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:
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 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.
Head Quarters
3001 Dallas Pkwy, Ste 120 Frisco, TX 75034
Year Founded
2000
CEO
Mr. Kevin Hodes
Employees
2-10
Merchant Provider Risk Tolerance
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.
Early termination fee.
Works with standard risk businesses.
Only accepts online sellers.
Not all rates and fees are disclosed.
Requires a three year contract.
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
Discloses All Important Terms
No
Public Pricing Available
Yes
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 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 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
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.
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.
BBB
A+ and has been Accredited since 2013. (0 Reviews; 0 Complaints)
N/A
5 out of 5 Based on the opinion of 8 people
Yelp
N/A
Total Online Reviews
8+
Total Online Complaints
0
Lawsuits
0
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks