SPay is a rare gem in the ocean of financial service providers catering to small and large international businesses. The company specialises in providing high-risk merchant accounts.
In particular, GSPay offers offshore merchant accounts and third-party account payments for international companies.
From credit card payments to crypto and online payments, GSPay allows its clients to accept payments in all currencies and via multiple channels while staying competitive.
Their clients are both low-risk and high-risk businesses of all sizes from various industries.
Sections
Prices/Fees
GSPay doesn’t have price packages listed on its website. To find out more about their pricing, interested parties must contact them through the Contact Request Form or the Apply button on their website homepage.
Nevertheless, their card processing rates per industry type are explained in detail.
Because their services are individually tailored to cater to the specific needs of every company, GSPay offers a unique pricing system. The prices are formulated based on businesses’ demographic profiles, type, size, and processing volume.
Industry-Specific Card Processing Rates
When it comes to e-commerce businesses, card processing rates go from 2.8% and up. For the Adult content industry, the rates start from 4%. Systems for file-sharing businesses will pay rates of 4% or higher. This same price also holds for the travel industry, nutra/herbal, dating, and licensed gambling.
Download services, online CBD product sales, and kratom sales need to pay a 7% fee or higher.
Finally, pharmacies and replicas bear the highest card processing rate of 8%.
Special Fees
There are also four types of special fees that GSPay’s customers must pay. We will briefly explain the special fee system in the sections below.
We should also note that GSPay clients do not have to pay a signed fee. Signing up for the service is completely free.
Transaction Fee
Exact transaction fees depend on the bank acquirer mainly, but they can go at rates between £0.17 and £0.83.
Chargeback Fee
For every processed transaction on the client’s behalf, which is a “charge-back” type of transaction by a cardholder, GSPay charges between £29.09 and £41.56.
Refund Fee
Refund fees depend mainly on the bank acquirer. The rates can go between £0.42 and £0.83. Reserve funds (holdback) GSPay is 5-10% of the total turnover for 180 days.
Wire Transfer Fee
The minimal payout for a wire transfer is £1,662, and the fee is £33.25 per transfer to the merchant’s accounts. Payouts occur every 7 to 14 days, depending on the merchant’s bank.
Product/Service Overview
GSPay doesn’t share much information about its products and services on its website. However, a brief overview is available, and it should be enough for interested parties to get a glimpse into their work.
Since GSPay’s primary niche is high-risk clients, it is understandable that they prefer to withhold sharing too much information and keep things brief. But, businesses who want to work with GSPay are encouraged to contact the company through their contact form to inquire about more detailed information.
The fourteen most noteworthy features that GSPay offers are described below.
Own Descriptor for Big Volume Merchants
Merchant or billing descriptor is the name that appears on the customer’s card statement when they make a purchase. The descriptor can include relevant information about the merchant.
Businesses are sometimes charged a fee for setting up their descriptors from their first sales.
GSPay offers its own descriptor name to high-volume merchants to appear on their customers’ card statements after purchases.
XML API Interface or Hosted Order Page
XML API is an interface that helps clients manage their cloud storage data from the developer’s point of view. A hosted order page is a third-party webpage created for secure transaction completion.
GSPay offers their users the possibility to make secure transactions by providing them with an XML API interface, or they can host an existing order page.
Acceptance of the Main Credit Card Types
GSPay system accepts all types of cards: Visa, Mastercard, America Express, and Discover. This way, their clients have a wide selection of options for transferring funds.
Secure Server (Under SSL Certificate) SecureCode Available
Secure Server Service is a standard technology for establishing and securing an encrypted connection between the server and the client. In addition, the SSL web server certificate helps authenticate the web server’s identity, thus ensuring secure communication between the client and the server. This allows for ensuring data integrity and privacy in the exchange process.
GSPay offers a Secure Server Service under the SSL Certificate. This way, they ensure that their users enjoy safe communication with their clients around the globe.
Complete Products, Services and Membership Management
GSPay offers its clients a wide selection of services, from assistance in managing their products and services to various payment gateways.
Integration, Reporting and Password Management Tools
Many businesses already use specific software solutions to run their business, from team management to accounting software. However, if clients are forced to use many independent software products, things can get complicated.
GSPay offers a simple integration process with other software solutions and tools for easy report and password management.
Advanced Fraud Protection System
Besides the Visa and Mastercard fraud protection, GSPay ensures every client’s data safety and prevention of fraud.
Cryptocurrency Acceptance
GSPay can process payments made in Bitcoin and Ethereum. Payments arrive in the business’s account in either USD or EUR.
Customised Design
GSPay is flexible when it comes to order page and shopping cart design and leaves this aspect to its clients to decide.
Set-Up Fees
Setting up the application is entirely free. There are no hidden fees related to the setup.
Business Operations
Besides several valuable products and services, GSPay also develops business operations in a way that helps clients from various industries and countries expand their businesses.
Visa 3d Secure and Mastercard Secure Code
This is an extra security layer that GSPay provides to customers to safeguard against potential fraud and ensure protection. In addition, Visa verifies the program and works via real-time identity verification.
Inclusiveness
GSPay doesn’t discriminate against users based on their nationality. Merchants from anywhere in the world are welcome to become GSPay users. Thanks to their inclusivity policies, GSPay makes doing business possible even in challenging economic environments.
Payouts
Payouts through the GSPay platform are carried out daily or weekly. The frequency depends on the merchant’s bank and turnover size.
Credit Card Acceptance
GSPay accepts the two largest card types for instant online sales. Those are Visa and Mastercard.
Holdback Fund
All accounts are required to create a security deposit, which is a necessary step in the process of building trust between GSPay and merchants. Through this step, GSPay ensures that the merchants they work with are legit and sincere.
Currently, GSPay deducts 5-10% for a holdback fund. The exact percentage depends on the type of business. GSPay returns the holdback funds to their clients within 6 months.
Company Background
As a distinguished provider of financial services specialising in high-risk merchant account solutions, GSPay offers offshore merchant accounts and third-party payment options to businesses worldwide.
Incorporated in 2011 GSPay enables online credit card payment processing for e-commerce, the most popular payment method for online shoppers today.
Their services take place in real-time and are easily integrated with any existing online business. As a result, their clients can accept payments 24/7 at low transaction rates.
GSPay is committed to flexibility, quality, and affordability as its guiding values. The team behind the service offers free guidance through the installation, integration, and running process.
User reviews from around the web
- WebHosting Talk: one reviewer from this platform claimed that in 2012, he was scammed by GSPay for £17,692. This reviewer posted the entire alleged conversation in their post. Two other people complained on the same website that they had also been scammed. One claims they lost £35,385, while for the other one, that figure is £9,973.
- Offshore reviews: 5.9/5 (6 total reviews). This platform mainly features positive experiences of various GSPay users. Several people said they heard about them by word of mouth, which is usually considered a testament to quality.
- Scam Adviser: 47/100 trust score.
User Reviews
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