2 Jul, 2018 → by ClaimboUser299181
EMERCHANTPAY Payment Solutions Scam and Racism

1

EMERCHANTPAY is a scam organisation which openly engages in theft, fraud, and deception. Do not under any circumstances hire them to be your payment solutions provider. In March 2017, I made the biggest mistake of my life by trusting EMERCHANTPAY to process my credit card transactions. This fatal error eventually caused me to lose my business. In 2012, I started a small business importing hand crafted tiles, furniture and rugs from my native home country of Pakistan. The business started out small but later grew to an online shop and after a while, grew to the point that I hired my daughter to help me to meet the growing demand. A year later, my youngest son also joined our small company. In late 2016 we decided to seek out a better payment processing solution than the PayPal account we had been using for years. After a lot of research, I decided to go with EMERCHANTPAY. As a company with no payment processing history other than PayPal, EMERCHANTPAY offered what seemed to be the most reasonable rates and terms. I didn’t like the idea of a 20%, 6 month rolling reserve, but I was told this was necessary to protect them from charge backs and was assured that the reserve would be lifted once we had some processing history with them. I worked with them to fill out all of the required forms and legal agreements. I hired a web developer to add all of the substantial mandatory terms and conditions that EMERCHANTPAY requires their processors to put on their websites. The whole process took about 30 days, but eventually we received approval to begin processing. Then things got bad. When I first began processing, I heard from EMERCHANTPAY that my first payout would be in about 6 weeks. I was told this is normal because I was starting in the middle of their payment cycle. Though I thought this was a long time, I figured it was nothing too far out of the ordinary. In that first 6 weeks, I processed £15 883.57 GBP. Therefore, withholding the 20% rolling reserve (£3 176.71) I expected a payout of £12 706.86. I was shocked to find a transfer from EMERCHANTPAY in the amount of only £1 211.27, less than 10% of what I had expected. When I enquired about the discrepancy I was told that this is normal and that I would see the balance reflected on my next transfer, which was scheduled to occur one month later. When voicing my displeasure with this policy because it makes no sense that I should be forced to wait a full 11 weeks to receive payments from my customers I was told “You’re lucky to have a merchant account at all”. They seemed to imply something nefarious was going to happen to my money if I didn’t stop complaining. When I raised the issue of legal action, they said “good luck”. In fact, at one point the representative told me “This isn’t Sharia Law” which left me flabbergasted. As a British citizen I was appalled by this blatant racism. Though, the person of the other line had a thick Eastern European accent. I immediately stopped processing with them and demanded they pay out not only the payments owed to me but also the payments from the rolling reserve, which they refused to do. I immediately hired a lawyer to attempt to recover my funds but what my lawyer found out was that they were using UK entities merely as shell companies and were in fact operating from the cover of the extremely corrupt Eastern European country of Bulgaria. After further research my lawyer advised me that litigation would cost more than the balance due to me and that since there are no real assets in their UK shell companies, it would be impossible to collect even if I won my case against EMERCHANTPAY. To date these scoundrels have successfully stolen £16 445.66 GBP from my company. This has had disastrous effects on my business as well as personal finances. I had to pay for the items purchased through my website on credit, assuming the payments from EMERCHANTPAY LTD would be coming soon. I had to default to my suppliers in Pakistan. This was very troubling for me as I had good relationships with these suppliers over the years. None of them will work with me now. My reputation as a good customer was destroyed almost overnight. Without any any cash flows, I was forced to pay back my suppliers with my own money, though I did not have enough to pay the full amount of what was owed. Sadly, I had to close my business. Even worse for me is that I let down my children who had to seek other employment. It was a humiliating time for me through no fault of my own. Needless to say, this kind of merchant account scam needs to be exposed to the world so that other people don’t end up like I did. To follow is a list comprised of people I've dealt with at EMERCHANTPAY LIMITED and those who claim to work there. I have of course no way to verify that any of these names are real, however, if real, they are openly engaging in fraud: •Diana Timcheva •Plamen Terziev •Svetlio Todorov •Karl Persaud •Milena Yovcheva •Stanislav Nikolov •Kaloyan Yanchev •Mariya Yordanova •Gulmira Smagulova •Ralitsa Borisova •Marc Conway •Iva Assenova •Nelly Eftimova •Nadezhda Dimitrova •Sofia Damyanova •Yordan Pulov •Dorina Andreeva •Zhivko Zhelev •Hristina Chankova •Donna Valkova •Martin Georgiev •Ivo Dimitrov •Alexander Kundurdzhiev •Yanitsa Georgieva •Krasen Dimitrov •Dimo Dilov •Anton Bashev •Ivanka Yovcheva-Miteva •Iliana Donova •Alexander Kundurdzhiev •Lina Filipova •Plamen Petrov •Hristina Chankova •Lyubomira Mitseva-Georgieva •Yordan Arnaudov •Venelin Velev •Rukie Daskalova •Polina Gargova •Aleksandra Goranova •Encho Uzunov •Dimitar Kostov •Andrey Andreev •Ivan Stoev •Tsvetelin Kutsarov •Stoyan Penev •Metodi Kaydamov •Georgi Tzvetkov •Ivaylo Taushanov •Nikolay Markov •Vyara Samoukova •Yaroslav Tarlekov •Radka Georgieva •Valeriya Kozareva •Turgut Sami •Georgi Kyuparski •Geno Petrov •Asen Ninov •Vasil Tonev •Georgi Naydenov •Maria Petrova •Radoslav Bozov •Ilina Ilinova •Deyan Bochev •Hristina Kisyova •Boryana Chipanova •Georgi Naydenov •Galina Noncheva •Yavor Boichev •Plamena Grigorova •Stoyan Penev •Gergana Ivanova •Nikola Nikolov •Zlatina Tuneva •Samuil Goranov •Hristo Tenev •Atanas Doychinov •Lyuboslav Mantarov •Krassimir Kanchev •George Ralchev •Petar Kanchev •Martha Zamorano •Sam Piper •Mark Bell •Douglas Adams •Deyan Denchev •Violeta Goshevilova •Iskra Hristova •Rangel Bakalov •Vasilena Popova •Ivelin Tsankov •Jonas Reynisson •Julieta Atanasova •Galina Noncheva •Chris Smart •Stephen Dickson Of course, I have no way of knowing if all or any of these people are real or just fake LinkedIn profiles. However, it’s easy to see that 99% of the names listed here are of Eastern European origin and most of their profiles are based in Bulgaria. The few LinkedIn profiles that appear to be outside Bulgaria are extremely common names like Mark Bell, which would be impossible to verify. I do not believe they have any significant operations in the United States or the United Kingdom. This operation is clearly a fly-by-night, racist, bigoted, scam and they are perpetrating fraud upon unsuspecting small business owners like myself. I hope that my review of EMERCHANTPAY will dissuade others from falling victim to their schemes. Website: www.EMERCHANTPAY.com Listed Address: 29, Howard Street, North Shields, Tyne and Wear, NE30 1AR, United Kingdom, England. Actual address: Nikola Y. Vaptsarov Blvd 53А, 1407, Sofia, Bulgaria
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