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Another payment processor bites the dust...
If i only had a dollar for every time this happens...
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From Payaah Administration
Feb 1, 2005
Ref: Payaah.com forced terminate due to Visa/Mastercard restrictions.
Dear XXXXXX XXXXXXXXX,
Due to the recent restrictions imposed by Visa/Mastercard association
on processing of Internet credit card transactions by third party billing
companies, we have been informed by our acquirer BB&T Bank of Virginia
to stop customer transactions effective immediately.
We have pursued all possible alternative processing options for our
Vendors and to keep Payaah services, but unfortunately the Visa/Mastercard
restrictions apply to all Merchant Banks in the United States.
All Vendors currently distributing their products and services through
Payaah.com will no longer be able to process transactions and we are
forced to give notice that effective February 10 2005, your Payaah
Vendor Agreement will be terminated.
This unfortunate decision was made due to circumstances beyond our
control.
Funds And Reserves:
Please note that all funds and reserves will be released on time and
at our usual schedule.
If you continue to require online payment processing service you may
contact other payment processors that provide similar services.
At this time Payaah will only accept written communication concerning
this matter, addressed to:
Payaah. LLC.
attn: Legal Department
34 Vans Terrace,
Lake Katrine, NY 12449.
We would like to extend our sincerest apologizes for any inconvenience
this may cause to your business. We thank you for your patience and
understanding during this difficult time.
Sincerely,
Payaah Management
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