Swipesum Review: Everything You Need to Know

Accepting all forms of payments, whether that’s buy now pay later, recurring bills, or just a one off lump sum, etc., is imperative to so many eCommerce brands. However, this isn't always cheap. Depending on which payment processors and providers you use, this simple service could cost your business considerably as the transactions roll in.

Many businesses, therefore, try their best to navigate the payments industry to get the best deal. However, the different payment rates, products, and service offerings can get confusing – there's so much out there. So, it’s no wonder that for most businesses, this review process can take as long as three to six months!

This is where an independent consultant like Swipesum comes into its own to provide a whole new sense of clarity and ease. In short, Swipesum aims to help businesses make the best payment decisions within a matter of days, which includes finding the most suitable payment solution and eliminating the fees that often come with transactions.

In this Swipesum review, we will look at what their consultation service entails and whether they might be the right choice for your business.

Who's Swipesum?

Swipesum is an independent consultant for payment solutions with all the insights small and large businesses need to pick the right payment platform for them. In addition, they can help you negotiate the most favorable terms with your chosen solution. But, most notably: their advice might be completely free for you!

Rest assured, Swipesum certainly knows their stuff . In 2020, the company consulted companies on payments totaling over $7 billion. 

As a relatively new company founded in 2016, Swipesum is still making a splash. Their services include a connected solution that streamlines how you choose and negotiate your payment rates. For this, they use proprietary software technology to analyze your payment statements and compare payment solutions from their extensive pool of vendors. Swipesum can then help you implement your optimized payment processing.

The brand also offers financial management, fee optimization, and performance management to help your business get the most out of its finances.

Swipesum is most active in the following industries:

• Banks 
• Integrated payments
• eCommerce
• SaaS
• B2B
• Retail
• B2G
• Franchises
• Investment funds
• Small businesses
• Non-profits

Swipesum Review: Pros and Cons

Below we’ve highlighted some advantages and disadvantages of using Swipesum. But before we delve into this, we’ll give you a quick heads-up: With the free advisory service, there are few disadvantages to giving them a go.

Swipesum Review: Their Key Services

Swipesum likes to call itself your very own “Chief Payments Officer.” Their consultation services kick off with a preliminary meeting where you’ll answer a few questions about your business and goals. 

Then, Swipesum will provide a proposal outlining potential vendors, audits of your statements, and a cost comparison for its proposed solutions. 

If they succeed in showing you what the perfect solution for you might look like, you can then engage Swipesum’s team to turn that into a reality.

Then, as your business grows, Swipesum continues to analyze and monitor your merchant statements, fees, and recurring payments to ensure you don’t pay more than you have to.

Payment Consulting

Swipesum likes to call itself your very own “Chief Payments Officer.” Their consultation services kick off with a preliminary meeting where you’ll answer a few questions about your business and goals. 

Then, Swipesum will provide a proposal outlining potential vendors, audits of your statements, and a cost comparison for its proposed solutions. 

If they succeed in showing you what the perfect solution for you might look like, you can then engage Swipesum’s team to turn that into a reality.

Then, as your business grows, Swipesum continues to analyze and monitor your merchant statements, fees, and recurring payments to ensure you don’t pay more than you have to.

Vendor Evaluation

Swipesum makes it easy to compare and evaluate different vendors thanks to its network of payment providers and financial institutions. They’ll compare your processor relationship against over 70 other providers to find the most competitive rates for your business. 

In addition, they evaluate the processor’s software and hardware experience, what renegotiations are available, interchange optimization, and more. You’ll also be able to compare services based on any advanced requirements you might have.

Providers in Swipesum’s network include:

• Global payments
• Worldpay
• Chase
• Elavon
• TSYS
• First Data

…and many more.

Chargebacks & Security

Swipesum customers benefit from a dedicated team that works to protect your business from fraud and chargebacks. Swipesum’s consultant service also handles disputes for you before they reach your payment processor.

Swipesum Review: Pricing

Swipesum offers most businesses a free payments evaluation with solution implementation. With this service, you’ll receive a consultation with an expert to help you evaluate different solutions and proposals and negotiate better prices with processors. Then, once you’ve found the right solution, Swipesum will help you implement your new payment processor and provide ongoing customer support if questions arise in the future.

You might be wondering why this process is free:

Swipesum makes money from the payment processing companies it represents. Swipesum's earnings are based on the volume of customers they bring to the processors.

However, for more established businesses, Swipesum offers enterprise consulting services starting at $50 per hour. This is for thriving companies that want to outsource their payment responsibilities. In addition, customers benefit from services such as integrated payments and payment facilitator advice. 

Swipesum provides this kind of consultation for:

• Non-profits
• Government offices
• Software and marketplace companies
• Multi-location retailers
• eCommerce brands

And finally, you can request a merchant statement analysis for $25 per analysis. This unlocks full access to Swipesum’s statement analysis software: Staitment. The tool instantly analyzes statements to verify interchange and processor markups. In addition, it provides digital cost-comparison proposals, which you can download and share with your clients as a PDF.

Swipesum Review: Customer Support

You can reach Swipesum’s customer support via email and phone from Monday to Friday, 9 AM to 5 PM CST. Their phone number and address are available on their website.

Swipesum Review: FAQ

Last but not least, let’s round off this Swipesum review by answering some of the most frequently asked questions about the platform:

What do customers on the web say about Swipesum?

Overall, customers are impressed with Swipesum, even if the number of reviews is still relatively small.

Customers praise Swipesum's genuine care for its clients. More specifically, users communicate their appreciation for the way they were guided through the payment optimization process, a task that’s usually somewhat complicated. 

Most importantly, many companies report incredible savings, with some up to $80,000 each year! 

Customers also note that their simple software, Staitment, is easy to use and a tool favored by their accountants.

What’s interchange optimization?

Swipesum promises interchange optimization. For the uninitiated, vendors charge higher fees for transactions with less information attached to them because the risk of fraud is elevated. As such, interchange optimization is all about providing extra details on your transactions to qualify them for lower fees with your payment providers. In short, more data means less risk and lower prices! 

Swipesum helps you identify where adding more detail will help you pay less. 

How does Swipesum’s Staitment software work?

Staitment uses a proprietary technology called Adaptive Accuracy Algorithm. This transcribes text from digital documents using real-time optical character recognition. This combines with Swipesum’s data rules about the payment industry, rules that Swipesum has programmatically established by analyzing hundreds of statements and the ways transactions have previously been negotiated in the past.

As such, you can rely on accurate statement analysis. Amongst other things, Staitment can verify interchange rates and notify merchants if they’re being charged too much. The software also checks for available interchange discounts.

The software works with photos of financial statements, scanned documents, PDFs, and other document types.

Swipesum Review: Our Final Verdict

Swipesum is a trusted payment consultancy service with excellent online reviews and a straightforward value proposition. Best of all, because it’s funded by earning commission on any users it sends to payment processors, the majority of its services are free!

There’s no reason for small or large businesses not to contact Swipesum to see if they qualify for a free consultation to see if your transaction rates could be optimized with a few simple changes or a new vendor. 

In short, we’d recommend giving Swipesum a try. If it’s right for you, the consultancy company might just save you thousands of dollars each year. Let us know in the comments below if you’ve had any experience with Swipesum already – we’d love to hear from you; speak soon!