Swift Payments Reviews & Complaints

Swift Payments Logo
5
full star full star full star full star full star

How did they treat you? ▼

Pros & Cons
Pros: Cons:
Automated reconciliation. Delayed dispute resolution.
Fast transaction processing. Potentially high fees.
Global reach, versatile. Complex pricing structures.
Secure and reliable. Limited merchant support.
Real-time tracking. Requires technical integration.

Note: As of 2022, the Swift Payments website is down. The company's status is currently unclear. We will monitor this situation and update when we receive new information.

Serving Merchants Based in Canada

Also known as “MALAQY Merchant Services Inc.”, Swift Payments (swiftpayments.ca) 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. It should be noted that the SWIFT Payments system is a different company than this smaller Canadian processor.

In 2020, Swift payments was purchased by Paystone, and it appears the brand has been phased out.

Swift Payments Customer Reviews

Here's What Their Clients Say

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

No Public Complaints

Our search has not uncovered any Swift Payments complaints suggesting the company operates as a ripoff or scam. This lack of complaints might reflect positively on Swift Payments’ commitment to proactive customer support. If you have any experiences or issues with Swift Payments, feel free to share them in the comments below.

Swift Payments Lawsuits and Fines

No class-action lawsuits or Federal Trade Commission (FTC) complaints have been identified against Swift Payments. Merchants looking for alternative ways to address their issues with the company are advised to consider reporting to appropriate supervisory organizations.

Swift Payments Customer Service Options

While the Swift Payments website offers general phone and email contacts, it lacks a specific customer support line. Based on the available information, Swift Payments is awarded an “A” rating in this category. However, to be recognized as a top-rated processor for customer service, more specialized support options would be beneficial.

Swift Payments Online Ratings

Here's How They Rate Online

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

No BBB Score

Swift Payments (as MALAQY Merchant Services Inc.) has an “A+” rating with the Better Business Bureau. The company has not received any complaints in the past 3 years. It also has not received any informal reviews.

An “A” Performance

We agree with the BBB’s rating of “A+” in this instance. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

Swift Payments Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms Variable

Swift Payments Contract Terms

Currently, specific details regarding Swift Payments’ standard rates and contracts are not disclosed to the public. It appears that the company tailors its pricing and agreement terms to align with the unique aspects of each merchant’s business, including industry, location, and transaction history. Given Swift Payments’ diverse client base, the company may also propose long-term equipment leases tailored to the specific requirements of certain businesses.

No Red Flags

The lack of complaints related to Swift Payments’ contract terms results in an “A” rating for this aspect. However, this evaluation is made in the absence of concrete details on the company’s pricing structure. At present, it remains unclear how Swift Payments’ terms compare with those offered by the most affordable merchant account providers.

For additional options, merchants are advised to explore our curated list of the top merchant account providers.

Swift Payments Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
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.

This compares favorably to our list of best credit card processors.

No Misleading Quotes

One page on the Swift Payments website advertises “1.42% per transaction cost for Visa, 1.44% for Mastercard 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.

Our Swift Payments Review Summary

Our Final Thoughts

Swift Payments rates as a dependable merchant services provider. The company’s clean complaint record is a very positive sign, indicating a general level of customer satisfaction and reliable service. However, there is currently limited specific information available about Swift Payments’ sales tactics or contract terms, which makes it essential for potential clients to proceed with due diligence.

Even when considering companies that rate highly by our standards, we strongly urge merchants to thoroughly examine the terms of any contract they are given. This includes understanding all fees, conditions, and potential obligations that may not be immediately apparent. It is prudent to compare Swift Payments’ pricing and services to those of top-rated merchant account providers. By taking these steps, businesses can ensure they are making an informed decision that best suits their financial and operational needs, securing the most advantageous terms and cost-effective solutions available.

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 principal and CEO of Swift Payments.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

How Did Swift Payments Treat You?

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