Swypit Overview

Offering Merchant Services Since 2000

Swypit (swypit.com) 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. The company is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio. 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.

Headquartered in Frisco, Texas

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

  • Costs & Contract: Swypit offers a three-year contract with an early termination fee of $275 that is waived if a merchant declines free equipment.
  • Complaints & Service: Swypit has received fewer than 10 public complaints.
  • BBB Rating: Swypit has an “A+” rating with the Better Business Bureau and has received zero complaints in the past three years.
  • Sales & Marketing: Swypit hires independent sales agents but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Swypit

Advertising Disclosure: Our unbiased reviews are supported in part by helping you find highly reviewed merchant accounts. You can learn more here.

Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • MOTO

Swypit Rates, Fees, and Costs

Standard Fees

Swiped Rate Variable
Keyed-in Rate Variable
Early Termination Fee $275 Or None
PCI Compliance Fee $90 Or $165
Equipment Lease Terms None

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 company’s fee more reasonable in our view, as it is designed to recover the cost of unreturned equipment.

No Swypit Contract Complaints

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

Response from Swypit

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Swypit Complaints & Customer Reviews

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 complaint record is impressive given that various sources list Swypit’s length of time in business as 15-19 years.

Swypit Support 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.

Response from Swypit

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Swypit BBB Rating Summary

Key Points - BBB

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

Swypit currently maintains an “A+” rating with the Better Business Bureau and has been accredited since April 2013. The company is showing zero complaints in the past three years, and the BBB cites this clean complaint record as the primary factor raising Swypit’s grade. Swypit has also received one positive informal review to its BBB profile, but it should be noted that these reviews are not subject to BBB verification.

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.

Response from Swypit

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Truth In Marketing & Advertising

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 merchant complaints that accuse the Swypit 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.

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.

Response from Swypit

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Swypit Marketing Example

Swypit Logo

Our Opinion of Swypit

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.

Phillip Parker is a former merchant services sales agent who believes the industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. He created this website to help you avoid the bad players, save money on fees, and to get peace of mind with your merchant account. If you would like to help support his work, learn more about our cost reduction service. We can evaluate your statement, tell you exactly how much you're overpaying, and then help you dramatically reduce your fees with your current credit card processor. Looking to switch instead? See our list of the best merchant account providers.

Schedule a Consultation with Phillip

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