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

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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.
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.

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

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

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

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?

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

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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Testimonials & Complaints

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