PayRate42 Issued A Merchant Warning Against Merchant Pay Services!

Merchant alert against Kryptova Paypound and Bitmatix
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PayRate42, the CyberRating Agency dedicated to rating fintechs and paytechs, issues a critical merchant warning against Merchant Pay Services. Their mission is to provide transparency for merchants and consumers, and it is crucial to safeguard businesses from unreliable payment providers. Due to complaints from merchants, PayRate42 has issued a warning against the payment processor. Be careful and share your experience.

Merchant Pay Services Details:

Merchant Pay Services operates as a payment gateway, offering payment processing services to a wide range of businesses, including those classified as high-risk merchants.

Why This Warning is Essential:

  1. Missing License: One of the most concerning aspects of Merchant Pay Services is the absence of a valid license or regulatory oversight. Operating without proper authorization raises significant red flags about the legitimacy of their operations.
  2. Lack of Customer Appreciation: PayRate42 investigation has uncovered a pattern of poor customer service and a lack of appreciation for their clients. Complaints have been received from merchants who have faced difficulties in dealing with Merchant Pay Services.
  3. Minimal Web Presence: Merchant Pay Services has a notably limited online presence ( plane WordPress site without favicon), which is unusual for a payment provider in today’s digital age. This lack of transparency and information raises suspicions about the company’s intentions.
  4. Funds Withholding: Perhaps the most alarming issue is the consistent withholding of substantial funds from merchants for extended periods. There have been reports of six-figure sums being held by Merchant Pay Services without explanation or resolution.
  5. Customer Ignorance: Reports suggest that when merchants attempt to contact Merchant Pay Services to resolve issues or inquire about withheld funds, they face ignorance and a lack of responsiveness from the provider.

It is of utmost importance for merchants to partner with trusted and reliable payment providers. Unscrupulous payment gateways can jeopardize a business’s financial stability and reputation. PayRate42 encourages all merchants to exercise due diligence when selecting their payment partners.

Share Information

If you possess any information about Merchant Pay Services, its operators, or facilitators or have encountered any fraudulent activities, please do not hesitate to report it via our whistleblower system, Whistle42. Your vigilance can help protect the merchant community from potential harm and fraudulent activities in the payment processing industry.

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