SwipeSum Raises $1 Million in Seed Funding

Credit card processing is the second highest operating expense to US businesses, a $7billion burden to merchants annually. In the past, merchants have relied on commission driven salespeople, banks, and online review sites to make payment partnership decisions. SwipeSum’s process puts the power in merchants’ hands for the first time.

Credit Card Processing Marketplace Software, Used To Eliminate Fees For All Merchants, Backed By Notable Angel Investors.

SwipeSum, the first merchant-centric online credit card processing marketplace, has received $1 million in funding from notable angel investors, with the round led by Andrew S. Love and Laurence A. Schiffler.

SwipeSum disrupts traditional merchant acquisition practices in the payments industry bringing savings to businesses of all sizes. SwipeSum’s online consultation platform understands a merchant’s payment setup, gathers competitive bids from credit card processors that readily integrate into that business’s existing processes, and provides them with the ideal solution at the best price for their unique setup. After completing SwipeSum’s online consultation, businesses save an average of 55% on credit card processing fees.

Credit card processing is the second highest operating expense to US businesses, a $7billion burden to merchants annually. In the past, merchants have relied on commission driven salespeople, banks, and online review sites to make payment partnership decisions. SwipeSum’s process puts the power in merchants’ hands for the first time.

InvestorAndrew Love commented: “Over twenty years ago, Mr. Schiffler and I helped found a major credit card processor that sold, as an NYSE-listed company, for a value exceeding $4.0 billion. We have been active in credit card processing for decades through our bank. We believe SwipeSum has a process which offers a compelling value proposition for merchants and we are pleased to help positionSwipeSum for further growth.”

SwipeSumCo-founder and CEO Michael Seaman added: “I’m most excited about using the funds to fully automate the customer experience on SwipeSum.com in order to service the masses, as we have reached the threshold of merchants we can help with our current team.” Seaman further elaborated on his desire to expand the company's sales and marketing divisions, stating that he hopes to quickly double the size of his 10-person team. Starting January 1, 2019, the SwipeSum team will be housed in a newly-leased office space at Laclede’s Landing, within walking distance of St. Louis’ iconic Gateway Arch.

Investor Laurence Schiffler remarked: “We have funded and coached many talented entrepreneurs. We find that [SwipeSum co-founders] Michael and Stephen Seaman embody the characteristics for success. We are excited to lend our expertise and insights as further catalysts to this young St. Louis-based FinTech enterprise. We believe that SwipeSum has dynamic potential, a belief which is further solidified given their recent recognition as a winner at the 2018 Arch Grants Global Startup Competition.”

Swipesum Team

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