Swypit Overview

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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 and has received 0 complaints and 1 review in the past three years. The company has been accredited by the Better Business Bureau since 2013.
  • 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

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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • MOTO

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Swypit Rates, Fees, and Costs

Key Points

Swiped Rate Interchange-Plus
Keyed-in Rate Interchange-Plus
Early Termination Fee $275
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.

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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 Lawsuits

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 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.

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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. The review was lefy by a merchant who recommends Swypit’s services to other businesses:

Very honest group with a proven track record. I would recommend them!

Despite this positive review and the lack of any complaints on its BBB profile, Swypit does not rank as one of our top merchant account providers.

What Merchants Say

The company has received 1 informal review on its BBB profile. It should be noted that reviews are not subject to verification from the BBB like complaints are.

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.

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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.

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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.

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Why I'm Qualified to Write About Credit Card Processing

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so built this website to help small business owners research which service providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. I can help you save money with your current merchant account or help you find a new one. Message me here to get started.

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