Payabl is marked as High Risk
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What does our research say about Payabl?
Payabl, formerly known as PowerCash21, is a high-risk payment processor based in Cyprus, regulated by the Central Bank of Cyprus. Founded by former Wirecard executives Dietmar Knoechelmann and Ruediger Trautmann, the company specializes in processing payments for sectors such as gaming and adult entertainment.
Associations with High-Risk Industries: Payabl has been linked to online casinos like Bitdreams and Lucky Dreams. These casinos operate under licenses from Curaçao and utilize Cypriot entities, Friolion Limited and Libergos Limited, as their payment agents. Payabl facilitates transactions for these platforms, enabling payment methods like SOFORT, popular in countries such as Germany.
Connections to Controversial Entities: The company has also been associated with BDSwiss, a broker regulated by the Cyprus Securities and Exchange Commission (CySEC). Both Payabl and BDSwiss have German leadership, with Jan Malkus owning BDSwiss and Knoechelmann and Trautmann leading Payabl. In the second quarter of 2022, Payabl completed a CHF 3 million fundraising round for Klarpay, a spin-off of BDSwiss.
Focus on High-Risk Merchant Accounts: Payabl provides high-risk merchant accounts to businesses in industries prone to higher rates of fraud or chargebacks. These accounts are essential for companies in sectors like gaming and adult entertainment to process debit and credit card payments. The definition of “high-risk” varies among payment processors, and each has its own criteria for assessing potential clients.
Payabl’s involvement with high-risk industries and its connections to controversial entities have raised concerns about its business practices. The company’s role in facilitating payments for sectors associated with higher fraud risks underscores the importance of rigorous compliance and ethical standards in the payment processing industry.
This summary is automatically created and published by data analyzed and provided by ChatGPT 40, Grok and Google.
by: Emery Kirk
Payabl’s deep involvement with high risk industries such as online gambling and forex trading raises serious ethical concerns. Despite being regulated its connections to questionable entities suggest a troubling pattern of enabling fraudulent activities. The company’s founders previously linked to...
by: Dorian Spence
Payabl’s deep involvement with high risk industries like online gambling and forex trading raises serious ethical concerns, making it hard to trust their business practices😔😔
by: Colton Novak
Despite its regulation, Payabl’s connections to controversial entities suggest a pattern of enabling questionable financial activities leaving customers at risk.
by: Bethany Winslow
Payabl’s lack of transparency and willingness to support businesses with questionable ethics create an unsettling environment for both consumers and financial regulators😶😶😶
by: Alistair Riddle
The lack of transparency in Payabl’s operations leaves consumers vulnerable to fraud reinforcing fears about the dark side of high risk payment processors.