London, England - July 15, 2022 —
High-risk PSP Boombill reached out to Paypound and proposed a high-risk payment solution to collaborate with. The agreement was then finalized, including all the permitted industries and geographic locations. On March 25, 2022, Paypound initiated a partnership with Boombill. The initial few payments were made without difficulty.
However, when it was time to collect the next payment, which amounted to approximately 800K, things became weird. Unexpectedly, Boombill informed Paypound that their acquirers were experiencing difficulty transferring their payments. Boombill even asked Paypound not to cease processing because "this would weaken their position to negotiate." Boombill did not provide any updates for approximately four weeks, and the total amount owed amounted to approximately 2.5 million dollars.
The total amount owed now exceeds $2,500,000. Boombill claimed that none of their acquirers were paying them, so they were unable to pay Paypound. After multiple follow-ups by Paypound, Boombill sent them a letter of penalties on the MIDs totalling more than $350,000.
Boombill utilized multiple acquirers, such as Euro Payment Group (EPG), Xcepts, and ZeniPay. In addition, we discovered that Boombill did not pay its merchants despite receiving funds from their acquirers. The entire justification for "not receiving the payments" was without foundation.
- Paypound was able to connect directly to the EPG. After gaining knowledge of the entire situation, EPG compensated BoomBill. Under EPG's pressure, Boombill agreed to partially pay back Paypound.
- Paypound even connected with Zenipay, another Boombill acquirer. Rod, their point of contact from ZeniPay, asserted that Boombill had been paid for multiple settlements, but the funds had not been sent to Boom's merchants. As a consequence of this information, Zenipay made a decision to withhold money in the future and decided not to give Boombill their final split.
Now, let's take a look at Xcepts, which is an acquiring company steered by Paul Schroeder.
- Paul Schroeder, according to Boombill, possessed the majority of their funds. Paul requested a conversation so that he could "explain" the entire situation to Paypound. He began by explaining that Boombill had abruptly begun processing a larger transaction volume, making it difficult for him to transfer the entire sum to cryptocurrency. Additionally, he asserted that his cryptocurrency wallet had been "Frozen." When questioned, Paul was unable to provide a befitting reply. It was evident that he was attempting to deceive BoomBill and Paypound by making up stories.
Finally, Paul admitted that he had Booms’ $2.2 million, which also included Paypound’s portion.
This indicates that Paypound is not the only company that has been taken advantage of.
We highlight on the public domain that parties behind Xcept are Neil Sollinger and Paul Schroder.
The question that arises now is: who is lying? Paypound has been the victim of a scam committed by either Paul Schroder or Boombill. However, the truth of the situation is crystal clear: either both of these entities together collectively or one of them has defrauded Paypound and run away with a significant portion of Paypound's valued client's processing. Global viewers and individuals in the payment processing industry are intelligent enough to determine who is at fault in this situation.
Despite incurring losses, Payound has maintained relationships with its merchants and will continue to serve them regardless of fraudulent acquirers and entities such as Boombill or Paul Schroder and his company, Xcepts.
Contact Info:
Name: SELF PAY IO LTD
Email: Send Email
Organization: SELF PAY IO LTD
Address: Suite 718 Hatton Garden London, England, EC1N 8DX
Phone: +44 800 832 1733
Website: https://paypound.ltd/
Release ID: 89078413
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