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“We Never Got Paid”: Merchants Speak Out as PaymentWeb and GatewayPay Face Allegations of Withheld Funds

A growing number of online merchants have reported issues with payment processing, citing withheld funds by PaymentWeb Inc. of Alberta, Canada, and GatewayPay Ltd. of Bedford, England. These companies are under investigation following complaints to the…

EBy Emily CarterOct 16, 20252 min read

A growing number of online merchants have reported issues with payment processing, citing withheld funds by PaymentWeb Inc. of Alberta, Canada, and GatewayPay Ltd. of Bedford, England. These companies are under investigation following complaints to the UK's Financial Conduct Authority (FCA) regarding alleged withholding or diversion of merchant settlements. These allegations also involve associated entities like Ceryneian Capital.

The primary indication of trouble for many merchants was the cessation of payments. Initially, these delays were attributed to technical or compliance checks. However, as time passed without payments being received, merchants realized they were facing significant issues with the payment processors.

PaymentWeb Inc. (Registration: Alberta, Corporate Number 2026567210) and GatewayPay Ltd. (Registration: England, Company Number 15002221) are central to these concerns. PaymentWeb operates from Edmonton, Alberta, while GatewayPay is based in Bedford, England. Both companies allegedly share leadership linked to other fintech ventures such as Ceryneian Capital.

Recruitment of high-risk merchants: Targeting sectors often avoided by traditional processors. Smooth onboarding: Offering easy account setup and competitive fees. Initial reliability: Correct settlement processing initially to build trust. Sudden withholding: Abrupt payment delays after processing large volumes of transactions. Lack of communication: Customer support became unresponsive, and company resources, like dashboards, went offline.

The FCA has received detailed complaints, including missing settlements and communication records with the companies. While the FCA has not commented publicly, the case may involve unauthorized payment services and misuse of financial licensing. Canadian authorities may also be involved due to PaymentWeb's incorporation under Alberta jurisdiction.

A growing number of online merchants have reported issues with payment processing, citing withheld funds by PaymentWeb Inc.
Emily Carter · Thehackingpost

The withholding of settlements has caused financial strain on small businesses, leading to cash-flow issues and even bankruptcy in some cases. Affected merchants have faced numerous chargebacks and operational disruptions.

There are indications of rebranding efforts to avoid regulatory scrutiny, with entities like Ceryneian Capital continuing operations under new branding while retaining similar infrastructure.

This situation underscores vulnerabilities in the fintech sector, particularly concerning unregulated cross-border payment processors. These entities often operate in legal gray areas, complicating legal recourse for affected merchants.

Merchant advocacy groups are urging for stronger regulatory oversight in the payment processing industry. Recommendations include creating a public database of authorized entities and improving cross-border collaboration among regulatory agencies.

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As of now, PaymentWeb Inc., GatewayPay Ltd., Ceryneian Capital, and associated individuals have not publicly responded to the allegations. Communication attempts with these companies have been unsuccessful.

Verify regulatory licenses through official databases. Request documentation on fund segregation and settlement policies. Avoid processors offering unusually quick onboarding or lax compliance.

This situation serves as a reminder of the importance of due diligence when selecting payment processing partners.

Based on reporting by TechBullion.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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