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 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.
Swift Payments Review Table of Contents
- Costs & Contract: Swift Payments offers variable contract terms depending on each merchant's business type, size, and processing history.
- Complaints & Service: Swift Payments complaints number fewer than 10 on public complaints forums.
- BBB Rating: Swift Payments (as MALAQY Merchant Services Inc.) 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.
|Delayed dispute resolution.
|Fast transaction processing.
|Potentially high fees.
|Global reach, versatile.
|Complex pricing structures.
|Secure and reliable.
|Limited merchant support.
|Requires technical integration.
Swift Payments Customer Reviews
Here's What Their Clients Say
|Total Online Complaints
|Live Customer Support
|Most Common Complaint
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. If you have a Swift Payments complaint to make, please do so in the comments below.
Swift Payments Lawsuits and Fines
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 Service 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.
Swift Payments Online Ratings
Here's How They Rate Online
|Product & Service Complaints
|Billing & Collection Complaints
|Advertising & Sales Complaints
|Guarantee & Warranty Complaints
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
|1.00% - 4.99%
|1.00% - 4.99%
|Early Termination Fee
|PCI Compliance Fee
|Equipment Lease Terms
Swift Payments Contract Terms
There is no publicly available information about the standard Swift Payments rates or contract at this time. It is likely that the company customizes its pricing and terms according to each merchant’s business type, location, and processing history. The company’s wide range of preferred merchant types means that it could offer long-term equipment leases for certain merchants’ needs.
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.
We also encourage merchants to check out our list of the providers of the best merchant accounts.
Swift Payments Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers
|Advertises Deceptive Rates
|Discloses All Important Terms
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.
Copyright © 2024 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.