PayRate42 Reviews TODAPay: Registered Canadian MSB Receives Orange Risk & Compliance Rating

PayRate42 has reviewed and rated the Canadian Money Service Business (MSB) TODAPay. The operator is Smart Payments Technologies Ltd, incorporated in British Columbia and registered as an MSB with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under number M20438511.

The company has positioned itself as a payment processor for FIAT and crypto payments and also covers the high-risk segment. According to their website, TODAPay (a/k/a TODAPAY) has been in business for 10 years.

We have found another payment processor that also goes by the name of Todapay, but is most likely not related to the Canadian company TODAPay. In addition, we found that two other high-risk payment processors, SignaPay (SignaPay.ca) and DomusPay (DomusPay.io), are registered as MSBs at TODAPay's address in Richmond.

PayRate42 has reviewed TODAPay, an omnichannel payment platform for online businesses. While it supports multiple payment methods, including cryptocurrency, and offers robust fraud prevention tools, its lack of regulation and customer reviews raise concerns.

Key points

- Versatile: Supports credit cards, bank transfers, digital wallets and major cryptocurrencies.
- Efficient: Centralised data management with intelligent routing and automated failover.
- Secure: Robust anti-fraud tools, but operates without regulatory oversight.
- Flexible payouts: Automated and manual options, including immediate and bulk payouts.
- Integration: Detailed API guides for seamless integration.

Concerns

- Registered but unregulated: Registered as an MSB with FINTRAC, but not regulated, so no standardized protocols or consumer protection.
- Missing key person information: No information on ultimate beneficial owners, directors, or key team members.
- No social media contacts: The website does not provide links to social media presentations.
- No reviews: Lack of customer feedback and track record

Risk & Compliance Conclusion

TODAPay is a registered MSB and offers extensive functionality. However, it is not regulated, does not provide sufficient information about its key personnel, and has not received any reviews. This presents significant risks due to a lack of regulation and transparency, and businesses should proceed with caution.

Resulting Rating:
Orange

For more information visit:

https://payrate42.com/listings/todapay/

8 The Green
19901 City of Dover
Delaware
United States

PayRate42 is a rating agency specializing in payment processors. Our main goal is to protect merchants and consumers by providing transparency through the evaluation and rating of financial service providers. High-Risk Payment Processors (HRPP) operating outside the established regulatory framework are our primary focus.

This release was published on openPR.