PayCom42 introduces Payment Processor Black List to protect merchants and their clients

PayCom42 is a cyber finance rating agency specializing in reviewing and rating FinTech companies. Most of these new cyber finance startups are not regulated and operate without supervision. According to the latest statistics, there are around 30,000 FinTechs worldwide; however, experts estimate that more than 200,000 companies provide payment services in various forms to merchants and consumers. Many of these companies have positioned themselves as high-risk payment processors offering their services to merchants in high-risk industries.

High-risk industries include online trading, gaming, multi-level marketing, luxury goods, or adult entertainment (porn).

Merchants in this area often have difficulty finding payment processors and have to pay a lot of money for handling payment processes. Commissions of up to 30% are not uncommon for these merchants. High-risk merchant accounts may also be subject to a rolling reserve, where the payment processor holds a certain percent of your income until it can further verify your transactions were not fraudulent or at risk of chargeback.

Unfortunately, many high-risk payment processors act dubiously and fraudulently taking advantage of the difficult situation of these merchants. They freeze merchants' accounts and keep money back for themselves. Often, there are no reasons to justify freezing and withholding the funds. Moreover, high-risk merchants frequently operate via offshore vehicles and may suddenly vanish with the funds of their merchants.

To protect merchants from dubious payment processors, PayCom42 has introduced a "Black List." Payment processors with unfair business practices, engaging in torts and other unlawful conduct, mistreating merchants, or defrauding them are placed on this list. In addition, payment processors that facilitated illegal business by providing their payment services to fraudsters and cybercrime organizations and are involved in money laundering will be included in our Black List. Currently, the PayCom42 Black List comprises about a dozen payment processors.

For more information about payment processors, please go to our website https://paycom42.com or follow us on Facebook https://www.facebook.com/PayCom42.

PayCom42
Vako GmbH
Seilerstätte 22 Stiege 1/Tür 23, 1010 Wien
Alexander Boehm
alex@paycom42.com

PayCom42 is a CyberFinance rating agency focused on the systematic rating and review of FinTechs and PayTechs with the mission to provide a reliable guidance for consumers and merchants. Reviews and ratings are based on PayCom42 research activities and crowdsourced intelligence contributed by clients of the listed companies

This release was published on openPR.