It is critical for many eCommerce businesses to accept all types of payments, whether it buys now, pays later, recurring bills, or a one-time lump sum. This, however, is not always inexpensive. This basic service could cost your organization a lot of money when the transactions come in, depending on which payment processors and providers you select.
It’s no surprise that this assessment procedure might take three to six months for most organizations! As a result, many firms try their hardest to negotiate the payments sector to receive the best offer. However, the many payment rates, goods, and service offerings can be perplexing because there is so much to choose from.
This is where an independent consultant like Swipesum shines, bringing a new level of clarity and ease to the table. In a nutshell, Swipesum aims to assist businesses in making the best payment decisions in a matter of days, including identifying the most appropriate payment solution and eliminating transaction fees.
We’ll look at what Swipesum’s consultation service entails and whether they’re the right fit for your company in this Swipesum review.
Who’s Swipesum?
Swipesum is a payment solutions consultant with all of the information small and large businesses need to choose the best payment platform. They can also assist you in negotiating the most favourable terms with your chosen option. But, most importantly, their advice could be entirely free!
Swipesum is a company that knows what they’re doing. In 2020, the firm advised businesses on payments worth more than $7 billion.
Swipesum, a relatively new firm formed in 2016, is still making waves. Their offerings include a linked solution that simplifies selecting and negotiating payment rates. They achieve this by analysing your payment statements and comparing payment options from their large pool of providers using proprietary software technology. Swipesum can then assist you in putting your payment processing strategy into action.
To assist your company gets the most out of its finances, the brand also offers financial management, fee optimization, and performance management.
The following industries are where Swipesum is most active:
- Banks
- Integrated payments
- eCommerce
- SaaS
- B2B
- Retail
- B2G
- Franchises
- Investment funds
- Small businesses
- Non-profits
Pros and Cons
We’ve listed some of the benefits and drawbacks of using Swipesum below. But, before we get started, let us give you a heads-up: Giving them a try has a few drawbacks, especially because they offer a free advice service.
Pros
- Swipesum provides a free consultation and analysis of your statements to recommend how you might save money.
- Customers regard the support crew as helpful, and they can be reached by email or phone.
- Swipesum offers 24/7 customer service and monitors your account to ensure that you never overpay for credit card fees.
- They can give comprehensive vendor evaluation because of their network of over 70 payment sources.
- Swipesum’s statement software is simple to use and can read any merchant statement to determine the amount of money saved.
- Swipesum’s enterprise consulting services are billed on an hourly basis; you’re never locked into a contract, so you can use Swipesum as much or as little as you’d like.
Cons
- On their price page, Swipesum states that they cannot provide free consulting and solution deployment to all businesses. Swipesum bills hourly for continuing help, based on who/what is required. They’re on par with other professional services firms in terms of quality.
- Swipesum isn’t a one-size-fits-all answer for your financial demands, and it won’t be able to take the place of an accountant.
- Their hourly consulting services may be prohibitively pricey for certain corporations and organizations.
Their Key Services
Swipesum prides itself on being your personal “Chief Payments Officer.” Their consultation services begin with a preliminary meeting during which you will be asked a few questions about your company and goals.
Swipesum will then send you a proposal that includes a list of potential vendors, audits of your financial statements, and a cost comparison for its suggested solutions.
If they successfully demonstrate what the ideal solution for you might be, you can then work with Swipesum’s team to make it a reality.
Swipesum then analyses and monitors your merchant statements, fees, and recurring payments as your business grows to ensure you don’t pay more than you have to.
Payment Consulting
Swipesum prides itself on being your personal “Chief Payments Officer.” Their consultation services begin with a preliminary discussion during which you will be asked a few questions about your company and ambitions.
Swipesum will then send you a proposal that includes a list of suitable vendors, audits of your financial statements, and a cost comparison for its suggested solutions.
If they successfully demonstrate what the ideal solution for you would be, you can then work with Swipesum’s team to make it a reality.
Swipesum then analyses and monitors your merchant statements, fees, and recurring payments as your business grows to guarantee you don’t pay more than you have to.
Vendor Evaluation
Swipesum’s network of payment providers and financial institutions makes it simple to compare and evaluate different vendors. They’ll compare your processor relationship to more than 70 others to find the most cost-effective rates for your company.
They also consider the processor’s software and hardware experience and possible renegotiations, interchange optimization, and other factors. You’ll also be able to evaluate services depending on any specific advanced needs you may have.
Swipesum’s network includes the following providers:
- Payments around the world
- Worldpay
- Chase
- Elavon
- TSYS
- First Information
- …as well as a slew of others.
Security & Chargebacks
Swipesum customers have access to a specialized team that strives to safeguard your company against chargebacks and fraud. Swipesum’s expert service can also help you resolve problems before they reach your payment processor.
Pricing
Swipesum provides a free payment evaluation with solution deployment to most organizations. This service includes a consultation with an expert who will assist you in evaluating various alternatives and suggestions and negotiate lower costs with processors. Swipesum will then assist you in implementing your new payment processor and give continuous customer support if questions arise in the future once you’ve selected the correct solution.
You may be asking why this procedure is completely free:
Swipesum is compensated by the payment processors it represents. Swipesum’s income is determined by the number of customers to the processors.
Swipesum, on the other hand, offers corporate consulting services starting at $50 per hour for more established firms. This is for growing businesses that want to outsource their payment processing. Customers can also use services like integrated payments and payment facilitator advice.
Swipesum offers this type of assistance to:
- Non-profits
- Government offices
- Software and marketplace companies
- Retailers with multiple locations
- eCommerce brands
Finally, for $25 per analysis, you can order a merchant statement analysis. This grants you complete access to Swipesum’s Staitment statement analyzing program. The program evaluates statements in real-time to ensure correct interchange and processor markups. It also offers digital cost-comparison suggestions that you can download and publish as a PDF with your clients.
Customer Support
Swipesum’s customer service is available via email and phone from Monday to Friday, 9 a.m. to 5 p.m. CST. Their contact information, including phone number and address, may be found on their website.
Frequently Asked Questions
Last but not least, let’s wrap up this Swipesum review by addressing some of the platform’s most frequently asked questions:
What do Swipesum consumers have to say about it on the internet?
Customers are generally pleased with Swipesum, even though the quantity of evaluations is still modest. Swipesum has a 4.9-star rating on G2 from 20 customers, and 27 Google Reviews have given it a 5-star rating.
Customer’s praise Swipesum’s sincere concern for its customers. More particularly, people express their gratitude for how they were helped through the payment optimization process, which is typically a difficult undertaking.
Most importantly, many businesses report significant cost savings, with some claiming savings of up to $80,000 per year!
Customers also say that their simple program, Statement, is straightforward to use and that their accountants like it.
What’s interchange optimization?
Swipesum claims to be able to optimize interchanges. Vendors charge greater fees for transactions that have less information associated with them because the risk of fraud is higher. As a result, interchange optimization entails adding additional information to your transactions to qualify them for cheaper rates from your payment providers. Simply put, more data equals less risk and cheaper costs!
Swipesum can help you figure out where adding more detail will save you money.
How does Swipesum’s Staitment software work?
The Adaptive Accuracy Algorithm is a proprietary technology used by Staitment. This software uses real-time optical character recognition to transcribe text from digital documents. This is combined with Swipesum’s payment industry data rules, which Swipesum has built programmatically by examining hundreds of statements and the methods transactions have previously been negotiated.
Staitment can verify interchange rates and alert merchants if they are being overcharged, among other things. The software also checks interchange discounts. As a result, you can count on precise statement analysis.
Financial statement photographs, scanned papers, PDFs, and other document kinds are all supported by the software.
Our Final Verdict
Swipesum is a reputable payment consulting firm with positive online evaluations and a clear value proposition. Best of all, the majority of its services are free because it is funded by commissions earned on any users it refers to payment processors.
There are no reason why small or large businesses shouldn’t contact Swipesum for a free consultation to determine whether their transaction rates could be improved with a few easy modifications or a new vendor.
In conclusion, we urge that you try Swipesum. If the consultation company is perfect for you, it might save you thousands of dollars each year. If you’ve used Swipesum before, please let us know in the comments below; we’d love to hear from you; talk soon!
