PayRate42 is a Payment Rating Agency


Why does it need PayRate42?

The Importance of Monitoring High-Risk Payment Processors (HRPP) in the Global Payment Industry

In the dynamic realm of the CyberEconomy, the international and borderless payment industry plays a crucial role as the infrastructural backbone. Unlike other sectors, this industry lacks “world regulators” or “world supervisors” overseeing its compliance measures. While regulators are confined by national borders, payment providers operate beyond these boundaries.

To combat the ever-growing challenges of fraud, cybercrime, and money laundering, it becomes imperative to closely monitor high-risk payment processors (HRPP). This is where PayRate42 emerges as a dedicated CyberFinance rating agency, committed to safeguarding both merchants and consumers.

By focusing on HRPP oversight, PayRate42 reinforces the resilience of the payment industry against potential threats. Through comprehensive assessments and ongoing monitoring, this rating agency fulfills its mission to protect the interests of merchants and consumers alike.

Compliance is the name of the game

Many digital payment processors live in the long shadow of the much applauded and admired FinTech universe with household names like TransferWise, Revolut, Monzo, Starling Bank, or N26 at its center. Most of these FinTech superstars are licensed under one or more regulatory regimes and are overseen by the relevant regulators. This is not true for high-risk payment processors (HRPP).

Typically, a high-risk business is considered too risky for traditional financial institutions and major credit card companies to allow you access to their services. This is why HRPPs are important for a large part of the CyberEconomy.

The HRPP scene operates largely unregulated outside of regulatory regimes. Even regulated HRPPs often operate outside the regulatory framework through offshore companies and affiliates. Their services are not necessarily compatible with applicable laws and regulations in all jurisdictions.

In many cases, HRPPs act dubiously or even as scammers themselves. There are many known cases where HRPPs rip off their customers, withhold money contrary to their terms or agreements or even extort money. Due to their business’s nature, high-risk customers have difficulty claiming their rights through lawsuits or the courts. HRPPs know this in many cases.

Identifying, Evaluating, and Rating

PayRate42 aims to provide transparency of the entire scene by identifying, evaluating, and rating its participants. We enable payment processor clients to submit listings, ratings, and reviews and thus have a voice when dealing with them.

PayRate42 defines itself as a private compliance platform for the global payment industry. It is aimed at regulators, potential partners and clients, and clients’ clients (Know-Your-Clients-Clients or KYCC).

HRPPs can list or claim their business and show themselves to the public. Too often, HRPPs operate in the darkness of the Internet and do not disclose their beneficial owners and managers. Upon listing in the HRPP report, they will be subjected to KYC by our team.