Tag: T1 Payments

In the complex world of high-risk payment processing, merchants face the murky waters of termination fees. Recent cases, such as T1 Payments LLC v. New U Life Corp., have shed light on a concerning trend where some high-risk payment processors employ termination fees to unjustly profit at the expense of merchants. We strongly caution merchants against accepting termination fees, as this is a motivation for payment processors to collect them.

On November 19, 2023, the probably last filings for the bankrupt iPayTotal Ltd were made at the UK Companies House. The liquidator Arvindar Jit Singh reported the end of the liquidation. As one of the many high-risk payment processors of the Indian Ruchi Rathor, the insolvency deprived merchants of many millions. The liquidator reports "only" around £1.9 million unsecured claims that were not paid. But insiders say it was much more. The company is dissolved!

Miami's very own Donald Kasdon is a notable figure in the global high-risk payment industry, a tough space to be in; it often treads a thin line between legal operations and murky, illicit undertakings. T1 Payments Group was a high-risk payment scheme operated by the Kasdon family until its bankruptcy in early 2023. The FCA-regulated EMI, founded and run by Kasdon's fiance, Amber Fairchild, seems to burn a lot of money without any recognizable business.

U.S. high-risk payment processor T1 Payments was once the partner for ING's now-closed Payvision subsidiary. T1 Payments faced numerous lawsuits from merchants alleging fraud and fled into bankruptcy in January 2023. The payment processor was run by Donald Kasdon, his mother Debra Karen King aka Debra Karen Kason and his fiance Amber Fairchild. The later founded the FCA-regulated e-Money Institution Pixxles Ltd.

In March 2021, Ray Akhavan and Ruben Weigand were found guilty of bank fraud in the Eaze scheme that...

Donald Kasdon's U.S. high-risk payment processor T1 Payments has received several lawsuits in recent years from former merchants claiming that T1 Payments failed to pay them their money. Apparently, Donald Kasdon is trying to escape these many lawsuits via a Chapter 7 Bankruptcy deposition. T1 Payments was the U.S. partner of ING subsidiary Payvision, which is also desperately trying to settle lawsuits from merchants in the U.S. We would like to know more.

Pixxles is a spin-off of the notorious US high-risk payment processor T1 Payments. FCA-regulated since June 2021, the e-money institution is led by former T1 Payments executive Amber Fairchild, once the fiancée of T1 Payments founder and CEO Donald Kasdon. PayRate42 downgraded Pixxles because of its financial performance. The company's 2021 financials show a heavy operating loss and an substantial cash burn rate, which had to be covered by issuing new shares.

T1 Payments LLC was a VISA- and Mastercard-registered Payment Facilitator (PAYFAC) until 2017 in the U.S. and had a contract with WorldPay (then dba Vantiv). This industry-leading payment processor processed more than 20 billion transactions per year at the time. In March 2017, Vantiv filed a fraud complaint in the U.S. against T1 Payments. The latter subsequently had to process its U.S. customers through Payvision up to at least the summer of 2021. However, the Dutch payment processor was not authorized to operate in the U.S. Thus, they engineered a special solution.

ING subsidiary Payvision was a super-aggressive high-risk payment processor that did not shy away from facilitating cybercrime activities until it was shut down in October 2021. Founded by Rudolf Booker in Amsterdam, the FinTech has worked with Donald Kasdon's high-risk processor, T1 Payments, in the United States. Payvision and T1 Payments worked out a system that allowed Payvision to hide behind Donald Kasdon's group of companies. In the U.S., former customers (merchants) brought fraud lawsuits. Let's unfold the story!

The Dutch Andre Valkenburg became Payvision CEO as of 1.5.2020 after the founders and directors Rudolf Booker, Gijs van de Weegh, and Cheng Liem Chi resigned after the company was acquired by ING in 2018. According to (checked) information available to FinTelegram, he is still the managing director of Payvision, which ING ordered to go out of business. According to some US lawsuits, he is also said to have continued Payvision's high-risk business during his CEO tenure.

The FCA-regulated high-risk payment processor Pixxles is allegedly the successor to the US-based T1 Payments group. The former T1 Payments manager and partner of its founder Donald Kasdon, Amber Fairchild, established the company in October 2018 and is its beneficial owner. Pixxles appointed Salma Kamaly as an additional director a few days ago, PayCom42 reported. Kamaly is purportedly a compliance expert who also serves as the sole director of JS Compliance Consultants Limited (JSCC).

In Nov 2021,PayVicki LLC, a U.S. company, filed a lawsuit against Payvision and its parent company ING for breach of contract in connection with a Strategic Partnership Agreement (the "SPA"). Under the agreement, Payvision retained PayVicki for merchant referral services and agreed to pay a commission to PayVicki based on the net revenue derived from the referred merchants. Payvision failed to provide PayVicki with commissions due and owing under the SPA and has failed to provide substantiating documents for said commissions. Accordingly, PayVicki is seeking monetary damages.