Payment processors have an almost overpowering position in high-risk industries such as online trading and investments, online casinos, or porn. Merchants are often dependent on them due to the nature of their business. And are often cheated. Among the unregulated payment processors, there are many black sheep. CyberRating agency PayRate42 has tasked itself with analyzing and rating payment processors.
Founded in 2020 with support from FinTelegram, PayRate42 has since been capturing payment processors, creating a brief profile, and assigning them to one of four so-called compliance lists: green, orange, red, and black. A wide variety of factors are taken into account during the assignment process. These include, above all, whether the information on the website about the operators is available, whether there are complaints or whether the payment processor has attracted attention as a facilitator of scams and illegal transactions. In addition, customers of payment processors can submit reviews and star ratings, just like on Trustpilot.
Payment processors can claim their profile on PayRate42 at no cost, similar to TrustPilot. They can provide additional information about their profile or discuss compliance classification with PayRate42.
All in all, this should result in a meaningful rating that helps merchants and private individuals select their payment processors.
So far, PayRate42 has already recorded and rated over 700 payment processors. Given the thousands of legal and illegal payment processors operating worldwide, this is still not too much. By the end of 2023, however, PayRate42 wants to have recorded around 2,500. The PayRate42 team is working closely with LinkedIn members.
If you have information about payment processors or would like to submit reviews, please go directly to the PayRate42 website or send us the information via our whistleblower system, Whistle42.