FailSafe Payments

Connecting to Failsafe Payments

Our company offers you the services of connecting to one of the leaders in the electronic payments market – the Latvian-Cypriot system Failsafe Payments.

By connecting to Failsafe Payments with our company, you will avoid unnecessary checks, financial costs and receive:

• Minimum security deposit amount
• Minimum transaction fees
• Minimum Charge-back penalties
• Minimum due diligence period for your company
• Maximum acceleration of the 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 serious increase in financial costs. Our company will help you avoid these mistakes with the help of:

• Analysis of your company’s compliance with all processing requirements
• Preparation of a full package of documents, including the preparation of a financial model and business plan in English and according to British 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 branches located in Cyprus and Latvia. The first is considered more prestigious, which narrows the range of services provided, increases requirements and complicates the procedure for connecting clients.

Services provided by Failsafe Payments

Failsafe offers to open either a Direct Merchant Account or a Sponsored Merchant Account.

Direct Merchant Account includes free CertoDirect services, PCI DSS compliant security, a certified payment gateway, and other useful features. More information 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, which can also be seen from the comparative table of services and tariffs.

Direct Merchant Account, as a more prestigious one, is available only to companies registered in Europe (you can find the list of countries from our consultants).

Detailed list of Failsafe services:

• CertoDirect service, which includes opening an Internet 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 – a technology for checking payment security 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.)
• Having its own Fraud prevention system (fraud with chargebacks)
• 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 a more prestigious Cypriot direction is a difficult and almost impossible procedure for offshore companies without the help of specialists.

Documentation Requirements:

1. Legal name
2. Company website, official E-mail and phone number
3. Date and country of company registration
4. Geography of business
5. Bank where the corporate account is opened
6. Personal data of the contact person (country of residence, E-mail and telephone 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 approximate monthly turnover

For companies just starting their activity:

1. Business plan in English
2. Financial model in British accounting terms
3. Company owners’ file
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

In addition, each client is required to “freeze” a certain amount (the size of which is set by the processing itself) on their account as a guarantee in case the processing has problems with payments – this is a “security deposit”.

Requirements for the company’s website:

1. Website in English or has an English version
2. Privacy Policy Agreement
3. VISA and MasterCard logos
4. Processing center logo
5. High-quality software implementation of the site, “validity” of the code, its compliance with standards
6. Clear indication of contacts, telephone, corporate data
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 support staff (Latvians) speak Russian

Among the disadvantages of Failsafe Payments:

• Refusal of the Cypriot division to work with high-risk services and goods (online casinos, pharmaceuticals, dating services)
• Failsafe Payments offers services only 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 register a legal entity in Europe for you, which is necessary to connect to Failsafe Payments processing. Contact us.