GSPAY review: an offshore processor with a 6-month holdback

How GSPAY holds and pays out your money

GSPAY keeps 5% to 10% of turnover for 180 days according to its rate card and FAQ, and a flat 10% for six months according to its terms and merchant manual. Held funds are released the month after the six months end.

Payouts go out weekly by wire, 7 to 14 days in arrears depending on the bank, and the first one comes two weeks after your first successful sale. Nothing is sent until the balance reaches $2,000, and each wire costs $40. GSPAY can also freeze the unpaid balance for two months if chargebacks rise by 2.5% over the previous month or if the site stops selling.

What GSPAY charges an adult site

The sales rate card lists adult, dating and file sharing from 4%, against 2.8% for mainstream e-commerce, with no application or setup fees. On top come $0.20 to $1.00 per transaction, $0.50 to $1.00 per refund and $35 to $50 per chargeback.

The terms of service use a volume-based table instead. High risk pays 6% between $10,000 and $20,000 a month, then 5% up to $50,000, and only reaches the advertised rate between $50,000 and $100,000. The high-risk page goes further and quotes “Rates in the 7%'s” for offshore accounts under $20,000 a month.

What GSPAY expects from merchants

The terms set a minimum of $10,000 a month, or 100 successful transactions, and cap chargebacks at 2% of volume. Every chargeback above that line carries a $100 penalty on top of the normal fee. The minimum term is 12 months and renews automatically unless you give written notice 30 days before it ends.

Any fine the acquiring bank, Visa or Mastercard imposes because of sexual content falls on the merchant. A further $35,000 penalty applies if GSPAY itself is penalized by Visa, Mastercard or the bank.

Cards, crypto and billing tools

GSPAY takes Visa and Mastercard, plus Bitcoin and Ethereum credited in US dollars or euros. Each charge must fall between $4.95 and $599.95. The hosted order page or XML API handle 3-D Secure, recurring billing and free trials, and a declined card can be cascaded to another bank’s gateway.

High-volume merchants can get their own billing descriptor for an unpriced setup fee. New businesses and merchants on the MATCH list go through a shared third-party account. The control panel can also pay affiliates per sale or by percentage, although the manual says the program was dropped for lack of demand.

Who runs GSPAY

GSPAY Limited lists an address on Bloomsbury Street in London, but no company number, no payment license and no acquiring bank. The manual dates its business back to 2000, while the high-risk page claims 6 years of experience.

Applying is free, with a reply promised within 24 business hours. Approval and setup of an offshore account are advertised at 4 to 5 business days.

Strengths and limitations of GSPAY