Best for
Merchants in need of payment processing for multi-currency transactions who own and operate high-risk businesses.
Specializes in
WebMoney Transfer specializes in providing payment processing services for high-risk merchants who need to collect payments in many different currencies. This company is non-traditional and operates on a system that is more similar to the way that Bitcoin transactions work.
Pricing Summary
Setup Fee: N/A
Monthly Fee: N/A
Swipe Rate: N/A
Keyed-in Rate: Unknown
Early Termination Fee : None
Contract Terms:
WebMoney Transfer is headquartered in Moscow and the company’s CEO is Avet Mnatsakanyan.
The company website states that it serves more than 100,000 merchants around the world and currently has around 39 million users.
WebMoney Transfer is a global settlement system for online businesses that has been around since 1998.
WebMoney Transfer was founded in 1998 for the purpose of providing a global settlement system for online businesses. More than 39 million people worldwide have utilized their services. This company’s headquarters are in Moscow, Russia, and the CEO is Avet Mnatsakanyan.
WebMoney Transfer is much different than a convention ISO or merchant account provider. It does not utilize traditional banking and credit networks. Instead, users purchase and transfer WM units, which are then withdrawn from a digital wallet into the designated currency.
This method circumvents banking regulations, and it also relies upon third-party guarantors for underwriting. WebMoney Transfer’s operations are very similar to Bitcoin transactions, even though this company has been around a lot longer than Bitcoin.
Head Quarters
Moscow, Russia
Year Founded
1998
CEO
Unknown
Employees
Unknown
Merchant Provider Risk Tolerance
Uses digital currency to circumvent international banking regulations.
Worldwide presence.
They offer personal loans.
In-house sales team.
Clean defining of tariff information before use.
Transfers are non-reversible.
Little legal recourse if necessary.
Fraud is a very real possibility and all complaints revolve around lack of security.
No phone support available.
Based in Russia world sanctions may affect use.
Hardware & Software
All payments that are made to U.S. bank accounts through WebMoney Transfer are completed through the Payment24 Gateway, which is specific to this company. There are no other hardware or software options available for merchants who choose to use their services.
Value Added Services
WebMoney Transfer does offer a few value added services to its merchant customers. They include:
Task Management - Tasks can be generated and fulfilled by an executor and confirmed by an inspector. It is likely that this feature is utilized by merchants who want to hire and work with independent contractors.
Budgeting and Automation Tools - These tools can be used to allow the joint management of funds within a business.
Mass Payments - Multiple payments can be sent in various currencies.
WebMoney Transfers also offers personal loans.
Supported Payment Types & Services
Because WebMoney Transfer operates on WM units and not any other type of currency, there are no other supported payment types or services for this company.
Discloses All Important Terms
No
Public Pricing Available
No
WebMoney Transfer users can receive WM units free of charge. However, sending WM units costs 0.8% per transaction. There is a minimum fee of 0.01 WM per transaction and a maximum fee that varies according to what type of purse is receiving the money.
Depending on the currency, different tariffs may be imposed with withdrawals, and the company clearly outlines them.
This company does not charge any of the fees that many merchant account providers charge, such as PCI Compliance fees, monthly minimum fees or early termination fees.
Pricing Model
Unknown
Swiped Rate
N/A
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
Unknown
Monthly Fee
N/A
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
None
PCI Compliance Fee
None
Equipment Lease Terms
None
Address Verification Service (AVS)
Unknown
Application Fee
Unknown
Account Setup Fee
N/A
Gateway Setup Fee
Unknown
Annual Fee
Unknown
Monthly Minimum
Unknown
Statement Fee
Unknown
WebMoney Transfer does not have contracts with its merchant customers. The company operates on a pay-as-you-go basis. Users are free to cancel the service at any time.
It is worth mentioning that WM unit transactions are final and they cannot be reversed. There is very limited recourse for pursuing any type of legal action unless the parties involved in the transaction have entered into some type of legal agreement.
Contract Length
Unknown
Early Termination Fee
None
Setting up an account with WebMoney Transfer can be done in as little as a few minutes directly through their website.
WebMoney Transfer does have a Help section on its website that allows users to send a support ticket to get answers to their questions. There is also a forum available for questions. The website does not have a dedicated phone number listed for sales or support.
It should be mentioned that WebMoney Transfer is very clear about its inability to recoup funds in the event of a scam.
BBB Rating
The Better Business Bureau does not have a profile listed for WebMoney Transfer and there are no reviews or complaints for this company on the BBB website.
Other Online Reviews
There are more than 400 complaints listed online regarding WebMoney Transfer. However, none of these complaints are regarding the company’s services. Rather, they focus on instances of fraud and scams that users have encountered while using this service.
WebMoney Transfer does do a decent job of disclosing the risks involved with using its services. The company has a 4/5 rating on the Google Play Store and a 4.3/5 rating on the Apple Store. Many users state that they are very happy with the service and will continue to use it.
There have been no outstanding FTC complaints or class-action lawsuits that have been filed against WebMoney Transfer.
BBB
N/A
N/A
No Reviews
Yelp
No Reviews
Total Online Reviews
Unknown
Total Online Complaints
Unknown
Lawsuits
Unknown
If you're in the market for a merchant account provider, be sure to check out our user reviews, our merchant accounts guide and our top popular merchant provider picks