iPayTotal, perhaps the most notorious high-risk payment processor, is apparently closing down for good. This can be read on the website www.ipaytotal.com of the British-Indian venture. This does not really come as a surprise. In November 2020, the UK High Court of Justice ordered the dissolution of the company. The company’s business was transferred to iPaySolutions Ltd. Sen Kugan (a/k/a Senthooran Kuganathan) was appointed as director and registered as the beneficial owner. Now it appears that it is finally over. Many of the high-risk merchants will be waiting for their money.
Currently, the website www.ipaytotal.solutions are also down. On www.ipaytotal.com, one is informed that “all pending payments of existing customers should be done” within 40 days. Whatever this means exactly. We assume that indeed many “existing customers” will not receive their money anymore. iPayTotal was known for refusing payouts to merchants and withholding funds.
FinTelegram has consistently revealed over the past several years that iPayTotal has supported scams and assisted in their money laundering. iPayTotal‘s lawyers have threatened us with lawsuits over this (read our report here). The departure of this payment processor is excellent news for all consumers and investors. Unfortunately, there are hundreds of other bad-acting payment processors.
We will investigate and report further. If you are a merchant of iPayTotal, we would appreciate it if you share your experience with us. If you have not received your money from iPayTotal, please let us know that as well. Stay tuned!