Swypit Review: Fees, Comparisons, Complaints & Lawsuits

Swypit Rating
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Offering Merchant Services Since 2000

Swypit is a merchant account provider headquartered in Frisco, Texas. Founded in 2000, the company is a former reseller of another provider called Meridian Payment Systems, which was itself a reseller of NPC/Vantiv merchant services. Merchants should note that Meridian Payment Systems (Swypit’s former backend processor) may or may not maintain a website at the domain meridianpaymentsystems.com. A Swypit representative has informed us that this company is not related to Swypit.

Swypit Payment Processing

Swypit processes all major debit and credit cards for most business types. Their services include EMV card readers and swipers, POS systems, e-commerce solutions, managing software, gift cards, and cash advances.

Swypit Location and Ownership

The company is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio; and Elavon, Inc. Georgia. Swypit is located at 3001 Dallas Pkwy #120b, Frisco, Texas 75034. According to the Better Business Bureau, Kevin Hodes is the president and CEO of Swypit.

Swypit Review Table of Contents

Swypit Customer Reviews

Here's What Their Clients Say

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Clean Complaint Record

We are unable to locate any negative Swypit reviews on the usual consumer protection websites, which we interpret as a sign that the company isn’t ripping off or scamming its merchants. As noted above, there are two complaints filed against the company’s former partner Meridian Payment Systems, but they are very old and may instead be intended for another company. This clean Swypit complaint record is impressive given that various sources list Swypit’s length of time in business as 15-19 years. If you have your own Swypit review to make, please do so in the comment section below.

Swypit Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against Swypit. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Swypit Customer Service Options

Swypit appears to offer dedicated phone support to its merchants, and it appears that this service channel does an adequate job of resolving customer issues in-house. We have therefore assigned it an “A” in this section, but we do not consider it a top credit card processor for customer service.

We have located a single Swypit customer service phone number:

(877) 379-9748 – Toll-Free Customer Support

Swypit also offers a customer support form on its website.

Swypit Online Ratings

Here's How They Rate Online

Online Ratings Summary

Total BB Complaints 0
Complaints Resolved 0

Clean Complaint Record

Swypit currently maintains an “A+” rating with the Better Business Bureau and has been accredited since April 2013. The company is showing 0 complaints in the past 36 months. The BBB cites this clean complaint record as the primary factor raising Swypit’s grade.

An “A” Performance Overall

Given the company’s clean complaint record, we agree with the BBB’s rating. Merchants should be aware, however, that there are good reasons to be skeptical of the BBB’s reviews.

Swypit Fees, Rates & Costs

A Closer Look at The Contract

Key Points

Cancellation Penalties Yes
Monthly & Annual Fees Yes
Processing Rates 1.00% - 4.99%

Interchange-Plus Pricing

According to a company representative, the standard Swypit contract is a three-year term with an early termination fee of $275, an annual PCI compliance fee of either $90 (for terminals) or $165 (for software), and interchange-plus pricing.

The same representative stated that Swypit does not sell or lease equipment, but instead gives it away for free to each merchant. The company waives its cancellation fee as long as merchants return this equipment once they terminate service. This makes the Swypit fee more reasonable in our view, as it is designed to recover the cost of non-returned equipment.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Swypit also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional Swypit rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

No Swypit Contract Complaints

Although we have not seen any Swypit complaints that mention excessive Swypit rates or fees, merchants should be sure to inquire about all possible charges before signing up for service. Given the lack of negative reviews filed against the company, we will award Swypit an “A” in this category for the time being.

We also encourage merchants to check out our list of the providers of the best merchant accounts.

Swypit Employee Reviews & Sales Tacitcs

Should You Work For Them?

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

No Widespread Sales Issue

According to a company representative, Swypit primarily markets itself through referrals, traditional advertising, and independent sales agents. We have not found any Swypit reviews that accuse the company’s sales team of unethical sales tactics, but there is one very old complaint filed against Meridian Payment Systems that describes an issue with a sales agent. A company representative has stated that this complaint could not have been filed by a Swypit merchant because the company has never leased equipment through Northern Leasing Systems. Overall, there isn’t any negative feedback related to Swypit’s sales tactics.

This compares favorably to our list of best credit card processors.

No Misleading Advertising

In addition, the company does not engage in deceptive rate promotion in its official materials. If you suspect that Swypit’s sales team has added undisclosed fees to your account, we recommend seeking a third-party statement audit.

Our Swypit Review Summary

Our Final Thoughts

A Competitive Option for Most Merchants

Swypit is an exemplary merchant services provider according to our rating criteria. Although we do not have specifics about the company’s pricing at this time, there are no complaints online that mention issues with Swypit’s sales tactics or customer service. Merchants are encouraged to read their contracts carefully and negotiate favorable contract terms whenever possible, even when dealing with an “A” rated provider. Merchants should also compare Swypit’s pricing to that of top-rated payment processors to get the best deal.

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