In this comprehensive article, we delve into the intricate world of Chyp. This article aims to dissect various aspects of Chyp's operations, from its rates and fees to its contract terms, and critically examines the common complaints and industry ratings it has garnered. We will explore employee and user reviews, marketing tactics, and the implications of Chyp's rebranding, including its alternate business names.
A significant portion of our analysis will focus on Chyp's payment processing capabilities, highlighting its offerings such as advanced POS systems, mobile payment solutions, and a secure eCommerce gateway. These features are designed to cater to a diverse range of business needs, emphasizing Chyp's commitment to flexibility and security in transactions.
We provide the details of Chyp's corporate background, including its connections with past merchant account providers like Hero Payments and Magna Consulting, and its current relationship with eVance. We will also address recent developments, such as Chyp's rebranding to ‘GoChyp' and the implications of this change for customers and the market at large.
We scrutinize Chyp's customer support options, their effectiveness, and the public's perception of their services, based on customer reviews and complaints. This evaluation extends to an examination of the lawsuits and fines associated with Chyp, providing insights into the legal challenges they may have faced.
Lastly, this article will offer a critical overview of Chyp's fee structure, contract terms, and overall competitiveness in the market. We aim to equip readers with a well-rounded understanding of Chyp's position in the merchant services landscape, highlighting both the pros and cons of engaging with their services. This analysis is particularly pertinent for businesses considering Chyp as their merchant account provider, and for those interested in the broader dynamics of the payment processing industry.
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' 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 and Rebrand
There is not a lot of public information about Chyp's corporate structure; however, we have received two comments below this GoChyp review claiming that the owners of Chyp previously launched additional merchant account providers. One company, which was launched by Mychol Robirds, was called Hero Payments and the other, which was launched by Tony Lemma, was called Magna Consulting. However, the sites for both companies are no longer working, and Tony Lemma appears to have moved on to yet another processor called SwipeSuite, so these companies may no longer be operating. 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. As of this review update, Chyp has rebranded as ‘GoChyp.'
Chyp Payment Processing
Chyp appears to process all major debit and credit cards for most business types. They do not give much information on their website, but they do offer cash advances, POS terminals, and EMV card swipers.
Chyp's Point-of-Sale (POS) Systems
Chyp offers state-of-the-art POS systems designed with businesses of all sizes in mind. Their systems support a wide range of payment methods, helping businesses cater to a broad customer base. These POS systems come with added capabilities such as inventory management, sales tracking, and customer relationship management, making them a comprehensive solution for businesses.
Chyp's Mobile Payment Solutions
Recognizing the need for flexible payment solutions, Chyp also provides mobile payment services. Businesses can leverage Chyp's mobile app and a card reader to process payments wherever they are. This flexibility is ideal for businesses that operate on the go or those that prefer a more direct, in-person approach to sales.
Chyp's eCommerce Gateway
For businesses operating in the digital space, Chyp provides a secure and robust eCommerce payment gateway. The company allows businesses to integrate their platform into existing websites, enabling secure online payments. With the ability to process various payment methods, this solution offers a seamless shopping experience for customers.
Emphasis on Secure Transactions with Chyp
Chyp puts a high priority on transaction security. Utilizing advanced encryption technologies, the company ensures that every payment is securely processed. They also maintain full compliance with Payment Card Industry Data Security Standards (PCI DSS), providing peace of mind for businesses regarding the security of their transactions.
Location & Ownership
The former owners of Securus Payments, Steven Lemma and Mychol Robirds, are the owners of Chyp, though only Lemma is listed now as the CEO. Like Securus, Chyp's headquarters were formerly listed at 7724 SE Aspen Summit Dr., Suite 300, Portland, Oregon 97266. However, the Better Business Bureau also lists a location at 12550 SE 93rd Ave, Clackamas, Oregon 97015. Chyp is a registered ISO/MSP of Elavon, Inc., Atlanta, Georgia; BMO Harris Bank N.A., Chicago, Illinois; and Merrick Bank, South Jordan, Utah.
|Fast processing speeds.
|Limited global reach.
|Occasional system downtime.
|Reliable security measures.
|Complex setup process.
|Competitive transaction fees.
|Fee structure variability.
|Multiple payment options.
|Minimum transaction requirements.
|Efficient customer support
|Limited integration options.
Chyp Customer Reviews
Here's What Their Clients Say
|Total Online Complaints
|Live Customer Support
|Most Common Complaint
Moderate Complaint Total
We are currently able to locate more than 60 negative Chyp reviews, some of which claim that the company is a scam. Complainants primarily mention aggressive telemarketing, misrepresentation of fees, poor customer service, and nondisclosure of lease terms. The content of these GoChyp complaints mirrors those commonly filed against Securus. There are also a handful of positive reviews about Chyp, but we are unable to verify their authenticity at this time. Overall, the company has amassed a moderate complaint total in a very short period of operation. If you have your own GoChyp review to make, please do so in the comments below.
Chyp Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Chyp. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Chyp Customer Support Options
Chyp offers live phone customer support as well as email support to all of its clients. This is the bare minimum amount of support that we expect from top-rated merchant accounts for customer service, but Chyp’s complaint record indicates that it falls short in this category.
Chyp Customer Service Number
- (877) ASK-CHYP – Toll-Free Customer Service
Other Support Options
Chyp Online Ratings
Here's How They Rate Online
BBB Rating Analysis for Gochyp
GoChyp has an average customer review rating of A+ on BBB based on 2 customer reviews. The common theme in these reviews is dissatisfaction with customer support and issues with cancellation fees.
Worse than [redacted]. Salesman out of [redacted] got me signed up, and once I was a customer, the support became absolute crap. If someone from there emails, don’t do business with them. I was with them for 8 months, and I was never PCI compliant the entire time. I contacted him, who referred me to their customer support, who hung up on me. When I would email them, would never get a response. Called him to get my account closed down, and he became very belligerent on the phone with me. Switched to Stripe and have been much happier. When I have an issue, I actually get an answer same day, and the issue actually gets resolved. Save yourself a headache, and avoid these guys. Not to mention they’ll try to hit you with a huge cancellation fee, which is not explained when they sign you up. They’ll tell you all you have to do is send the terminal back and not get charged, but they’ll charge you anyways. – Review from April 20, 2023
I had inquired about this service and ***************************************** was very rude and told me I was costing him money when I made an inquiry and he was very pushy.. I told him to take me off his list and I assured him I would not be calling again… No way to do business ******* – Review from October 28, 2021
There are no positive reviews published about Gochyp LLC on the BBB website.
ComplaintsBoard Rating Analysis
On ComplaintsBoard, GoChyp has a mixed reception with a small number of reviews. The reviews highlight issues with customer service, difficulty in communication, and dissatisfaction with contract terms. There are two detailed negative reviews available, but no positive reviews are present on the site.
Do not sign up with this company. You will have to deal with 3 different companies (GoChyp, the processing company, and leasing company). Customer service is the worst, they never pick up the phone or answer their emails (I have to try at least 10 times before I can get to them). Also, what they tell you is different than what is in the contract! – Review from Ahnny, March 20, 2019
On October 13th, 2016, we met with a Chyp rep & were guaranteed 24-hour funding along with the lowest rates & told we could cancel the service. None of this happened & worse, in place of saving us money, Chyp cost us money! In 6 weeks we were unable to get 24-hour funding our main requirement along with low rates to use CHYP. After terrible customer support, getting voice mails, jumped around from department to department and Nothing close to professional customer support we determined cancelling Chyps processing was the best for our small business. – Review from Tdrugmand, January 28, 2017
There are no positive reviews published about GoChyp on the ComplaintsBoard website.
Chyp Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees
|2.70% + $0.05
Variable Contract Terms
There is very little publicly available information about the standard Chyp rates or contract at this time. The company does not list its specific pricing and terms on its website, and client reviews have thus far focused more on Chyp’s sales tactics rather than its pricing. However, as noted above, at least one client has stated that Chyp offers 48-month, non-cancellable equipment leases that can cost up to $109 per month. Securus has been known to offer very similar leases to its merchants, and it is common for Securus clients to claim that their sales agents promoted very low rates and fees while failing to disclose the company’s exorbitant equipment leasing costs.
Securus’s Contract Terms
If Chyp’s basic merchant account contract terms are anything like Securus’s contract terms, then they likely involve a three-year contract through First Data/Fiserv with an early termination fee of $495 and other miscellaneous fees, including a monthly minimum of $25, a $159 annual PCI compliance fee, and a variable monthly statement fee. The company’s reliance on independent sales agents may allow for some wiggle room on many of these terms, but business owners should be prepared to negotiate in order to obtain favorable GoChyp rates. We encourage business owners to check out our list of the providers of the best merchant services.
Not Especially Competitive
In general, there is very little indication that Chyp offers markedly different pricing or contract terms from those offered by Securus. This would rank it well below the cheapest merchant account providers. We will therefore assign the company a “C” in this category at this time.
Chyp Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers
|Discloses All Important Terms
Telemarketing and Outside Agents
Chyp’s sales approach appears to be nearly identical to that of Securus, specifically in that it operates as a team of telephone appointment-setters combined with a large number of independently contracted outside sales agents. This marketing strategy is frequently associated with high complaint totals in the credit card processing industry and has resulted in a large number of negative reviews for Securus. Despite the fact that Chyp is still a young brand, we are currently able to locate a moderate number of Chyp reviews that describe persistent telemarketing, misrepresentation of rates, and nondisclosure of fees and contract terms. Securus’s approach to selling equipment leases appears to be in practice at Chyp as well, as illustrated by a commenter below this GoChyp review:
Buyer Beware—-Sales person called over the phone and sent a sales associate to my office. They were very pleasant and low pressure, but the sales associate was unable to answer some questions i had regarding the plan being offered. The first thing that seemed off was that they were offering rates lower than interchange. While it seemed odd my initial request was to not have a contract and just go month to month. A supervisor called and was happy to send me a letter outlining that there would be no contract with them and he put it in writing. At first i thought this was a great upfront thing to do and I contemplated signing up. As I studied the contract further I noted that the charge for both processing machines was going to be $109.00 a month for 48 months. I couldn’t find any language that exempted me from the terms of that contract. When I called the supervisor about this issue he said sorry i am unable to do anything about the lease. I can’t speak to the quality of the service but I am glad that I didn’t lease $600.00 worth of equipment for $5,232.00.
More of the Same
In a short period of time, Chyp has received enough complaints about its sales team to lower its rating to a “C” in this section. If you suspect that a Chyp representative has included undisclosed fees in your contract, we recommend a third-party statement audit to find and eliminate hidden costs. This does not compare favorably to our list of best credit card processors.
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