Ongoing Conflict Among High-Risk Payment Processors: Paypound, XCepts, and the Disappearance of BoomBill

Background: The Dispute Over $2.5 Million

The high-risk payment processing sector is once again at the center of a heated dispute. Paypound has recently alleged that its partners—BoomBill, XCepts, and Paul Schroeder—are responsible for withholding around $2.5 million that was reportedly intended for merchant payouts.

Paypound published a blog post claiming that this amount was effectively frozen, rendering them unable to process payouts to clients. Following this publication, the situation escalated further. A LinkedIn post from Paypound attempted to clarify the issue, asserting that merchants were eventually paid, despite the alleged misappropriation of funds.

Adding to the chaos, a press release from June 4, 2022, labeled Paypound itself as a fraudulent operator.

Who Is Behind XCepts?

XCepts Ltd, an unregulated payment processor, was established in May 2022 by American entrepreneur Veronica Baitova. The company is believed to have ties to Paul Schroeder, a prominent name in the payment industry who has faced multiple allegations related to illicit business practices.

The credibility of both parties remains murky, and it’s still unclear who ultimately controls the disputed funds.

The Legacy of iPayTotal and Paypound’s Dubious Reputation

Paypound’s origins trace back to the now-defunct iPayTotal network—a high-risk payment processing venture that disappeared under suspicious circumstances, allegedly taking significant merchant funds with it. The current team behind Paypound remains anonymous, and its LinkedIn presence is based on fabricated user profiles.

This lack of transparency only deepens concerns about the company’s reliability.

Industry Reaction: Blacklisting by PayRate42

The online finance monitoring platform PayRate42 has officially blacklisted both Paypound and BoomBill. These ratings are part of an ongoing effort to protect merchants from questionable processors.

Blacklisted Entities:

Merchants are strongly advised to steer clear of both companies due to serious credibility issues.

Contribute to the Investigation

If you have relevant details about Paypound, BoomBill, or XCepts, the Scam-or Project invites you to submit tips through their confidential reporting section.