Swypit (swypit.com) is a merchant account provider headquartered in Frisco, Texas. 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, and 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.

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.

Key Points

  • Sales & Marketing: Swypit hires independent sales agents but has not received any complaints about its sales practices.
  • 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.
  • Rates & Fees: How Merchants Got The Best Rates With Swypit

Swypit Products and Services


  • Retail
  • Mobile
  • E-commerce
  • MOTO

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Sales & Marketing

Key Points - Sales & Marketing

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

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. In addition, the company does not engage in deceptive rate promotion in its official materials.

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Swypit Marketing Example


Costs & Contract

Key Points - Costs & Contract

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

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. 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.

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Complaints & Service

Key Points - Complaints & Service

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

We are unable to locate any Swypit negative reviews on the usual consumer protection websites, which we interpret as a sign that the company isn’t 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 12-15 years. 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.

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Key Points - BBB

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

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. Given the company’s clean complaint record, we agree with the BBB’s rating.

Response from Swypit

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Swypit Logo

Swypit Bottom Line

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.

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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