payspacelv.com - any opinion on these guys?

Leon

New Member
Hey again!

I found a very small PSP company - based in Lettland and almost no real reviews or ratings. Just 3 Trustpilot reviews with no indication on fraud (one guy said they did "steal" 26k from him but you find those reviews at any PSP). The support is fast and they told me that they can process payments for us, but the non-working phone number made me suspicious. Any experience with this company here? In general: would you recommend to work with those small PSPs?

Looking forward!
 

MarioSmith

Active Member
Hi,

There is no such company registered at regulator of Latvia. They have Latvian address on website and also they claim they have Latvian company but it's not regulated in Latvia at all. Proceed on your own risk.
 

Leon

New Member
Hi,

There is no such company registered at regulator of Latvia. They have Latvian address on website and also they claim they have Latvian company but it's not regulated in Latvia at all. Proceed on your own risk.
Okay thanks for this Info! Where do you see if a PSP is regulated?
 

Cryptobabaji

Active Member
@Leon please let us know if you found alternatives
i am looking up payscalelv as well,
strangely this site seems very similar to this one
 

Leon

New Member
@Leon please let us know if you found alternatives
i am looking up payscalelv as well,
strangely this site seems very similar to this one
There are many alternatives. When you are incorporated in Hong Kong or Asia you can go with Asia Bill or Oceanpayment if they accept you. The best provider for alternative payments is Mollie, but unfortunately they only work with EU company’s. But if you have a EU company and bank account in the same country, the KYC is easy as f***. I don’t know you business setup, revenue and industry, so i can’t give a specific recommendation. Which payment methods are you looking for?
 

Cryptobabaji

Active Member
It's for crypto exchange have licence and is registered in estonia. Trying to collect payments from Asia countries such hk India and so on via credit card
 

Leon

New Member
I am in e commerce so unfortunately can’t give any qualified recommendation for crypto psp. But there are many out there who accept credit card, if you are not on match/tmf. Did you try 2co?
 

Cryptobabaji

Active Member
Thanks alot for your suggestions.i wonder which bank or psps they use. For example advcash and Wirex? 2co..how are the settlement period on mollie and asiabill
 

Leon

New Member
Why don’t you just go through their payment process and check which third party company’s are connected to their api? That’s how I research my competitors psp’s. Mollie is a very solid funded payment provider, they only work with EU company’s (low to medium risk) but if you get a merchant account there they are the way to go. You can compare the KYC / setup process and also their general Risk policy to stripe: no email ping pong over 3 months with tons of questions, no required stack of documents. Also the settlements are daily / weekly (depending on the payment method) and from what I know they usually don’t rolling reserve funds like PayPal (at least not such insane percentages). But if they find out that your company is fishy or not 100% legit they kick you and freeze your payouts. I am going to use them only use them for iDEAL and Bancontact with a UK LLC.

I did also applied at Asiabill, but there are my second choice because they are not so established (only 9m$ yearly revenue) and just have not such a good feeling with them. But anyway they are for me 100x more trustworthy then payspacelv, I also know a competitor using them.

In Dropshipping we are scaling many times very fast and very hard, and i don‘t think that they can live with this. I also did hear that they settle insane rolling reserves and I just don’t want to go through this after PayPal.

Oceanpayments seems also legit, but I didn’t get a answer now. They have their offices in HK & China, maybe because Coronavirus.
 
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