Consumers use non-cash payment methods for three in four transactions, according to the 2019 Federal Reserve Payments Study, meaning accepting and processing credit card payments is essential for today’s businesses. While it’s a critical part of today’s business landscape, the fees associated with accepting card payments are U.S. business owners’ second-greatest operating expense behind labor, representing a $70 billion burden annually. Payments are complicated, making it difficult for businesses to find the best fit for their business, not to mention the headache and time that comes with negotiating terms.
In 2016 Michael Seaman saw a broken system and an opportunity. The payments space, with its legacy merchant acquisition strategies, convoluted contracts, and complex patchwork of providers was leaving merchants frustrated. The research required of a business owner to find the best solution for their business could take months, and merchants never had the upper hand in negotiations.
This $900B industry was ripe for innovation, so Seaman put together a team of experts and set out to build a technology solution capable of filling the role of a Chief Payments Officer at any company. The result is Swipesum – a network of experts who source the best payments solutions for businesses and help pre-negotiate the most favorable terms for free.
“We focused on building a frictionless platform that connects businesses with a network of providers, enabling the business to source ideal partners and have the upper hand in negotiations,” said Swipesum CEO and Co-Founder Michael Seaman. “After building the core technology, the advantages of working with a software assisted payments consultant to navigate the complexities of contracts and integrations began to be recognized. In 2020 Swipesum consulted over $7B in credit card processing revenue, focusing on integrated software vendors, enterprise, e-commerce, multi-locations retailers and nonprofits, and we continue to grow.”
The company is showing no signs of slowing down. By late 2021, Swipesum is on track to save companies $100 million and they’re rolling out exciting new product offerings to make life even easier for their customers.
Schedule your free consultation today to get answers to questions you have about payments, providers, your current setup, and cost-reduction. After the consultation you’ll receive a proposal outlining the best solutions for your unique business, and help eliminate most fees associated with accepting payments.
Staitment - The Secret Sauce
The secret sauce behind Swipesum’s consultation platform is their AI-powered statement reading technology, known as Staitment. This software can be licensed to banks, processing companies, point-of-sale dealers, and anyone that analyses processing statements to create cost-comparison sales proposals.
Between Staitment’s revolutionary statement reading capabilities and Swipesum’s team of payments consultants, the company can quickly and efficiently identify unnecessary fees and rates for customers.
Founded in 2016, Swipesum is a software-enabled service that finds any business the best payments solution at the best rate, at no cost to them. By eliminating most fees associated with accepting payments or turning them into a lucrative revenue stream, Swipesum becomes any business’ “fractional Chief Payments Officer.”
To date Swipesum has raised more than $2.1M and serves regional clients including Amini’s, Plumbers Supply, Napa Auto and Tire, Ford Hotel Supply, Golf Discount, Old Hickory Country Club, Saint Louis Bank, and hundreds more nationally. The Swipesum team is headquartered in St. Louis, Missouri with additional offices at Codefi in Cape Girardeau and at the efactory in Springfield.