Paynetics Review 2026: Is This EU EMI Right for High-Risk Merchants?

If you're a high-risk merchant searching for a compliant, EU-licensed 1ment provider that can handle card issuing, acquiring, and embedded finance under one roof, Paynetics has likely crossed your radar. But does this Bulgaria-headquartered electronic money institution (EMI) truly deliver for merchants operating in regulated or high-scrutiny verticals?
In this 2026 review, we break down Paynetics' payment processing infrastructure, licensing, fees, service scope, and how it stacks up against competitors, so you can make an informed decision before applying for a merchant account.

What Is Paynetics? A Quick Overview

Paynetics is an EU-licensed electronic money institution (EMI) headquartered in Sofia, Bulgaria. Licensed by the Bulgarian National Bank (license No. 44/11.04.2016), it passports its services across all EU member states. It also holds a separate FCA-issued EMI licence in the United Kingdom, making it one of the few payment providers operating under dual regulatory frameworks on both sides of the post-Brexit divide.
As of early 2026, Paynetics serves 60+ B2B partners and over 7,000 corporate clients, with a team of approximately 134 employees. It is a principal member of Visa, Mastercard, UnionPay International, SWIFT, and SEPA, giving it rare access to multiple payment rails within a single platform.
Key Facts at a Glance
Feature
Details
Headquarters
Sofia, Bulgaria
EU License
Bulgarian National Bank (EMI)
UK License
FCA EMI Licence
Card Networks
Visa, Mastercard, UnionPay International
Payment Rails
SEPA, SWIFT, SEPA Instant
Services
Card Issuing, Acquiring, IBANs, BaaS, Open Banking
Target Clients
PSPs, ISOs, Fintechs, B2B Merchants
Founded
2016

Core Services: What Paynetics Offers

Paynetics positions itself as a full-stack embedded finance infrastructure provider rather than a simple payment gateway. This distinction matters significantly for high-risk merchants and offshore merchants who often need more than just card acceptance.
Card Issuing & Acquiring
Paynetics is one of the very few EU-licensed payment providers offering both card issuing and card acquiring under its own licences. This means merchants can issue physical and virtual Visa/Mastercard cards while simultaneously accepting card payments, all without relying on a third-party acquirer.
- Physical and virtual cards (Visa and Mastercard)
- Mobile and eWallet card programmes
- POS terminals, online, and digital channels
- UnionPay card issuance within the EEA
This integrated setup reduces the chain of intermediaries, which translates to faster settlement timelines and fewer points of failure, a key concern for high-risk payment processing environments.
IBAN Accounts & SEPA Payments
Paynetics offers dedicated IBAN accounts accessible to both EU and UK businesses. Merchants benefit from:
- SEPA and SEPA Instant transfers across the eurozone
- UK Sort Codes for domestic GBP transactions
- Multi-currency settlement support
- Real-time payment processing across SEPA Instant rails
In 2026, with SEPA Instant coverage expanding aggressively across Europe, this is a meaningful advantage, particularly for cross-border merchants who need funds to move in seconds, not days.
Banking-as-a-Service (BaaS) & White-Label Solutions
For PSPs, ISOs, and fintech companies looking to embed payment services into their own platforms, Paynetics offers a white-label Banking-as-a-Service layer. This includes:
- Onboarding and KYC automation
- Compliance management
- Settlement and reconciliation
- Fraud monitoring tools
- API access with developer documentation and portals

Paynetics and High-Risk Merchants: What You Need to Know

Does Paynetics Accept High-Risk Merchant Accounts?
Paynetics operates primarily as a B2B and B2B2C infrastructure provider, meaning it predominantly works through PSP and ISO partners rather than onboarding high-risk merchants directly at scale. Merchants in sectors like iGaming, forex, adult, nutraceuticals, or crypto typically access Paynetics' infrastructure indirectly, via a PSP partner that uses Paynetics as its acquiring backbone.
That said, Paynetics has positioned itself as a natural choice for PSPs and ISOs that serve high-risk verticals, offering:
- Multi-acquirer redundancy for payment stability
- AI-assisted KYC and fraud detection
- Robust compliance infrastructure aligned with PSD2 and the incoming PSD3 framework
- Real-time transaction monitoring
For offshore merchants and those operating across multiple jurisdictions, the EU + UK dual licence structure provides considerable regulatory coverage.
Regulatory Positioning in 2026
2026 is a critical year for EU EMI regulation. The PSD3 framework, which merges EMI and Payment Institution licences under a unified Payment Institution structure, reached provisional political agreement in November 2025. Existing EMI licences like Paynetics' are subject to a 24-month grandfathering period, meaning the licence remains fully valid through the transition without re-application.
For merchants, this is reassuring: Paynetics operates under a future-proofed regulatory framework, not one at risk of obsolescence.

Pricing & Fees

Paynetics does not publish a standardised public pricing sheet, fees are negotiated based on the partner or merchant profile, processing volume, and product mix. However, based on industry benchmarks and partner data available in 2026:
- Card acquiring rates: Typically 1.5%–3.5% for high-risk verticals, depending on chargeback history and MCC
- SEPA transfers: Low-cost, often flat-fee per transaction
- IBAN account maintenance: Monthly fee varies by service tier
- Setup/onboarding fees: May apply depending on programme complexity
- Rolling reserves: Standard for high-risk merchant services, typically 5%–10% held for 90–180 days
Merchants are encouraged to request a tailored quote directly through Paynetics or an authorised PSP partner.

Pros and Cons of Paynetics for High-Risk Merchants

Pros
- Dual EU + UK EMI licences: rare regulatory coverage across two major markets
- Full-stack infrastructure: card issuing AND acquiring under one roof
- Principal member of Visa, Mastercard, UnionPay, SWIFT, SEPA: broad network access
- SEPA Instant support: for fast cross-border settlements
- AI-powered KYC and fraud monitoring: improving onboarding speed and risk management
- White-label BaaS: flexible for PSPs serving high-risk verticals
- PSD3-ready: future-proofed licensing under the new EU framework
- 60+ B2B partners: providing access to diverse high-risk vertical expertise
Cons
- Not a direct acquirer for most merchants: high-risk businesses often need to access services via a PSP partner
- No transparent public pricing: requires negotiation, which can slow onboarding
- Limited brand recognition: compared to Tier-1 providers like Adyen or Worldpay
- Smaller team (134 employees): customer support capacity may be limited at scale
- Rolling reserves standard: cash flow impact for high-risk accounts
- Not ideal for very small merchants: infrastructure complexity suits mid-market and enterprise clients better

Paynetics vs. Competitors: Quick Comparison

Provider
EU EMI Licence
High-Risk Support
Card Issuing + Acquiring
BaaS
PSD3 Ready
Paynetics
✅ (BG + UK)
Via PSP Partners
✅ Both
✅
✅
Nuvei
✅
✅ Direct
Acquiring Only
Partial
✅
Genome EMI
✅
Limited
Issuing Focus
✅
✅
Paymentwall
❌
✅ Direct
Limited
❌
N/A
Stripe
✅
Limited
Acquiring
✅
✅
 
Paynetics stands out primarily for its combined issuing and acquiring capability under its own licences, a setup that most EU EMIs don't offer natively.

Who Should Use Paynetics in 2026?

Paynetics is best suited for:
- PSPs and ISOs: building white-label payment products for high-risk merchants
- Fintech startups: needing a regulated BaaS backbone to launch card programmes across the EU/UK
- Mid-market to enterprise merchants: in regulated industries that access Paynetics via a partner network
- Businesses with cross-border EU/UK exposure: that need dual regulatory coverage
- Platforms and marketplaces: requiring embedded finance with IBAN, card, and SEPA Instant in a single integration
It is not the best fit for:
- Small merchants needing a plug-and-play payment gateway
- Businesses seeking direct high-risk merchant account onboarding without a PSP intermediary
- Merchants in jurisdictions outside the EU/UK seeking offshore payment solutions

Frequently Asked Questions

Is Paynetics regulated? Yes. Paynetics holds an EMI licence from the Bulgarian National Bank (EU) and a separate EMI licence from the UK's FCA.
Does Paynetics work with high-risk merchants? Primarily through PSP and ISO partners. Direct onboarding for high-risk accounts is limited.
What payment rails does Paynetics support? SEPA, SEPA Instant, SWIFT, and domestic UK payment rails via Sort Codes.
How does PSD3 affect Paynetics? Existing licences are grandfathered under PSD3 for 24 months, no disruption to current services.
What are typical fees for high-risk merchants via Paynetics? Acquiring rates typically range from 1.5% to 3.5% depending on vertical and risk profile. Rolling reserves of 5–10% are standard.

Final Verdict

Paynetics is a solid, EU-regulated embedded finance infrastructure provider that scores highly on licensing breadth, network access, and technical capability. For PSPs, ISOs, and fintechs building payment solutions for high-risk verticals, it offers one of the most complete stacks available in Europe in 2026.
However, if you are a high-risk merchant looking for a direct merchant account and a ready-to-use payment gateway, Paynetics is not your front door, it's the engine running behind the scenes. Your best path is to work with a Paynetics-powered PSP partner or explore providers that offer direct high-risk merchant services.
TheFinRate Rating: 4.1 / 5, Recommended for B2B fintech partners; strong EU compliance backbone; access for high-risk merchants is indirect but well-supported through partner channels. https://thefinrate.com/paynetics-review-2026-is-this-eu-emi-right-for-high-risk-merchants/