PayRate42 Flags Speed in New Compliance Listing

PayRate42 is announcing the inclusion of Speed, a Bitcoin payment processor, in its compliance listing. While Speed offers a range of innovative solutions for Bitcoin transactions, concerns regarding its regulatory transparency have prompted a cautious approach in its evaluation.

About Speed

Speed is designed for businesses and individuals looking to accept and send Bitcoin payments globally. The platform supports both on-chain and Lightning Network transactions, providing a seamless and secure payment processing solution for various industries.

Service Offerings

Speed's comprehensive Bitcoin payment processing solutions include:

Checkout: Seamless Bitcoin payment integration.
Payment Link: Single link for multiple Bitcoin payments.
Invoicing: Pre-built invoices for Bitcoin transactions.
In-Person Payments: QR codes for offline stores.
Wallet: Secure Bitcoin wallet for managing funds.
Payouts: Withdrawal links for sending payments and refunds.
Serving Industries

Speed caters to e-commerce, brick-and-mortar stores, gaming, and donations. It offers plug-and-play integration with popular e-commerce platforms and no-code solutions for quick and easy setup.

Customer Reviews

Google Play: 4.8 stars from over 500 reviews, indicating high user satisfaction.
Trustpilot: 3.3 stars from 2 reviews, reflecting mixed feedback.
Regulatory Concerns

Speed lists a license number on its website but fails to provide specific details about the type of license or the regulatory authority that issued it. This lack of transparency raises questions about the platform's regulatory compliance and oversight.

Conclusion

Although Speed shows promise with its innovative solutions and positive user reviews on Google Play, the lack of detailed information regarding its regulatory status and limited online presence are concerning. Therefore, PayRate42 has classified Speed in the "Orange Compliance" list. Potential users should proceed with caution and seek further information about the platform's regulatory compliance.

For more details, visit: https://payrate42.com/listings/speed/

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.