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 running for Pinnacle in Ontario, and pricing on request beyond an IC++ offer.
Our read
- 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.
- FY2025 revenue of $183.9m, a $3.03m net profit, and $29.1m of cash.
- Acquiring is priced IC++.
- A service model built for the vertical: dedicated Account Manager, dedicated Risk Analyst, and 24/7 technical support.
- One public gambling client, Pinnacle, with every other operator relationship under NDA.
- 50+ payment methods, settlement in 25+ currencies, and no crypto in the stack.
- Past the IC++ headline, rates, settlement timing, and reserve terms come out of per-merchant underwriting.
- Outside the UK and 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 dedicated Risk Analyst, with the same setup running for Pinnacle in Ontario.
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
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 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
- 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 December 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) · Singapore application withdrawn
Licensing tier: two EMI licenses (UK FCA, Bank of Lithuania), with the caveat that the EU one sits at an associated company rather than a subsidiary, and the US limited to ISO registrations.
emerchantpay processes for Pinnacle under risk protocols aligned with Ontario requirements, without holding a Canadian authorization of its own.
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 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. Smaller merchants typically arrive through ISO and ISV partners, while direct sales teams in London, Amsterdam, and Munich handle medium-to-large merchants.
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.
Genesis
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, including Pix, BLIK, and Bancontact
- 150+ processing currencies, at a 99.99% platform uptime
- 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
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.
- Visa Europe and Mastercard principal membership since 2012, acquiring division launched 2014
- $6.91bn acquiring volume in FY2025, up 16.3%
- IC++ pricing available
- 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 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, running for 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
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
Founded in 2002 by CEO Jonas Reynisson, who still controls the group alongside CFO Stephen Dickson. 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. Brexit pushed EU merchants to associated Lithuanian EMI UAB Phoenix Payments, and operating profit slid from $16.6m in FY2021 to near breakeven. The group was back in profit in FY2025.
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).
- 2024
FitBank alliance brings Pix and Boleto in Brazil (March). Two new holding companies are created in June during a group restructuring.
- 2026
FY2025 results: 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
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| 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 | — | — |
| 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 | Set in the merchant contract | Flexible, merchant-selected settlement terms | — | Daily, weekly, or monthly cycles, merchant's choice |
| Instant payouts | — | Yes | Yes | Yes |
Settlement & commercials
emerchantpay prices per deal, so exact figures land in the contract rather than on a public rate card.
IC++ acquiring pricing is available.
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 not covered by FSCS.
The deal
Money movement
Onboarding path
- 1Contact sales with volumes and target markets
- 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, 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.