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 and Rebrand
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 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 Location and 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.
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 60 public complaints.
- BBB Rating: Chyp has an “A+” rating with the Better Business Bureau and has received 0 complaints and 3 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