Payset is a regulated high-risk payment processor and the trading name of UK-registered Pay Set Limited, established in August 2018. It received a license as a payment processor and e-money institution by the UK Financial Conduct Authority (FCA) in June 2020 (Reference number 900920). The FCA has imposed the restriction that electronically issued “the money cannot be used to purchase cryptocurrencies.“
The company was co-founded by the Israeli Rudi Reager, born in April 1978. Until today, he is the beneficial owner of this FCA-regulated entity through UK-registered Capitalium Limited (Companies House).
Payset provides account holders with a dedicated multi-currency account which allows businesses to bring their banking out of the old days of high fees, excessive regulations, and constant delays and into the modern era where payments move swiftly to and from clients and suppliers regardless of currency or region.
Three ways Payset’s services can help any business:
- Multi-Currency Banking Use your multi-currency account to deposit, hold, and move funds in up to 34 currencies. Payset accounts are GB (United Kingdom) IBAN accounts and support SEPA, SWIFT, FASTER PAYMENTS, CHAPS, BACS, and 17 additional payment networks.
- Outgoing Payment Management Easily pay suppliers and staff instantly in the currency of their choosing at low or zero fees and manage all payments from a single, straight-forward dashboard.
- Currency Exchange Exchange between a variety of currency pairs at excellent rates.
While these services are crucial for a wide variety of businesses in this post-covid era of online business, Payset is particularly useful for businesses in the following sectors:
- eCommerce Merchants
- Companies with multinational staff
- Affiliate programs
- Marketplace vendors
Payset’s Core Services
A multi-currency account from Payset allows businesses to modernize their banking by safely moving money across borders with ease.
With a Payset dedicated multi-currency international bank account (IBAN), account holders can send and receive payments in up to 34 currencies worldwide without the hassle and expense of traditional banking. This solves a problem that many online businesses with a global reach have today. Traditional banks and payment processors do not offer affordable ways to move money across borders and between currencies. This can wind up saving immense amounts of money for a business with an international reach.
- Send and receive payments in multiple currencies around the world
- Access numerous payment networks: (SWIFT, SEPA, TARGET 2, FASTER PAYMENTS, CHAPS, and more)
- Quick, easy, low-fee currency exchange and cross-border payments
- Multi-layered account security and segregated funds storage to keep your money safe
- Receive deposits from clients, pay expenses, and staff instantly in multiple currencies
- Make instant payments to/from other PaySet clients
Avoid, a Terrible Payment System
I had a very unpleasant experience with Payset payment system. Firstly, this payment system is not actually based in the UK, but rather managed by a third-party country, it has nothing to do with the UK financial system.
To make matters worse, Payset supports Russian currency, which is highly sanctioned. It’s clear that this payment system is enabling individuals and Russian entities to escape sanctions imposed on Russia, which is very concerning.
But that’s not even the worst part. The onboarding team at Payset is extremely biased and ignorant. They discriminate people based on their nationality, rather than considering the nature of the business they run. It’s incredibly disappointing to see a company engage in such discriminatory practices.
The fact that it operates outside of the UK financial system and supports Russian currency is a major red flag.
Additionally, the discriminatory behavior of the onboarding team only adds insult to injury.
Overall, I would not recommend Payset payment system to anyone from the Third World Countries, but even if you are from EU or US, there are many of other payment systems in the market which have better fees and terms and conditions than Payset.
It’s clear that this payment system is not trustworthy and should be avoided .