Is PaysTree a Fraud? The Revealed Truth
Electronic financial services are offered to clients in Europe and the CIS by PaysTree Ltd., a UK-based payment system. The main offices are located in London, as many of our clients have asked.
SEPA and SWIFT payments are accepted by the electronic payment system, which also offers purchasing services.PaysTree claims to be committed to streamlining financial transactions globally. Consequently, every client and business is assigned a personal private banker.
However, a number of users have voiced their displeasure, claiming that the company unfairly takes advantage of vulnerable individuals. Customers complain that the company never gives them accurate information about the costs and that they threaten them if they don’t want to pay.
Table of Contents
What PaysTree is?
PaysTree Ltd. has been governed by the FCA as an e-money provider since August 2018. Mihails “Mike” Safro, a Latvian, founded it in December 2017. He is pictured on the left. At first, he was listed as a director and controlling person at UK Companies House. In order to launch Xpate Ltd., another EMI governed by FCA regulations, he left during the summer.
Currently, Swiss national Anselm Schmucki is in charge of PayTrees. Stanislavs Caikovskis, Evija Meimane, and Guntars Reidzans are the directors. According to connections on LinkedIn, the company had 21 employees in 2020, the majority of whom had their headquarters in Latvia.
21/12/2023 Update
As of now, PaysTree has not responded, nor has it apologized for its misdeeds. They have ignored our efforts to highlight the problems faced by their victims. Furthermore, they have only focused on propagating their fake PR.
The company (Firm Reference 900900) is governed by Financial Conduct Authority regulations and was incorporated in England and Wales.It offers business-to-consumer (B2C) and business-to-business (B2B) e-money services and passports to all EU and EEA nations.
The organization’s business strategy is based on traditional banking services that are improved by IT solutions to enable quicker payments than traditional banks.
Key Data
| Hub operator | PaysTree |
| Business activity | e-Money Institution and Merchant Service Provider |
| Domain | https://paystree.com |
| Legal entity | PaysTree Ltd (UK) |
| Authorization | FCA-regulated e-Money Institution with reference no 900900 |
| Jurisdiction | United Kingdom |
| Related entities | payinter ltd d/b/a payinter (agent for PaysTree)Everyfin Ltd d/b/a everyfin (agent for PaysTree)Hawex Group Ltd d/b/a Hawex (agent for PaysTree)Paypugs Limited d/b/a PayPugs (agent for PaysTree)Sebes Technology Ltd, Cyprus, d/b/a SEBES TechnologyTiaplata Fintech Ltd, Canada, d/b/a TIAPLATAXpate Ltd d/b/a xpate regulated by FCA as EMI |
| Related individuals | Mihails Safro, LatviaAnna Zotova, Latvia Stanislavs Caikovskis, LatviaEvija Meimane, LatviaGuntars Reidzans, LatviaOksana Zelepene, LatviaKirill Baldakov, RussiaGerman(s) Juferova, LatviaRoman(s) Jakovenko, LatviaStanislav(s) Jakovenko, LatviaEugene Malahov, LatviaAleksandrs Zelinskis, LatviaMohammad Awada, UKMichael Charles Borrelli, UKAnselm Schmucki, SwissAlisa Saltykova, UK |
What services does PaysTree provide?
According to their website, their four primary services are as follows:
- -Help with registering a foreign company
- -Creating an account on a foreign payment system or bank
- International companies are helped with accounting and auditing.
- -Guidance on international law, taxes, CFCs, and other issues
How to Sign Up for PaysTree?
There are two steps involved in opening an account:
- -The first stage and
- -The final stage of account creation.
The first step is to collect and arrange all the documentation required to open an account. You are completely in control of the preliminary stage’s terms.
An electronic money institution is what?
An organization that has been granted permission to issue electronic money in conformity with the European Communities (Electronic Money) Regulations 2011, as amended (EMR), is referred to as an “e-money institution.”
In ten to fifteen working days, the account is opened following the submission of all required documentation to the payment system.
It complies with the KYC policy and maintains the right to request additional documentation, which may result in an extension of the account opening period and the unjustified rejection of the account.
What Does It Cost To Open An Account With Them?
A 650€ account can be opened here.
- – 10 EUR for citizens of the UK, the EU, and the EEA (a client verification fee of 50 EUR may be charged);
- – fifty euros for foreign visitors;
- – 250 EUR for legal practices having offices in the EU/EEA and the UK;
- – 1500 EUR for legitimate companies registered overseas.
PaysTree Reviews
“The worst company ever for payments! Con artists and extortionists“
Sider Tecno wrote-
You are never informed or told that registering a payment system costs 500 euros when using the service’s user interface. He may have said he didn’t need their awful service, but they still won’t respond to specific questions before telling you that you have to pay. When they eventually opened an account, he found that the 500 euros that were in it was negative, haha! These men are con artists and extortionists. Horrible encounter! The wretchedest payment processor ever
Conclusion
May 2022 saw the publication of the first report on the network of businesses and individuals that make up the FCA-regulated e-money institution PaysTree. Those from Latvia oversee the network. The Hawex Group is one of their FCA-registered agents. Anselm Oskar Schmucki, a Swiss national, is the owner of House PaysTree.
However, by making exaggerated claims about their users and customers, the company deceived customers. Furthermore, the company does not provide relevant data about its customers, and there are no relevant positive reviews to support PaysTree’s legitimacy.
