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Merchant Alert: Payecards Downgraded To Orange Compliance!

The high-risk payment processor Payecard is operated via the UK-registered Payecard Global Ltd, controlled by Turkish citizen Halis Bayraktaroğlu. Payecard makes changing statements about the operating legal entities there and previously claimed to have companies in Switzerland and Germany. This could not be verified. Allegedly some partners terminated the cooperation. PayRate42 has placed Payecard on the Orange Compliance list. Merchants should be cautious.

The high-risk payment processor Payecard is operated via the UK-registered Payecard Global Ltd, controlled by Turkish citizen Halis Bayraktaroğlu. Payecard makes changing statements about the operating legal entities there and previously claimed to have companies in Switzerland and Germany. This could not be verified. Allegedly some partners terminated the cooperation. PayRate42 has placed Payecard on the Orange Compliance list. Merchants should be cautious.

Key Data

Trading namePayecards
Activityhigh-risk payment processor
Domainhttps://payecards.com
Legal entitiesPayecards Technology GmbH (fake)
The Payecards Group AG (fake)
Payecards Global Ltd
JurisdictionsUnited Kingdom, Turkey
AuthorizationNo
PayRate42 ratingOrange Compliance (profile)
Related individualsHalis Bayraktaroğlu (UBO)

Short Narrative

Payecards has worked with a wide variety of partners since 2020. Among them were allegedly the FCA-regulated Cauri Ltd and Aeloria Ltd, through which the FIAT services were handled. This was claimed on the Payecards website at least in 2021.

All in all, Payecards‘ rating of orange by the cyberfinance rating agency PayRate42 seems justified. One could probably even consider a red compliance rating. In any case, merchants should be super-cautious.

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If you have any information about Payecard, its operators, and its facilitators, please let us know via our whistleblower system, Whistle42.

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