Quote:
Originally Posted by samo
Paymonde has lots of expenses, and IM sure the owners have huge personal expenses too. So when the shit hits the fan, they will take care of themself first, and then whats left over, they will use to start a new business just like IBILL did. I lost over $25K with IBILL beacuse they kept saying all is ok and I wanted to beleive them. But you can say I learned my lesson.
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samo - client funds are not the property of Paymonde. The expenses of that company are the problem of the management - no other party. They took on the risk of running a business in the same way as anyone else - they need to mangement it and deal with the problem. Dealing with it does not include stealing client funds.
The concept that a payment processor can utilize client funds as they see fit, is fraudulent.
Only my
tho it has been a favorite rant for years - *all* processors need independent monitoring of client funds and a security mechanism in place to cover the possible demise of their company and where all clients are paid in full. Both Verotel and SegPay have implented such a biz model - all other processors do not provide any security - and it's overdue time they did.