Swift Payments Reviews & Complaints
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.
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
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
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
Swiped Rate | 1.00% - 4.99% |
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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?
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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