POS systems (counter and cloud-based), and countertop credit card and POS terminals.

This company also offers a free app that allows merchants to process payments on the go with any iPhone, iPad, or Android device.

Ecommerce merchants can integrate with Swypit’s payment gateway to conduct business and accept payments online.

Value-Added Services

The value-added services Swypit offers include:

Merchant cash advances
Business loans
Inventory purchasing funding and discounts

Swypit also has a service called Account Updater, which helps merchants achieve more authorized approvals and provides reports that are easy to read and understand.

Supported Payment Types & Services

Merchants that choose to work with Swype as their merchant services provider will be able to accept the following forms of payment, depending on the software/hardware they choose:

Visa
Mastercard
American Express
Discover
Electronic checks
EBT
Debit cards
Diners Club/Carte Blanche
JCB cards

Swypit Payment Processing

  • Credit Card Processing
  • Debit Card Processing
  • EBT Acceptance
  • eCheck & ACH Processing
  • Mobile Commerce
  • Online Payments
  • Payment Gateway

Swypit Billing & Invoicing

  • Mobile Payments
  • Online Payments

Swypit Advertising & Sales

 
Swypit uses a combination of traditional advertising, referrals, and independent sales agents to market its products and services. There is no information on the company website that states that it has an inside sales team as well.

However, Swypit does not have any complaints online regarding its sales practices. It does not use any deceptive marketing tactics on its website.

Truth in Marketing

Discloses All Important Terms

No

Public Pricing Available

Yes

Swypit Pricing, Rates & Fees

 

Merchants doing business with Swypit will pay Interchange-plus for swiped and keyed-in transactions. The company does not disclose its virtual terminal rate or its payment gateway fee. There is no fee associated with downloading the app for use with mobile payment processing.

Merchants using credit card terminals through Swypit will be charged a $90 PCI compliance fee every year. This fee is $165 for merchants using the company’s software to process payments.

Pricing at a Glance

Pricing Model

Interchange Plus

Swiped Rate

Unknown

Keyed-in Rate

Unknown

Mobile Payment Rate

Unknown

Virtual Terminal Rate

Unknown

Monthly Fee

Unknown

Payment Gateway Fee

Unknown

Batch Fee

Unknown

Early Termination Fee

$275

PCI Compliance Fee

Swypit will be charged a $90 PCI compliance fee every year.

Equipment Lease Terms

Unknown

Address Verification Service (AVS)

Unknown

Application Fee

There is no fee

Account Setup Fee

Unknown

Gateway Setup Fee

Unknown

Annual Fee

Merchants using credit card terminals through Swypit will be charged a $90 PCI compliance fee every year

Monthly Minimum

Unknown

Statement Fee

Unknown

Swypit Contract & Terms

Swypit requires merchants to enter into a 3-year contract when they begin working with this company. However, merchants will receive free POS systems and/or credit card terminals, if that is the method they choose to accept payments.

Merchants can cancel their contracts at any time, and as long as they return their equipment upon termination, they are not charged the company’s standard early termination fee of $275. There are no online complaints about Swypit’s contracts or terms.

Contract Length

Unknown3 Years

Early Termination Fee

$275

Swypit Setup & Support

 

The Swypit website is not clear about how long it might take before a merchant’s account is approved and they can begin accepting payments. For most companies that work with standard-risk merchants, this is a process that can take up to 14 days.

Merchants that are integrating with a shopping cart or using a virtual terminal may be able to begin processing payments within a week.

Swypit has an email address and dedicated customer service phone number prominently displayed on each page of its website. There is also a Contact Us page that includes a form for merchants to fill out, as well as an office phone number and fax number. The company states that it prides itself on tailored solutions for merchants and that merchants will always have someone answer the phone when they call.

Setup Highlights

  • Documentation / Knowledge Base

Support Highlights

  • Domestic Phone Support (Business Hours)
  • Email Support

Swypit Complaints, Ratings & Reviews

BBB Rating

Swypit has been an accredited business with the Better Business Bureau since April 2013. It currently has an A+ rating with the BBB and has not had any customer complaints in the last three years.

Other Online Reviews

There are no other online reviews or complaints about Swypit’s products or services. There are two older complaints about Meridian Payment Systems, the company that Swypit was once in partnership with for payment processing. This record is impressive considering the fact that this company has been in business since 2000.

Swypit does not have any outstanding class-action lawsuits or FTC complaints.

Ratings

BBB

A+ and has been Accredited since 2013. (0 Reviews; 0 Complaints)

Google

N/A

Facebook

5 out of 5 Based on the opinion of 8 people

Yelp

N/A

Reviews

Total Online Reviews

8+

Total Online Complaints

0

Lawsuits

0

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