SwipeSum CEO Explains Why the Firm is the “Kayak” for Micro-Businesses
Just like single fellows have apps like Tinder to help them get a perfect match, small businesses have also found a matchmaker—Swipe Sum. This is a marketplace that aims to pair businesses with a credit card processing solution that meets their unique company needs.
And as the startup launches shop in St. Louis, it is offering this service for free to surrounding businesses chipping away at a $2.5 million seed round. The company is looking to grow like market counterpart secure trading ltd and other bigwigs.
According to Michael Seaman, CEO SwipeSum, this idea aims to offer services and experience just like Kayak does for travel industry. The only difference is that SwipeSum specializes in the payments space. The new platform compares credit card processors allowing the merchant to choose what package and price they prefer. And from a closer look, this move may cause cut-throat competition for traditional processors shortly.
“Starting and operating a micro-business is not a small achievement,” Seaman said. “POS, electronic payment integration, and acceptance are essential for all businesses but very complicated. It’s not easy to find a processor who can make all of them work in time.”
As a result, most businesses don’t have the time or knowledge to go for the best processing service for their special needs. It is no wonder most merchants are paying more than they should for processing payments.
This is the problem; Seaman founded SwipeSum to resolve on behalf of micro-businesses; allowing them to have a quick comparison of processing fees and finding what matches their needs.
Kayak for the Payments Space
A business like a restaurant that has set up shop in multiple locations needs POS software and hardware that not only allow transactions at every location but also links to a central hub so the merchant can use the data for reporting and planning for the business.
If the restaurant offers catering— and manages it as a different line of business— then it may require a mobile POS solution that links to the central hub.
When a retailer chooses to check out SwipeSum, the first step is to visit SwipeSum’s website for online consultation. Then, the website comes up with a list network of credit card processing firms and nearby products that could deliver a comprehensive solution.
Now, just like Kayak where one can choose what they want, SwipeSum allows the business owner do his research and pick from the market’s best options, Seaman said.
Retailers can also use SwipeSum services to enjoy POS solutions, chargeback solutions, quarterly audits, and finding new places to cut back on interchange fees. And according to Seaman, this is where the firm will generate most of its revenue.
SwipeSum’s business model (just like Kayak’s) depends on paid services as well as referral commissions to generate profits. The company CEO also added that this is the reason they are gladly offering the matchmaking services to businesses in St. Louis.