Chyp May Have Overcharged You
If you accepted credit cards through Chyp or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
Formerly Securus Payments
Chyp is a newly created merchant account provider that is owned and operated by the previous owners of Securus Payments. Excel Corporation (now OLB Group), the parent company of Securus Payments, sold essentially all of Securus’s operations to Chyp but retained Securus’s portfolio of approximately 5,000 merchants. As a result, nearly all of Securus Payments’s 100 employees have been hired by Chyp except for a small customer service team that will assist merchants with the transition to eVance, a separate Excel Corporation subsidiary. Chyp has agreed to board new merchants for the next three years through an exclusive partnership with eVance, which acquired Calpian Commerce in December. In effect, Chyp is the same company as Securus, with the same ownership, employees, and Portland location. The company advertises Clover, NCR, Lightspeed, and Lavu as POS solutions.
Chyp Alternate Business Names
The “About” page on the company’s website is not yet functional, and there is not a lot of public information about Chyp’s corporate structure. However, we have received two comments below this review claiming that the owners of Chyp have launched additional merchant account providers. One company, which was launched by Mychol Robirds, is called Hero Payments (goheropayments.com). The other, which was launched by Tony Lemma, is called Magna Consulting (getmagna.com). It is possible that other brand names have been launched by Chyp’s ownership team, and we will add those to this review as we discover them.
Chyp Location and Ownership
The former owners of Securus Payments, Steven Lemma and Mychol Robirds, are the owners of Chyp. Like Securus, Chyp is headquartered at 7724 SE Aspen Summit Dr., Suite 300, Portland, Oregon 97266. Chyp is a registered ISO/MSP of Elavon, Inc., Atlanta, Georgia; BMO Harris Bank N.A., Chicago, Illinois; and Merrick Bank, South Jordan, Utah.
Chyp Review Table of Contents
- Costs & Contract: Chyp appears to offer a three-year contract with an early termination fee of up to $495.
- Complaints & Service: Chyp has received more than 50 public complaints.
- BBB Rating: Chyp has an “A+” rating with the Better Business Bureau and has received 20 complaints and 6 reviews in the last 36 months.
- Sales & Marketing: Chyp hires independent sales agents and has received a moderate number of complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Chyp
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