Payswipe Contract Terms
Detailed information about Payswipe’s rates and contract terms is not readily available to the public. It’s possible that Payswipe’s pricing and fees might differ between merchants. Common industry practices suggest that businesses, particularly standard-risk ones, might incur monthly minimum fees, PCI compliance fees, and early termination fees with their agreements.
Virtual Terminal and Payment Gateway Pricing
Payswipe, in partnership with City Hive, offers various plans for virtual terminal and payment gateway services. These include the Starter, Growth, Professional, and Enterprise plans. All plans are month-to-month with no long-term contract requirements.
The Starter plan, targeting businesses with up to 1,000 customers, costs $49 monthly with a 2.50% transaction fee. The Growth plan, for up to 2,500 customers, is priced at $99 per month, also with a 2.50% transaction fee. The Professional plan, catering to businesses with as many as 5,000 customers, is available for $149 monthly at a 2.40% transaction fee rate. Finally, the Enterprise plan, designed for businesses with up to 10,000 customers, costs $249 monthly with a transaction fee of 2.30%.
High-Risk, High Fees
In the CBD industry, which is considered high-risk, payment processors like Payswipe may impose higher rates, mandate six-month rolling reserves, and set strict chargeback limits. CBD and hemp businesses partnering with Payswipe might face more stringent pricing and contractual conditions compared to standard-risk businesses.
No Red Flags
Currently, there are no widespread complaints about Payswipe’s contract terms, indicating a general satisfaction among its users. However, CBD and hemp businesses should be aware that Payswipe’s pricing may not be as competitive as the most affordable merchant accounts. Readers with insights into Payswipe’s standard agreement are encouraged to share their experiences in the comments section.
We also recommend checking out our selection of the top merchant account providers.
