Update available: Please read our update on this war between Paypound, Xcepts, and the now vanished BoomBill here.
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, someone issued a press release, calling Paypound scammers and thieves.
The unregulated payment processor XCepts Ltd was established in May 2022 by the American entrepreneur Veronica Baitova. The company seems connected to the notorious payment veteran Paul Schroeder, who has repeatedly been accused of illicit business practices.
We can’t decide who is right and who took the money in this war of high-risk payment processors. We also can’t verify whether Paypound is really paying its merchants despite the alleged $2.5 million missing. However, we know that Paypound is fundamentally not a good payment processor. The company was founded around the collapsed iPayTotal group, which disappeared with a lot of money from merchants. Nothing is known about the people of Paypound. On LinkedIn, the payment processor uses fake profiles.
The PayRate42 online rating agency has therefore blacklisted Paypound (link to profile) and BoomBill (link to profile). Merchants should avoid both companies at all costs.
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If you have any information about Paypound, BoomBill, or Xcerpts, let us know through our whistleblower system, Whistle42.
