Swift Payments Review: Fees, Complaints, Comparisons, & Lawsuits

By Phillip Parker

Last Updated: May 23, 2022

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Swift Payments

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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.

Swift Payments Customer Complaints & Reviews

Here's What Users Think

Complaint Summary

Total Online Complaints

<10

Live Customer Support

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. 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 BBB Rating and Report

Our Better Business Bureau Profile Assessment

BBB 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 and Rates

A Closer Look at the Contract

Cost 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

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 Jobs and Employment

Hiring Standards and Ethical Marketing Assessment

Key Points

Employs Independent Resellers

Advertises Deceptive Rates

Yes

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.

Swift Payments Review Summary

Our Final Thoughts and Opinions

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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About The Author

Phillip Parker

Phillip Parker is an independent card payment expert specializing U.S. and Canadian point-of-sale, e-commerce, and mobile payment acceptance. He has nearly two decades of experience in credit card processing as a journalist and consultant. Phillip is the creator of this website and has written over 1,500 articles covering numerous payment acceptance topics. He has also published critical reviews about most merchant services providers currently in operation.

Expert Guidance

Phillip has consulted businesses of all sizes from mom-and-pop shops processing $10K per month to enterprise level organizations processing in excess of $300MM annually. His specialties include:

– Merchant Account Statement Auditing

– Rate & Fee Negotiation

– Processor & POS Selection

– Software Integrations

– Risk Assessment

– Fraud Prevention

– General Processing Advice

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Phillip’s Top Picks

Phillip has researched and reviewed over 1,000 merchant services providers over the last 15 years. He also owns multiple businesses that accept credit card payments. If you are looking for an ethical credit card processor that doesn’t hide fees or lock you into expensive contracts, see Phillip’s merchant account picks here.

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In addition his contributions on CPO, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. If you would like to interview Phillip for your story or podcast, please reach out here.

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Customer & Employee Reviews

What Others Are Saying About Swift Payments

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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.

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5-Star Mike Halbouni

We are committed to ensuring the accountability of credit card processors by bringing transparency to their business practices. Our primary objective is to safeguard North American businesses from unscrupulous processors that impose substantial rate markups, unjustifiable fees, and exploitative contracts that result in annual losses of billions of dollars for small business owners.

We have been in operation since 2009, diligently conducting comprehensive research, publishing extensive reviews, and monitoring more than 1,000 payment processors. Our expertise in the merchant services industry has garnered recognition from esteemed publications such as the Los Angeles Times, INC Magazine, The Atlantic, and the Miami Herald, among others.

Please note that our rating system was overhauled on April 26th, 2023. Reviews dated before this date may not score in accordance with the following.

Star Rating Criteria:

At the start of our research, all processors are awarded five stars. We deduct stars if the processor engages in any of the following business practices:

– One star deduction if the processor has any junk fees.

– One star deduction if the processor does not post its pricing clearly on its website.

– One Star deduction if the processor is suffering from moderate client complaints.

– Multiple Star deductions if a processor is suffering from severe complaints, imposes unjust cancellation fees, markets non-cancellable equipment leases, engages in predatory rate pricing, or may be engaged in illegal activities.

Get all of the details regarding out rating criteria here.

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