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Summary of the FTC settlement
In 2020, Qualpay settled charges with the FTC related to its relationship with the fraudulent business scheme MOBE, which marketed worthless “get-rich-quick” coaching programs.
According to the FTC’s complaint:
Ignoring red flags: Qualpay allegedly processed millions in fraudulent payments for MOBE, ignoring numerous warning signs, including MOBE’s history of high chargeback rates, negative online reviews, and an “F” rating from the Better Business Bureau (BBB).
Violating internal policies: The FTC accused Qualpay of violating its own internal “know your customer” policies by failing to properly screen and monitor MOBE’s accounts.
Monetary judgment and prohibition: Qualpay was issued a monetary judgment of over $46 million, which was suspended due to its inability to pay. As part of the settlement, the company was banned from processing payments for high-risk clients like business coaching schemes.
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Qualpay Company Overview
Qualpay is a cloud-based payment platform that combines merchant accounts, gateway services, and processing into one system. It supports merchants, software vendors, and developers in handling payments across online, point-of-sale, and recurring channels. The platform provides invoicing, text-to-pay, ACH, e-checks, and multi-currency tools, along with centralized reporting and reconciliation features to simplify financial management. Founded in 2014 and based in San Mateo, California, Qualpay was acquired in 2022 through a majority stake investment by Synovus Bank, giving Synovus strategic oversight of its payment technology operations.
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