Unfortunately, it is indisputable that the payment processing industry is full of black sheeps and scammers. Especially in the area of high-risk payment processors, many players rip off their merchants. Or support scammers to rip off victims. These bad payment processors have included collapsed iPayTotal or the related Paypound or NeoBanQ. Paypound is currently waging war against Serbian BoomBill, Paul Schroeder, and related entities. Once again, it’s about millions of merchants gone missing. Amen!
In a blog post, Paypound claims that BoomBill has withheld $2.5 million in funds that Paypound now cannot pay out to its merchants. The entire blog post is rather confusingly written and difficult to understand. Also implicated would be Xcepts (https://xcepts.co.uk), an acquirer of the notorious high-risk payment veteran Paul Schroeder.
It doesn’t take a rocket scientist to guess that merchants will ultimately lose their money in this battle of the bad guys. The mutual recriminations are just smoke and mirrors to distract from this theft.
