Tag: Xcepts

The vanished BoomBill was the trading name of the Serbian Boom Financial Management DOO, registered in Belgrade. It was a merchant of record or master merchant of Xcepts and allegedly used a fake individual and a fake company to receive an account from Xcepts. Boom had many sub-merchants, one of which was Paypound. According to new information, Serbian Bozidar Vukmanovic is a frontman for the unknown economic owner who calls himself Sebastian and is reportedly in the United Arab Emirates.

A few weeks ago, FinTelegram published a report on a battle between high-risk payment processors Paypound, BoomBill, and XCepts. They accused each other of withholding $2.5 million that could not pay out to Paypound merchants. The freezing of funds is not an uncommon approach in the high-risk merchant segment. We have received new complaints again from XCepts merchants in the online gambling industry about non-payouts. We advise merchants to stay alert when doing business with XCepts.

We reported yesterday on a blog post by Paypound accusing BoomBill and their partner Xcepts with Paul Schroeder of withholding $2.5 million in funds that Paypound could not pay out to its merchants. After we published our report, the battle evolved. In a new article on LinkedIn, Paypound elaborated the story further but claimed that the merchants were paid out despite the alleged theft. Already on June 4, 2022, Paul Schroeder of Xcerpts issued a press release, calling Paypound scammers and thieves.

Unfortunately, it is an indisputable fact that payment processors have many black sheep and scammers. Especially in the area of high-risk payment processors, many players rip off their merchants. Or support scammers to rip off victims. These bad payment processors have included collapsed iPayTotal or the related Paypound or NeoBanQ. Paypound is currently waging war against Serbian BoomBill, Paul Schroeder, and related entities. Once again, it's about millions of merchants gone missing. Amen!