Swipe4Free is a registered ISO of Esquire Bank N.A., Jericho, New York, and Wells Fargo Bank, N.A., Walnut Creek, California, and a reseller of TSYS and First Data (now Fiserv) products. The company shares an address with Merchant Industry at 36-36 33rd Street Suite 206 in Long Island City, New York 11106, which serves as its principal office. Although he is not officially identified as the CEO of Swipe4Free, Leo Vartanov is the CEO of the Merchant Industry. Chris Benabu, the Swipe4Free COO and co-founder, is also the head of the Merchant Industry. Read more about Swipe4Free review below.
Swipe4Free is a merchant account operator that focuses on cash discount pricing. It was established in May 2017. The company is a DBA of the Merchant Industry, a credit card processor with headquarters in New York and a history dating back to 2007. Swipe4Free enables retailers to pass the expenses of taking credit cards straight to customers by levying a 4% per-transaction tax on all non-cash payments, similar to other cash-back payment processors. According to the business, this reduces credit card processing expenses for its clients’ businesses, making it one of the sector’s least expensive merchant account suppliers.
For the majority of business types, Swipe4Free handles all major debit and credit cards. They offer POS solutions, availability to virtual terminals and payment gateways, mobile solutions, EMV card readers and swipers, and other services.
Only a few unfavorable Swipe4Free reviews can currently be found, and none of them accuses the business of being a fraud or scam. The complaints that are currently on file include higher-than-anticipated charges, hidden equipment lease expenses, subpar customer support, and trouble canceling service. These are comparable to the vast majority of complaints about the merchant industry that have been made public. There are also a lot of favorable, unverified Swipe4Free reviews online, but we haven’t taken those into account when determining our rating because we don’t know where they came from.
There are no pending class action cases or FTC complaints against Swipe4Free that we could find. Disgruntled customers who want to take the firm to court should think about reporting the corporation to the appropriate regulatory bodies.
20 or more complaints
The Better Business Bureau now combines the BBB profiles of Swipe4Free and the Merchant Industry. Since May 2015, the united company has been BBB recognized and has an “A+” rating. In the last 36 months, it has received 25 complaints, of which 14 are connected to billing or collection issues and 11 are about issues with products or services. Of these 25 complaints, only 11 were resolved to the merchant’s satisfaction by the company. The remaining 14 either received no resolution or were resolved in a way that the merchant found objectionable.
Additionally, 7 unofficial merchant reviews were sent to Swipe4Free, 6 of which had a negative tone while 1 was good.
The worst merchant firm I’ve ever dealt with in my life is swipe4free. Several legal actions have been taken against this business. They stole more than $2600 from my business account during the epidemic, a time when my company was experiencing severe financial difficulties. Additionally, despite claiming that everything with swipe4free is free, they charged me more than $1000 while I was using their service. Liars!!! When you call the company, they always transfer you to several departments before hanging up.
This business is a fraud. Given the number of complaints and legal actions they have, I’m shocked they are still in operation. Additionally, they sent me to collections, but I was subsequently released because I persisted in pursuing these thieves! If they steal your money, don’t give up. Declare it! If these fraudsters charge your company, be sure to reject the charge. I will surely dissuade anyone interested in using the swipe4free service from doing so if I come across them.
I couldn’t be more pleased with my interaction with Swipe 4 Free. The amount of professionalism and the time the team took to respond to all queries and inquiries so that I could expand my business struck me right away during our initial talk. The customer care experience after deciding to move forward with Merchant Industry was equally impressive. The level of service met or beyond my expectations. I urge all small and medium-sized businesses to get in touch with and collaborate with this incredible team!
The usual Swipe4Free contract is an unspecified length contract with monthly fees of $49.99, annual PCI compliance fees of $119.99, monthly fees for PCI non-compliance of $19.95, and early termination fees of $750 or punitive damages, whichever is larger. Additionally, according to merchants, the firm leases credit card processors for $30 per month with non-cancellable four-year periods. More information on the per-transaction cost for Swipe4Free will be provided below.
The termination charge for Swipe4Free is quite high for the sector and has the potential to grow to be considerably higher than what merchants are anticipating to pay. The actual words from the Swipe4Free merchant agreement are as follows:
If MERCHANT terminates this Agreement, MERCHANT will be required to pay an EARLY TERMINATION FEE to ISO. The EARLY TERMINATION FEE is the greater of (a) $750; (b) the number of full months left in the TERM hereof at the point of termination multiplied by the sum of FEES paid or due by the MERCHANT even during the month before that during which this Contract was terminated.
Similar fees are known to apply in the merchant industry, and merchants have expressed resentment at having to pay them. We advise taking the necessary measures to close your merchant account without incurring any fees if you intend to terminate your engagement with Swipe4Free.
Although Swipe4Free’s pricing scheme has theoretically been lawful for at least ten years, clever marketing by merchant account providers has led to an increase in interest from retailers. In essence, Swipe4Free gives its clients credit card processing tools that automatically tack on a 4% “service fee” to all of the items in their store.
This implies that customers will be assessed an extra 4% on their transaction if they pay with a credit or debit card. The receipt makes this service charge very clear. The service charge is not applied to cash customers. Swipe4Free collects the 4% fee in place of customary per-transaction costs, saving the retailer the whole amount of such fees.
It may appear like a terrific approach to stay away from transaction fees to pass along your costs to your clients. Swipe4Free does, in our opinion, give some value by providing that as a payment alternative. However, compared to other businesses in the sector, the company’s PCI compliance costs, early withdrawal fees, and instrument lease policies are ordinary or worse.
Additionally, switching to a funds plan necessitates a significant change in how you run your firm. It’s going to be up to you to convince them that the additional 4% is worth it although your competitors don’t charge it.
This type of adjustment should only be implemented if you are certain that you will save enormous sums of money without short-term economic losses, which is regrettably not a guarantee. Because you can’t cancel for free if the company’s price plan doesn’t work, it’s difficult to experiment with it. In conclusion, there are a few strong reasons to avoid Swipe4Free’s contract terms right now.
Similar to Merchant Industry, Swipe4Free sells its services using both independently hired outside sales representatives and internal telephone appointment setters. This strategy has resulted in several sales complaints for the merchant industry, with retailers alleging broken promises, false representations of the agent’s identity, and hidden costs.
However, at this time, we have only discovered a small number of Swipe4Free complaints that particularly identify the company’s sales force. These accounts speak of unexpectedly large fees and hidden expenses. Swipe4Free’s low number of sales complaints could just be a result of the company’s recent inactivity.
On their website, Swipe4Free provides live chat, direct phone, and email help. Some of these lines are probably handled by Merchant Industry. The fact that Swipe4Free offers live help is a positive indicator, but the few grievances the firm has amassed in a short amount of time suffice to keep it from being regarded as a top merchant account at this moment for excellent customer care.
Swipe4Free is rated as an ordinary merchant services provider based on our rating standards. It is a cash discount processor. Although the cash-back rate offered by the company may be able to save merchants a significant amount of money, other charges in the contract are not even close to being as low as those of the company’s rivals.