Connecting to Failsafe Payments
Our company offers you services for connecting to Failsafe Payments, a Latvian-Cypriot system and one of the leaders in the electronic payments market.
By connecting to Failsafe Payments with our company, you will avoid unnecessary checks, financial expenses and receive:
• Minimum rolling reserve amount
• Minimum transaction fees
• Minimum penalties for chargebacks
• Minimum due diligence period for your company
• Fastest possible contract conclusion
• Minimum system integration time
• Possibility of connecting a Direct Merchant Account
Failsafe Payments, like all payment systems or banks, practices strict checks on all clients. Any mistake in the negotiation process can lead to a significant increase in financial costs. Our company will help you avoid these mistakes through:
• Analysis of your company’s compliance with all processing requirements
• Preparation of the entire package of documents, including drafting a financial model and business plan in English and in accordance with UK standards
• Assessment and advice on the compliance of your website with processing requirements
• Carrying out the procedure for registering a legal entity in Europe to work with processing
• Step-by-step management of the negotiation process from the moment of application to the conclusion of the contract
Failsafe operates in two directions simultaneously (Europe and the CIS) and, accordingly, has two offices located in Cyprus and Latvia. The former is considered more prestigious, which narrows the range of services provided, increases requirements, and complicates the client connection procedure.
Services provided by Failsafe Payments
Failsafe offers to open a Direct Merchant Account or a Sponsored Merchant Account.
Direct Merchant Account includes free CertoDirect services, PCI DSS security, a certified payment gateway, and other useful features. More details about the Direct Merchant Account and its benefits can be obtained from our specialists.
Sponsored Merchant Account is based on the CertoPay service and is a less prestigious and convenient option, as can be seen from the comparative table of services and tariffs.
| Service | Direct Merchant Account | CertoPay |
| Discount Rate | from 1.9% | from 3.95% |
| Transaction Fee | 0.20 | 0.25 |
Direct Merchant Account, as a more prestigious option, is only available to companies registered in Europe (a list of countries is available from our consultants).
Detailed list of Failsafe services:
• CertoDirect service, which includes opening an online merchant account and connecting a payment gateway
• CertoPay – a service for accepting card payments (Visa, Visa Electron, MasterCard, Maestro) and alternative electronic payments (Webmoney)
• CertoConnect – a service that involves software integration with the client’s website via API
• ACH/eChecks system (acceptance of electronic checks, especially popular in the USA)
• 3-D Secure services – payment security verification technology using an additional password. Includes MasterCard SecureCode, Verified by VISA (VbV) and JCB J/Secure
• Availability of ready-made payment modules developed for popular online store systems (Magento, VirtueMart, osCommerce, WordPress, etc.)
• Own fraud prevention system (chargeback fraud)
• Interaction with popular payment systems: Webmoney, PayPal, Google Wallet, Amazon, Scrill, Ucash, TrustPay, Paysafe, AliPay, SafetyPay, Sofort, Poli, UseMyServise, Przelewy24
Failsafe Payments Key Requirements
The level of requirements for opening a Direct Merchant Account varies significantly depending on whether the account is based in Cyprus or Latvia. Opening an account in the more prestigious Cypriot direction is a difficult and practically impossible procedure without the help of specialists for offshore companies.
Documentation requirements:
1. Legal name
2. Company website, official email and phone number
3. Date and country of company registration
4. Geography of business operations
5. Bank where the corporate account is opened
6. Personal data of the contact person (country of residence, email and phone number, position held)
7. Detailed description of the product or service
8. Website address to which processing will be connected
9. Average transaction amount and estimated monthly turnover
For companies just starting their activity:
1. Business plan in English
2. Financial model in UK accounting terms
3. Due diligence on the owners of the company
4. Bank statements of the company and its owners
5. Other evidence of the company’s reliability and seriousness of intentions
6. Any other documents at the discretion of the processing centre
In addition, each client is required to “freeze” a certain amount (the amount of which is set by the processing centre itself) in their account, as a guarantee in case of problems with payments – this is a “rolling reserve”.
Website requirements:
1. Website in English, or has an English version2. Privacy Policy
3. VISA and MasterCard logos
4. Processing center logo
5. High-quality software implementation of the site, code “validity”, its compliance with standards
6. Clear indication of contacts, phone number, company details
7. Absence of high-risk products and services (pharmaceuticals, pornography, online casinos, etc.)
Advantages and Disadvantages of Failsafe Payments
The advantages of the service include:
• Wide coverage of card payment systems• Working with Webmoney
• Making payments using the 3-D Secure protocol
• Most of the support staff (Latvians) speak Russian
Among the disadvantages of Failsafe Payments:
• Refusal of the Cypriot branch to work with high-risk services and goods (online casinos, pharmaceuticals, dating services)• Failsafe Payments only offers services to European companies
By connecting to the Failsafe Payments payment system with our help, you will be able to minimize the material and time costs for this procedure. Our company will also carry out the registration of a legal entity in Europe for you, which is necessary to connect to Failsafe Payments processing. Contact us.