emerchantpay Review
6.7/10A founder-run UK PSP and in-house card acquirer: FCA EMI 900778, Visa and Mastercard principal member since 2012, $11.28bn processed in FY2025 with operations run from Sofia, card payouts proven with Pinnacle in Ontario, and pricing on request beyond an IC++ offer.
Our read
50+ methods and 150+ processing currencies with named local rails (Pix, BLIK, Bancontact) is a working mid-size catalog, thin against the hundreds-strong books of the segment's large acquirers, and there is no crypto at all.
FCA EMI 900778 plus the Lithuanian EMI at associated UAB Phoenix Payments, marked down because the EU license sits at an associated company rather than a documented subsidiary.
Public docs at docs.emerchantpay.com, hosted payment pages, and wide plugin coverage, with no casino-platform connectors documented anywhere and sandbox terms unstated.
Card withdrawals via Visa OCT are proven in Ontario production, while no T+n schedule is published anywhere and settlement runs in 25+ currencies.
Twenty-four years and fully audited group accounts, set against a 2022-2024 profit slump that bottomed near breakeven and a public gambling client list of exactly one.
IC++ is offered openly, which is rare in this segment, but rates, reserves, minimums, and settlement terms are otherwise entirely on request.
Methodology. Our own score, a weighted average of six dimensions, tilted toward licensing and settlement. The PSP-acquirer weighting drives this one: compliance carries .24 and settlement .20, so the two-EMI license stack and the Ontario payout proof do most of the lifting, while coverage (.18) pays for the 50-method catalog and commercials (.10) for the silence past IC++, netting out at 6.7. Read the full methodology
- Real in-house acquiring: Visa Europe and Mastercard principal member since 2012, with $6.91bn of FY2025 acquiring volume under the E-Comprocessing brand.
- Licensing in two jurisdictions: FCA EMI 900778 in the UK plus a Bank of Lithuania EMI (LB000477) covering the EEA, backed by ISO 27001:2022, ISO 9001, and PCI DSS Level 1.
- Regulated-market gambling delivery: card deposits and withdrawals with Visa OCT for Pinnacle in Ontario, including deposit-limit risk protocols built to local rules.
- Rare financial transparency for a private PSP: full audited group accounts, with FY2025 showing $183.9m revenue, a $3.03m net profit, and cash up to $29.1m.
- IC++ acquiring pricing offered openly, which almost no high-risk PSP puts in writing.
- A service model built for the vertical: dedicated Account Manager, dedicated Risk Analyst, and 24/7 technical support.
- One named gambling client in the company's entire history. Everything beyond Pinnacle is under NDA, a short public roster for a self-described gaming specialist.
- Modest breadth: 50+ payment methods, settlement in 25+ currencies, and no crypto anywhere in the stack.
- Commercials are opaque past the IC++ headline: no published rates, no T+n settlement schedule, and no reserve terms.
- Weak posture outside the UK/EU core: a sponsor-bank ISO in the US with no state gaming approvals, and Brazil development paused with Pix and Boleto running on partner FitBank rails.
UK or EU-licensed mid-size operators that want gateway, in-house card acquiring, and card withdrawals via Visa OCT on one contract, serviced by a named Risk Analyst, with Pinnacle's Ontario setup as the working reference.
US-focused operators, since emerchantpay is an ISO there with no gaming approvals, and anyone who needs 300+ method breadth, crypto rails, LatAm-first coverage, or pricing they can read before the first sales call.
Markets & licensing
The entity map matters more than the logo. UK merchants contract emerchantpay Ltd, an FCA-authorized EMI (FRN 900778) that is also a Visa and Mastercard principal member acquiring under the E-Comprocessing brand. EU merchants sit with UAB Phoenix Payments, a Bank of Lithuania EMI (LB000477) and an associated company rather than a subsidiary. In the US, emerchantpay Corp. is an ISO riding Elavon and Westamerica Bank. Main operations run from Sofia, Bulgaria.
In the US emerchantpay is a registered ISO of Elavon, Inc. (Georgia) and Westamerica Bank (Santa Rosa, CA), so the acquirer of record is always one of those sponsors. There are no money-transmitter licenses and no state gaming-vendor approvals, and US growth runs through the ISO channel. US iGaming payments are not on the menu here.
The UK is where the stack is strongest: FCA EMI authorization 900778 (Payments Institution permission since 2011, EMI since 2017), principal membership of Visa Europe and Mastercard since 2012, and in-house acquiring focused on UK and European merchants. Client funds are safeguarded in segregated accounts at authorized credit institutions, and FSCS protection does not apply to EMI balances.
- UK FCA EMIUnited Kingdom
- Authorised Electronic Money Institution: e-money issuance and payment services, with in-house card acquiring as a scheme principal member · eMerchantPay Limited · FRN 900778 · Authorised EMI effective 2018-05-25
- Bank of Lithuania EMIEU (Lithuania)
- EMI covering EEA merchants, transferred there after Brexit · UAB Phoenix Payments · LB000477 · an associated company · €12m support from emerchantpay in Dec 2021
- US ISO registrationsUSA
- Registered Partner/ISO of Elavon, Inc. and of Westamerica Bank, which remain the acquirers of record · emerchantpay Corp. · no MTLs and no state gaming-vendor approvals
- Applications in progressAPAC
- Hong Kong (in regulatory review), Australia AFSL (commenced), Japan (planning), India aggregator license (targeted Q1 2026) · As of Apr 2026 · Singapore application withdrawn
Licensing tier: Two real EMI licenses and 14 years of scheme principal membership put this well above the gateway-only norm, and one notch below groups that hold every license in their own name, since the EU authorization lives at an associated company.
Ontario is client-side proof: emerchantpay processes for Pinnacle under risk protocols aligned with Ontario requirements, without holding a Canadian authorization of its own.
Brazil is more half-step than restriction: Pix and Boleto run on partner FitBank rails, with development there paused temporarily.
Methods & rails
What you can reach
A2A rails
Card schemes
Flagship local methods
Payout rails
Processing features
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
One relationship covers gateway and acquiring: merchants integrate the Genesis gateway through REST APIs, hosted or one-click payment pages, or supported e-commerce plugins, documented publicly at docs.emerchantpay.com. Cards route to emerchantpay's own acquiring in the UK and Europe, to Elavon or Westamerica sponsorship in the US, and to partner banks elsewhere, with 150+ processing currencies, network tokenization, and fraud prevention in the gateway. Gaming merchants get a dedicated Account Manager and a dedicated Risk Analyst working acceptance and risk protocols, and payouts run over Visa OCT where enabled. SMBs typically arrive through ISO and ISV partners, while direct sales teams in London, Amsterdam, and Munich handle medium-to-large merchants.
Not published. The docs cover API and plugin paths without a stated timeline, and onboarding runs through EMI-grade merchant underwriting.
Products & tools
Three profit centers share one gateway: the emerchantpay PSP business, in-house card acquiring under the E-Comprocessing brand, and the eZeeWallet consumer wallet, with IBANs and card issuing slated for early 2026.
Payment Gateway & PSP
The PSP profit center: the Genesis gateway with 50+ global and local payment methods, 150+ processing currencies, hosted payment pages, e-commerce plugins, and fraud prevention with network tokenization, processing $4.35bn in FY2025.
- 50+ global and local payment methods (Jul 2026), including Pix, BLIK, and Bancontact
- 150+ processing currencies, at a 99.99% platform uptime (Jul 2026)
- Hosted and one-click payment pages plus shopping-cart plugins documented at docs.emerchantpay.com
- Card schemes: Visa, Mastercard, American Express, Discover, UnionPay, plus Apple Pay, Google Pay, and PayPal
- Open Banking bank transfer and SEPA Direct Debit in Europe
- Fraud prevention with network tokenization and strong customer authentication
E-Comprocessing Card Acquiring
The in-house acquiring arm: a Visa Europe and Mastercard principal member since 2012, focused on UK and European merchants under the E-Comprocessing brand, with $6.91bn in FY2025 volume and IC++ pricing offered openly.
- Visa Europe and Mastercard principal membership since 2012, acquiring division launched 2014
- $6.91bn acquiring volume in FY2025, up 16.3% (audited group accounts)
- IC++ pricing available, stated openly (Jul 2026)
- Settlement in 25+ currencies
- US coverage as a registered ISO of Elavon and Westamerica Bank rather than as acquirer of record
- POS card-present acquiring since 2019
Gaming & High-Risk Payments
The gambling-facing service model: dedicated Account Manager plus a dedicated Risk Analyst, card deposits and withdrawals via Visa OCT, and deposit-limit risk protocols built for Ontario, proven in production with Pinnacle since October 2022.
- Pinnacle partnership in Ontario's regulated market: launched October 2022, extended November 2023
- Card deposits and withdrawals for Ontario players, with Visa Original Credit Transactions enabled
- Risk protocols including player deposit limits aligned with Ontario requirements
- Dedicated Risk Analyst working acceptance rates alongside the account manager
- Settlement in GBP, EUR, and more
- 24/7 technical support with a phone help desk
eZeeWallet
The eWallet profit center: a consumer wallet brand whose e-money volume halved to $19.0m in FY2025, the smallest of the group's three profit centers.
- Own consumer wallet at ezeewallet.com, one of the group's three profit centers
- E-money volume $19.0m in FY2025, down 49.2% year over year (audited accounts)
The history
Sales decks get rewritten for every deal. A dated record doesn't.
Founded in 2002 by CEO Jonas Reynisson, who still controls the group with CFO Stephen Dickson as the other person of significant control. The regulated UK company dates to June 2004 (as Interconsult Europe Limited until 2008), took FCA Payments Institution permission in 2011 and EMI authorization in 2017, and became a Visa Europe and Mastercard principal member in 2012, launching the acquiring division in 2014. Main operations run from Sofia, Bulgaria, with commercial teams in London, Amsterdam, Munich, Bangalore, São Paulo, and Boca Raton. The 2020s brought a stress test: Brexit pushed EU merchants to associated Lithuanian EMI UAB Phoenix Payments and operating profit slid from $16.6m in FY2021 to near breakeven, before FY2025 closed the recovery with $183.9m revenue and the group's first quarter averaging over $1bn a month.
Brands & clients on the platform
Corporate
Leadership
Milestones
- 2002
Founded by Jonas Reynisson. The UK company that now holds the FCA license incorporates in June 2004 as Interconsult Europe Limited.
- 2012
Becomes a principal member of Visa Europe and Mastercard Worldwide. FCA Payments Institution permission had arrived in 2011, and the acquiring division follows in 2014.
- 2017
FCA Electronic Money Institution authorization (FRN 900778). Post-Brexit, EU merchants later transfer to associated Lithuanian EMI UAB Phoenix Payments (LB000477), supported with €12m in December 2021.
- 2022
Begins processing for Pinnacle's launch in Ontario's regulated market (October), covering card deposits and withdrawals with Visa OCT.
- 2023
The Pinnacle partnership is extended (November 14), and the FY2022 group accounts are filed in December.
- 2024
FitBank alliance brings Pix and Boleto in Brazil (March). Two new holding companies are created in June during a group restructuring.
- 2026
FY2025 accounts filed April 22: revenue $183.9m, net profit $3.03m, $11.28bn processed, and a first-ever quarter above $1bn a month. Two FinTech Awards category wins announced in April.
Where they're pushing next
- USA (volume growth through the ISO channel)
- Hong Kong (license application in regulatory review)
- Australia (AFSL application commenced)
- India (aggregator license submission targeted Q1 2026)
- Japan (final planning)
- Mexico (still planned while Brazil is paused)
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
emerchantpay vs alternatives
No two vendors describe themselves the same way, which makes their own claims hard to line up. Every name here answers the same fields, so you can see where this one sits against the closest alternatives.
| Attribute | emerchantpay | Trust Payments | Nuvei | PXP |
|---|---|---|---|---|
| Founded | 2002 | 1997 | 2003 | 2005 |
| Team | 384+ | 412+ | 2,202+ | 200+ |
| US market | Restricted | Restricted | Available | Available |
| Pricing | On request | On request | Not published | Not published |
| Methods | 50+ | 27+ | 700+ | 200+ |
| Currencies | 150+ | 100+ | 150+ | 11+ |
| Coins | 0+ | 0+ | 40+ | 0+ |
| EMI / PI licenses | UK, Lithuania | UK, Malta | Cyprus, UK, Netherlands +3 | UK |
| Settlement | On request: no T+n schedule is published anywhere on the site | Flexible, merchant-selected settlement terms with no public T+n | Not published | Daily, weekly, or monthly cycles, merchant's choice |
| Instant payouts | — | Yes | Yes | Yes |
The take: Trust Payments is the nearest UK peer, another FCA-regulated acquirer courting iGaming, while Nuvei represents the scale alternative with hundreds of methods, US state approvals, and the enterprise price tag that follows. PXP is the other boutique acquirer hunting the same mid-market operators. Pick emerchantpay when in-house UK/EU acquiring, OCT payouts, and a named Risk Analyst outweigh method breadth, and accept a shorter public client roster.
Settlement & commercials
emerchantpay prices per deal, so exact figures land in the contract rather than on a public rate card.
IC++ acquiring pricing is offered openly, which is rare among high-risk acquirers, with actual rates, setup fees, and reserves negotiated per merchant.
Pricing is on request, and the one public anchor is that IC++ is available for acquiring, which gives a buyer the right structure to negotiate from. No settlement schedule, reserve terms, setup fees, or minimums are published. For EMI balances, client funds are safeguarded in segregated pooled accounts at authorized credit institutions, paid out from the safeguarded pool in an insolvency, and explicitly not covered by FSCS.
The deal
Money movement
Onboarding path
- 1Contact sales with volumes and target markets, since everything past the openly offered IC++ is quoted per merchant
- 2Clear merchant KYB and underwriting with the FCA-regulated EMI, where gambling files route through the risk team
- 3Confirm the contracting entity per market: emerchantpay Ltd for the UK, UAB Phoenix Payments for EEA merchants, and sponsor-bank paperwork in the US
- 4Integrate the Genesis gateway by REST API, hosted payment pages, or a supported plugin against docs.emerchantpay.com
- 5Configure methods, currencies, and Visa OCT payouts with your Account Manager and dedicated Risk Analyst
- 6Negotiate settlement currency, schedule, and any reserve into the contract, because no T+n terms are published, then go live
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.
Frequently asked
The things operators actually ask before signing.
Is emerchantpay an actual acquirer, and who acquires in the US?+
In the UK and Europe, yes: emerchantpay has been a principal member of Visa Europe and Mastercard Worldwide since 2012, runs its own acquiring division (launched 2014) under the E-Comprocessing brand, and handled $6.91bn of acquiring volume in FY2025. In the US the answer changes: emerchantpay Corp. is a registered ISO of Elavon, Inc. and of Westamerica Bank, so one of those sponsor banks is always the acquirer of record. Everywhere else it works through a network of banking partners. For a gambling merchant the practical reading is that the in-house acquiring pitch applies to the UK and Europe, and US iGaming is out of scope since there are no state gaming-vendor approvals at all.
Which gambling operators does emerchantpay actually work with?+
One is public: Pinnacle. emerchantpay supported Pinnacle's launch in Ontario's regulated market from October 2022, processing card deposits and withdrawals with Visa OCT enabled, working acceptance with local issuers, and running risk protocols including deposit limits per Ontario's rules. The partnership hit a one-year milestone and extension on November 14, 2023, and runs globally past Ontario. No other gambling client is named anywhere, so any further references will have to come from the company under NDA.
What licenses does emerchantpay hold?+
emerchantpay Ltd is an FCA-authorized Electronic Money Institution in the UK, register number 900778, with Payments Institution permission dating to 2011 and EMI status to 2017. EU coverage runs through UAB Phoenix Payments, an EMI supervised by the Bank of Lithuania under license LB000477. Phoenix Payments is an associated company rather than a subsidiary, though emerchantpay invested €12m in it in December 2021 and shares the E-Comprocessing brand with it. There are no US money-transmitter licenses, no state gaming-vendor approvals, and no crypto registrations, and applications are in progress for Hong Kong, Australia, Japan, and India.
What does emerchantpay cost?+
Pricing is on request, with one useful exception: IC++ pricing is available and said so openly, which few high-risk acquirers do and which gives you the right starting structure to negotiate. No rate card, setup fee, reserve terms, or settlement schedule is published. One structural point for EMI clients: safeguarded funds sit in segregated accounts at authorized credit institutions, and FSCS protection does not extend to those e-money balances.
Can players withdraw to cards through emerchantpay?+
Yes, and it is proven in production: Visa Original Credit Transactions are enabled in the Pinnacle setup, so Ontario players both deposit and withdraw by card. Settlement to the merchant runs in 25+ currencies (Jul 2026), with the exact currency list and the unpublished T+n schedule both worth pinning down in the contract.