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Dear myPaySystems merchant,
Due to circumstances beyond our control, we must terminate our myPaySystems
Internet Billing Account (IBA) services. This unfortunate situation is due
in part to, restrictions imposed by the VISA/MasterCard association on
processing of Internet credit card transactions by third party billing
companies, and, our acquirer Pago eTransaction Services GmbH/Deutsche Bank,
suspending our accounts and accelerating the termination of our IBA
processing capabilities.
All merchants currently processing through an IBA will no longer be able to
process transactions and we are forced to give notice that effective
immediately, August 9, 2004, your myPaySystems IBA Agreement is terminated.
Further, as per section 9.3(e), notice is given that all funds must be held
pending risk review of each account. At this time no release schedule is
available, as each case attracts its own risk profile. There are also
external factors which require final determination. Once we ascertain the
resolution of your risk scenario, your funds may be released in the normal
course.
As we valued your business, we pursued all possible alternative processing
options for our merchants and had implemented a transition plan to migrate
all of our qualified merchants from a myPaySystems IBA to their own merchant
accounts. It was due to the sudden actions of Pago eTransaction Services
GmbH/Deutsche Bank that we were unable to complete the migration. If you
continue to require online payment processing services you may contact other
payment processors that provide similar services. Searching for "process
credit cards online" in any search engine will provide you with possible
alternatives.
At this time PaySystems will only accept written communication concerning
this matter, addressed to:
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