Wirecard alternative options

What happened to Wirecard?

Wirecard, the high-risk payment processor filed for insolvency in the summer of 2020. This was due to a huge amount of missing funds, leaving many merchants stranded and searching for alternative card payment options. Here our guide will help Wirecard merchants find new payment processors and gateways following the downfall of the tech giant.

Wirecard alternatives

In terms of payment processing Wirecard were known for having a healthy risk appetite, its portfolio included merchants operating in adult industries, gaming and travel to name but a few. Finding alternatives in these sectors can be tricky, however with solid processing history it’s not impossible. Here’s our tip for terminated Wirecard merchants.

How to get accepted by an alternative payment provider

Every merchant account and payment gateway provider have their own set of criteria when it comes to which businesses they will and won’t onboard. Therefore, it’s really important to do your research before sending applications out left right and centre. If you are unsure as to whether or not your application will be accepted or you’ve been declined elsewhere, we suggest using a non-biased Merchant Services Broker to help point you in the right direction.


When applying for a new account following processing with Wirecard it’s vital to provide as much information as possible for the underwriting team to review. Expect to be asked for the following;


  • Transaction statements
  • Chargeback rates
  • Terms and Conditions
  • Proof wholesale purchase where required
  • Licenses where applicable – i.e. pharmacy, gaming etc.


Having the above documents to accompany applications will increase the chances of being accepted first time around.


Costs of processing with alternative merchant accounts

Despite being terminated elsewhere the costs of processing with alternatives to Wirecard won’t differ hugely. When accepting payments, we suggest comparing accounts on a pound for pound basis rather than on the headline rates alone, ensuring you get the best merchant account costs for your requirements.

High-risk accounts and rolling reserve

When processing payments with a high-risk providers merchants are often asked for a rolling reserve. This is funds held on account for a delayed period of time, acting as a safety net in the event of chargebacks or industry uncertainties – such as the COVID pandemic impact on the travel industry.

Occasionally after processing with the new provider for a set period of time, the rolling reserve amount can be reduced.


Multi-merchant account alternatives

Understandably having experienced issues with Wirecard merchants become a little more wary when looking for secure alternatives. Some high-risk and high turnover businesses choose to have more than one merchant account provider to mitigate risk of termination in future. Multi-merchant accounts run through the same gateway meaning the customer journey remains the same no matter which account the transaction is processed through.

Merchant Advice Service – how we help

Merchant Advice Service is a non-biased, free of charge website designed to provide informative advice to business owners wishing to accept card payments. Alongside our network of Banks and Brokers we provide suitable processing for a wide range of requirements. Speak to us today to find out more.


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