Swift Payments Overview

Serving Merchants Based in Canada

Also known as MALAQY Merchant Services Inc., Swift Payments is a merchant account provider that serves most standard-risk Canadian businesses. The company was founded in 2014 and strongly promotes interchange-plus pricing as its preferred pricing schedule.

Swift Payments Location and Ownership

Swift Payments is headquartered at 295 Waterloo Street, London Ontario, Canada, N6B 2N5, and is a registered ISO/MSP of the Canadian branch of U.S. Bank National Association and Elavon. Mike Halbouni is the director of operations of Swift Payments.

Swift Payments Review Table of Contents

  • Costs & Contract: Swift Payments offers different packages for its retail, e-commerce, and mobile payment processing services that each use interchange-plus rates.
  • Complaints & Service: Swift Payments has received fewer than 10 public complaints.
  • BBB Rating: Swift Payments currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the last 3 years.
  • Sales & Marketing: Swift Payments may hire independent sales agents but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Swift Payments
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Products & Services Offered

Types of Businesses Served

  • Retail
  • E-commerce
  • Mobile
  • MOTO

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Swift Payments Rates, Fees, and Costs

Key Points

Swiped Rate Interchange + $0.06
Keyed-In Rate Interchange + $0.06
Virtual Terminal Rate Interchange-plus
Payment Gateway Fee None
Retail Package Fee $19.95 Per Month
e-Commerce Package Fee $24.95 Per Month
Mobile Package Fee $29.95 Per Month
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Additional Mobile Card Reader $45 Per Additional Reader
Equipment Lease Terms Undisclosed

Swift Payments Contract Terms

Most notably, Swift Payments offers merchants interchange-plus pricing through its retail, e-commerce, and mobile payment packages. Each of those packages also charges a monthly fee. The retail package charges merchants $19.95 per month with a transaction rate of interchange plus $0.06. The e-commerce package charges a monthly fee of $24.95. Lastly, the mobile payment package charges a fee of $29.95 per month. Additional mobile card readers under the latter package cost $45.

No Red Flags

The total absence of complaints about the company’s contract terms merits an “A” in this category, but it should be noted that we are assigning this grade without any verified knowledge of specific pricing. It is difficult to assess at this time whether Swift Payments’ contract terms are competitive with the cheapest merchant accounts.

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Response from Swift Payments

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Swift Payments Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support No
Most Common Complaint N/A

No Public Complaints

We are currently unable to locate any Swift Payments complaints that accuse the company of being a ripoff or a scam. This seems to indicate that Swift Payments employs a proactive and available customer support team.

Swift Payments Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Swift Payments. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Swift Payments Customer Support Options

The Swift Payments website provides general phone and email contact information but does not list a dedicated customer support number. We will award Swift Payments an “A” rating in this category, but the company’s current customer support options do not qualify it as a top-rated customer service processor.

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Response from Swift Payments

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Swift Payments BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Clean Complaint Record

Swift Payments (as MALAQY Merchant Services Inc.) has an “A+” rating with the Better Business Bureau and has been BBB accredited since 2015. The company has not received any complaints in the past three years. It also has not received any informal reviews.

An “A” Performance

Given the company’s clear complaint record, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Swift Payments

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates Yes
Discloses All Important Terms No

Inside/Outside Sales Team

Swift Payments appears to rely on a combination of independent resellers and in-house staff to market its services. There is no evidence at this time indicating that the company employs a large team of independent sales agents, and we are unable to locate any Swift Payments complaints that report unethical behavior by the company’s sales staff.

No Misleading Quotes

One page on the Swift Payments website advertises “1.42% per transaction cost for visa, 1.44% for master card and $0.05 per debit transaction“. These are not interchange-plus rates, which would seem to undercut the company’s strong promotion of interchange-plus pricing. We also consider these rate quotes to be deceptive because they do not list the higher mid-qualified and non-qualified credit rates that merchants will pay on the vast majority of transactions. If you suspect that Swift Payments is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

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Response from Swift Payments

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Swift Payments Logo

Our Opinion of Swift Payments

A Reliable Option for Most Merchants

According to all available information, Swift Payments rates as a dependable merchant services provider. There is not a lot of specific information available about the company’s sales tactics or contract terms at this time, but its clean complaint record is a very positive sign. Even when dealing with companies that rate highly by our standards, we urge merchants to thoroughly examine the terms of any contract they are given and to compare its pricing to top-rated merchant account providers.

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Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

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