Chyp is a newly created merchant account provider that is owned and operated by the founders and executives of Securus Payments. The parent company of Securus Payments, Excel Corporation, sold nearly the entire operational apparatus of Securus Payments to Chyp in May 2016 yet retained Securus’s merchant portfolio. This means that Chyp has hired almost all of Securus’s 100 employees, operates out of the same location as Securus Payments, and is owned by the same people as Securus Payments. However, Excel Corporation (more specifically, a subsidiary of Excel Corporation called “eVance”) will service Securus’s existing merchant base moving forward. Chyp is essentially a new brand for the organization formerly known as Securus and is starting more or less from scratch to build a new client base. As part of the sale terms, Chyp has agreed to board new merchants with eVance for three years.
Chyp’s products and services include EMV-compliant credit card terminals, Clover POS, Lightspeed POS, NCR POS, POS Lavu, mobile phone processing, and merchant cash advance (“Chyp Capital”). The company offers phone and email support to its merchants, although it’s likely that these lines are serviced by eVance. Steven Lemma and Mychol Robirds, the founders of Securus Payments, are the owners of Chyp.
At a glance
Location: Portland, Oregon
Acquiring bank: Elavon, Inc., BMO Harris Bank, Merrick Bank
Phone number: 877-275-2497
E-mail: [email protected]
Online reputation and reviews
Chyp is a brand new company that hasn’t had much time to accumulate merchant reviews. However, there are at least four public comments on credit card processing industry websites warning merchants that Chyp is the same company as Securus Payments. Securus Payments has developed a negative reputation among merchants for deceptive sales practices, expensive equipment lease agreements, nondisclosure of fees, and poor customer service. Given that Chyp has inherited the same sales force and ownership team as Securus, it seems reasonable to expect that its policies and procedures will remain unchanged.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Chyp at this time.
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