GSPAY Review – A Deep Look At This High-Risk Merchant Provider

May 15, 2022

It provides real-time credit card processing 24 hours a day, seven days a week. With its services, the company allows businesses to accept all major credit card transactions. The company can also set up offshore accounts for merchants who need to operate their businesses outside the limits of local regulations.

It services a variety of industries, ranging from e-commerce to adult entertainment to cryptocurrency to CBD. Once you sign up for GSPAY, you can process credit card payments almost immediately. The company can integrate its services into an existing page order or it will provide you with a customer service order.


GSPAY Merchant Services

Credit Card Processing

This is the main service offering of GSPAY. It specializes in setting up offshore and high-risk merchant accounts for businesses that cannot be eligible for credit card processing services by traditional banking institutions.

GSPAY can support your business in processing Visa, Mastercard, American Express, JCB, Diners Club International, and Discover credit and debit cards. The company can easily integrate credit card processing into your existing e-commerce store, allowing you to process these payments 24/7.



High-risk Payment Processing

When high-risk businesses like those in cryptocurrency, adult entertainment, nicotine, foreign exchange, and licensed gambling cannot get approved for traditional payment processing services, GSPAY is the go-to service provider. The company takes on high-risk businesses that otherwise would have had a hard time operating because of restrictive regulations.

Payment Gateway

GSPAY can provide a payment gateway for merchants to securely send and receive credit card information. This service allows e-commerce websites to accept customer-facing credit card payments wherein the customers themselves will enter their details. These details are then sent to the payment gateway for forwarding to the credit card processors.

ACH Processing

If your business has to move funds from one bank to another, you will also need an automated clearing house or ACH services. This is a computer-based electronic network that most low-risk and high-risk businesses use to transfer funds (for payments to suppliers, for example), process payroll, and accept tax refunds, among other functions. GSPAY can provide this service if your business can’t get approval from traditional service providers.


GSPAY Fees, Rates & Pricing

Processing Fees

GSPAY prides itself on offering competitive rates. According to its website, it offers the following rates per industry type:

  • e-Commerce – from 2.8%
  • Adult entertainment – from 4%
  • File-sharing systems – from 4%
  • Cryptocurrency – from 4%
  • Downloads – from 7%
  • Travel – from 4%
  • CBD – from 7%

  • Herbals – from 4%
  • Regulated foreign exchange – from 5.5%
  • Dating – from 4%
  • Licensed gambling – from 4%
  • Replica – from 8%
  • Pharmacy – from 8%
  • Kratom – from 7%

Additional Fees

GSPAY imposes additional fees on merchants. These fees include:

  • transaction fee at a rate of $0.20 to $1.00 for credit card transactions, depending on the bank
  • refund fee at $0.50 to $1.00, depending on the bank
  • chargeback fee from $35.00 to $50.00, which will be charged to the client for every transaction processed on the client’s behalf
  • wire transfer fee of $40.00 per wire transfer to a merchant

The company also has a holdback or reserve fund worth 5% to 10% of turnover for 180 days. This will serve as a security deposit. Weekly payouts will be between seven and 14 days, depending on the bank. The minimal payout is $2,000.

Hidden Charges

According to its website, GSPAY has no hidden charges. There is also no information about hidden charges in any of the reviews about GSPAY.



GSPAY Complaints

Rip Off Reports

GSPAY is transparent about its fees on its website. There are no reports of rip-offs about GSPAY on Google Reviews, Yelp, and Facebook.

Other Complaints

There are complaints about GSPAY. These complainants said that GSPAY has scammed them of their money by blocking their accounts and holding their money for more than six months.




GSPAY is not listed on the Better Business Bureau (BBB) website, so it has no rating from the BBB. Based on forums where clients talked about GSPAY, the company has been around since 2009 or even before that.


BBB Reviews

There are currently no reviews for GSPAY on the BBB website.


Is GSPAY Legitimate?

Despite not being listed with the BBB, GSPAY appears to be a legitimate business.



There are a lot of stories shared by alleged customers of GSPAY on how the company scammed them. One customer reported losing 20,000 Euros to GSPAY while two others said they lost $40,000 and $12,000, respectively. They said that GSPAY does not give them back their holdback even after staying with the company for more than six months. And while one customer said it was okay not to get the holdback back, he or she was complaining about the accounts that GSPAY apparently closed without reason. These accounts contain thousands of dollars or Euros.

However, one comment took GSPAY’s side and said the scam stories were black propaganda from Chinese businessmen. The commenter said it was the bank that closed their accounts and not GSPAY. Other members of the forum took the side of the alleged GSPAY customer because he/she has been a member of the online forum for a long time while the one who took GSPAY’s side only joined a few days before the comment was posted.


While there were multiple stories of GSPAY scamming customers, there were no reports of lawsuits filed against the company.


GSPAY Customer Reviews

GSPAY’s website does not publish customer reviews about how its services helped them. A look around review websites and online forums showed that customers have a mixed experience with GSPAY. While others claimed that they have been scammed by the company, some also said they had a good experience with GSPAY’s balanced fees, payouts, and services.

One commenter in a forum said, however, that it is hard to contact GSPAY’s customer service. This is despite the company’s claims that it offers 24-hour customer service and support. Some of the forum’s members also said that GSPAY could be a better company if it improved its customer service.



You may want to compare more high-risk merchant account providers before signing up for GSPAY. Since it has mixed reviews, you need to investigate further if this is the right company for you.

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