SwipeSum, Inc.

SwipeSum, Inc. provides innovative payment processing solutions and merchant services consulting, focusing on optimizing transaction costs for businesses through advanced technology. Founded in 2016 in St. Louis, US, SwipeSum, Inc.

specializes in payment processing solutions tailored to businesses. The company was founded by Stephen Seaman and is currently led by CEO Michael Seaman. SwipeSum has completed 3 deals, with the most recent funding round taking place on July 8, 2020, where they raised USD 1. 1 mn.

This total amount raised also stands at USD 1. 1 mn. SwipeSum specializes in providing comprehensive payment processing solutions and merchant services consulting aimed at optimizing transaction costs for businesses across various sectors. Their core offerings include tailored credit card processing solutions that utilize proprietary software called Staitment for in-depth auditing of merchant services statements.

This software employs artificial intelligence to rapidly analyze billing accuracy and identify potential savings on payment processing fees. SwipeSum serves a diverse clientele, ranging from Fortune 500 companies to small businesses, facilitating direct relationships with over 70 payment providers without intermediaries. The company's solutions are available throughout North America, where they cater to industries such as banking, fintech, franchising, and retail, ensuring that clients receive customized support and solutions suited to their unique needs. SwipeSum generates revenue primarily through consulting services related to merchant payment processing and transaction optimization.

Clients engage SwipeSum to conduct thorough audits of their existing payment processing arrangements, enabling the company to propose tailored solutions that lower costs and improve efficiency. The company structures its revenue model around fee-for-service consulting, where clients benefit from an initial no-cost consultation followed by detailed proposals that may involve ongoing service agreements. The flagship product, Staitment software, enhances the firm's ability to deliver accurate and data-driven insights, contributing to SwipeSum's growth and recognition in the industry. The revenue model reinforces a B2B approach, wherein SwipeSum partners directly with businesses to foster long-term relationships and support their payment processing needs.

In July 2020, SwipeSum, Inc. raised USD 1. 1 mn in venture funding from individual investors, which will be utilized to enhance product development and expand its market reach. The company is focusing on launching new features for the Staitment software to improve client experience.

Additionally, SwipeSum plans to expand its services into new geographic regions in North America, targeting specific sectors such as hospitality and e-commerce by the end of 2023.