Swipe4Free May Have Overcharged You
If you accepted credit cards through Swipe4Free or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
A DBA of Merchant Industry
Launched in May 2017, Swipe4Free is a merchant account provider that specializes in cash discount pricing. The company is a DBA of Merchant Industry, a New York-based credit card processor that has been in business since 2007. Like other cash discount payment processors, Swipe4Free enables merchants to pass the costs of accepting credit cards directly to customers by adding a 4% per-transaction surcharge to all non-cash purchases. The company claims that this eliminates credit card processing fees for its merchants, which would make it one of the cheapest merchant account providers in the industry.
Headquartered in New York
Swipe4Free is a reseller of TSYS and First Data‘s products and is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, California, and of Esquire Bank N.A., Jericho, New York. The company is headquartered at 3636 33rd Street Suite 306 Long Island City, New York 11106, which is an address that it shares with Merchant Industry. Leo Vartanov is the CEO of Merchant Industry but is not publicly listed as the CEO of Swipe4Free. The COO of Swipe4Free, Chris Benabu, is also the CEO of Merchant Industry.
Swipe4Free Review Table of Contents
- Costs & Contract: Swipe4Free offers a long-term contract with cash discount pricing and an early termination fee of $750 or more.
- Complaints & Service: Swipe4Free has received fewer than 10 public complaints.
- BBB Rating: Swipe4Free currently has an “A+” rating and has received 38 complaints and 13 reviews in the last 3 years. The company has been accredited by the Better Business Bureau since 2015.
- Sales & Marketing: Swipe4Free hires independent sales agents and has received some complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Swipe4Free
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