High-risk merchants often have hard times getting access to the established financial system. A vast global segment of high-risk payment processors is focused on these merchants providing bank accounts and access to credit card networks for high commissions. However, often merchants face trouble getting their money. We have received warnings that the Serbian high-risk payment processor Boom-Bill, a/k/a BoomBill, would not pay out its merchants.
T1 Payments is an unregulated high-risk payment processor in the U.S. and the U.K. Donald Kasdon (LinkedIn) established the company in 2012. The US payment processor has recently attracted attention for terminating high-risk clients (merchants) and multi-level marketing operators Beyond Wealth and IBUUMERANG. T1 Payments allegedly retained $4M and $6M respectively. Both filed fraud complaints against the payment processor. The court cases are still proceeding.
PayCom42 has listed and initially reviewed the high-risk payment processor OpenUp, operated by Openup Consulting Services AsP in Denmark. The company's only director of OpenUp is Svetlana Ivanova. On LinkedIn, we found 12 people connected to the OpenUp across different jurisdictions in the United Kingdom, India, or Nigeria.
