So it seems that we have been taken advantage of.
The high-risk PSP Boombill got in touch with us and offered us a high-risk payment solution which could cater to our merchants and their industries. The agreement was done including all the approved industries and geolocations. They provided us with all the necessary details, such as the sectors they worked in, the nations they operated in, and the types of cards they could process.
When all was said and done, we began utilising BoomBill.
On the 25th of March 2022, We initially started working with Boombill.
The first few Settlements were paid without any hassle
- $1500 – Paid on 8th April 2022
- $200k – Paid on 15th April 2022
- $111k – Paid on 22nd April 2022
- $22k – Paid on 29th April 2022
- $431k – Paid on 6th May 2022
- $299k – Paid on 13th May 2022
However, when it was time to collect the next payment which was around 800k , everything went wrong. Unexpectedly, Boombill informed us that their Acquirers were having problems transferring our payments. They repeatedly reassured us that nothing would go wrong and warned us against stopping the processing because “it would weaken their position to bargain.” There were no updates for around 4 weeks during this time and the total dues became around 2.5 million.
BoomBill now had more than $2,500,000 in total. According to them, none of their Acquirers was paying them and thus they could no longer pay us. False promises to repay the debt in full were made repeatedly. We were shunned and warned not to interfere when we offered to help with their Acquirers to have the money released.
After multiple follow ups we were sent a mail of penalties on the MIDs , accounting more than 350K .
After around 5 weeks of delay we tried to find the acquirers who were holding our funds.
We discovered through some of our own sources that Boom used a number of acquirers, including Euro Payment Group (EPG), Xcepts, and ZeniPay. We also found out that BOOMBILL was not paying its merchants even after receiving funds from their acquirers.
The entire justification of “not having received the payments” was baseless. BoomBill was holding our funds along with those of many other merchants with them after having received the payments from each and every one of their Acquirers.
We got in touch with EPG using our own contacts in the sector. EPG acted as a mediator between us and boom bill. The entire situation was explained to EPG, how we were delayed on our settlement, the way we were conned into continuing the processing to keep the leverage for the settlement to be released and how it stacked up week after week until they finally disappeared with our money.
EPG paid BoomBill its portion after they were told what happened with Boom on numerous calls and meetings, and ONLY AFTER Boom learned that we were now in direct communication did they agree to partially pay us back under pressure.
Now let’s head over to ZeniPay. We got in touch with Zeni, just like EPG, to get our money returned. Rod, our POC from ZeniPay, immediately let us know that Boom had been paid for multiple settlements that Zeni knew hadn’t been forwarded to Boom’s merchants. Based on this, Zeni made the decision to withhold money in the future and hasn’t given Boom their final split.
Let’s now have a look at Xcepts. an acquirer run by Paul Schroeder, an infamous figure. Boom informed us that Paul Schroeder had the majority of the funds.
LinkedIn : https://www.linkedin.com/in/paul-schroeder-b44a166a/
Paul requested that a conversation be scheduled so that he could “explain” the whole issue to us. He began by explaining that boom had suddenly begun processing a lot more, and the rise in volume had made it challenging for him to transfer the full sum to cryptocurrency. He also claimed that his cryptocurrency wallet had been “Frozen.” Since another one of our acquirers who worked with Xcepts on the back was also receiving his money by wire, we realised this was all a fake.
Paul didn’t have an answer when he was questioned. It was very clear that he was attempting to construct tales to fool Boom and us as well.
Finally, Paul admitted that he had Booms’ $2.2 million, which also included our portion.
We talked to Paul on a voice call and a recording was made so that we can use it in future in case Paul does not release the funds.
This showed us that we weren’t the only ones being taken advantage of.
We are in possession of communication with these providers, both via Skype chats and call recordings, whom provided quite poor and unreasonable excuses as to why the payments were delayed or remain unpaid. We highlight on the public domain that parties behind Xcept are Neil Sollinger and Paul Schroder, the following articles highlight and further emphasise our point:
All of you with significant experience in this field, please respond. What do you imagine would happen if you don’t get paid the money you worked so hard for, whether you’re a merchant for an acquirer or an acquirer for a merchant?
Chargebacks were marked as a result of the initial, unnecessary delay, and the additional chargebacks added to the payment delay. Boom immediately utilised this never-ending loop as a reason to retain our funds and keep us waiting for months.
So at this moment, we are owed more than 2 million if the penalties and chargebacks, which are obviously FAKE, are counted.
PLEASE BEWARE ….. BOOMBILL, PAUL SCHROEDER , SEBASTIAN CROSS .
This is not a plea bargain where the industry agrees to assist us. This is a warning to all others who are dealing with the same issue with their own Acquiring “Partners.”
The true perpetrators are people like Paul Schroeder and Sebastian Cross who operate in the shadows, steal money from clients, and force businesses like ours to pay the price.To prove to the world that we are not the ones who steal our merchants’ money, but rather that these are the perpetrators who use us as a front for their scam, we have spent countless hours perfecting every aspect of this story in order to give you an accurate account of each situation and what actually occurred.
As a result, we came under criticism from the merchants and are forced to explain them the situations . People like Paul Schroeder have used the same delay tactics several times and then run away with merchant’s funds , each time using a brand-new firm or a business that is performing well in the marketplace as their face . They cease responding to their merchants after enormous volume has been processed, for which they wait.
They cease responding to merchants and their partners when huge volumes of processing have been accumulated.
We were one of them, and we’re documenting all of this information to expose the truth and guarantee that scams of this sort are entirely eradicated. If these types of individuals are not eliminated from this sector, frauds of this nature will continue to be committed in the future.