Wirecard alternative options

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

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. pharmacygaming 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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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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