Swipesum was founded in 2016 in Los Angeles by two brothers and a small team of payment experts who wanted to bring transparency and trust to business and processor relationships. In 2018, the independent payments consultancy moved to St. Louis, and began developing Staitment, an AI-powered platform designed to analyze merchant statements in seconds, which was launched in 2020.
Michael Seaman, co-founder and CEO of Swipesum, mentioned that he has frequently seen processors obscure pricing structures. Swipesum's mission, he said, is to return power to businesses by shedding light on these obscurities. "Swipesum acts as a business's chief payments officer, combining industry knowledge, AI and proprietary software to create a transparent payments strategy that optimizes payment processing fees," he said. "With Swipesum, businesses have access to data-driven solutions with built-in profitability calculators and pricing tools to help provide deeper insights into their current payment processing setup."
Seaman, who currently leads a 22-member team, further noted that Swipesum combines industry knowledge, AI and proprietary software to help businesses uncover hidden fee structures. The company's one-of-a-kind merchant statement software includes tools that help companies understand payment statements, he noted. As he reflected on recent milestones, Seaman noted that Swipesum was named a 2023 Inc. 5000 Fastest Growing Company and ranked number 729 nationally overall. He called the accomplishment a testament to the company's growth and tenacity.
In addition, Swipesum has expanded its presence in the franchise industry, gaining recognition as an Entrepreneur 2023 Top Franchise Supplier. Swipesum's dedication and impact in this space has helped franchises find flexible and secure solutions that reduce the fees associated with accepting credit cards, he added.
Swipesum representatives noted that the company is constantly enhancing its solutions and technology suite, which includes payment consulting, vendor evaluations, payment optimization and protection from chargebacks and security threats. These solutions, they added, are designed to address every aspect of a company's payment experience beyond just processor relationships and merchant statement analysis. By eliminating most credit card processing fees, Swipesum finds businesses the best payment solution with the most favorable terms and no hidden fees involved, the company stated, noting that Swipesum reduces payment processing fees by an average of 40 percent for clients and partners.
The company also provides businesses with access to reduced-cost wholesale transaction rates, proprietary statement software, and a team of payment experts focused on bringing transparency to financial decisions. These combined assets help businesses save money and better understand their payments experience, the company stated.
Swipesum also mentioned that its growing partner network includes ISOs, MLSs and payments enterprises that share a commitment to providing the most accurate recommendations to their merchant customers. Swipesum brings new revenue streams to this member network that can drive millions in new business opportunities, the company stated, adding that these collaborations create endless opportunities for growth and business expansion, they noted.
Seaman pointed out that businesses come to Swipesum to better understand and analyze their payments experience. Collaborating with Swipesum helps partners attract and retain a plethora of new customers and expand their professional networks as they create mutually beneficial business relationships, he added.
Seaman attested that in the last year alone, Swipesum has helped merchants save $1.6 million and has consulted on more than $10 billion in processing volume. The company plans to surpass these milestones and create new markers for success, he added. Over the next five years, he noted, Swipesum expects to expand the capabilities of its merchant statement software and open the door for new opportunities to integrate its technology and further optimize the payments experience.
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