Chyp (gochyp.com) is a newly created merchant account provider that is owned and operated by the previous owners of Securus Payments. Excel Corporation, 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.
Chyp was registered as an LLC in Oregon less than a month before this review’s initial publication in May 2016, and the sale of Securus’s assets to Chyp was only announced days before this review’s initial publication. As a result, there is still a minimal web presence for Chyp at this time. For instance, the “About” page on the company’s website is not yet functional.
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.
- Sales & Marketing: Chyp hires independent sales agents and has received a moderate number of complaints about its sales practices.
- 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 30 public complaints.
- BBB Rating: Chyp has an “A-” rating with the Better Business Bureau and has received 12 complaints since October 2016.
- Rates & Fees: How Merchants Got The Best Rates With Chyp