**** Important Paymonde Update ****
 

Ok, I am not sure if anyone has found out this info and posted this yet or not but I just spoke to Norton from Paymonde and here is his explanation for everything:

The reason I was calling was because a new site that was added by one of my clients was still waiting approval and I was trying to see what the hold up was, since I had one approved fine a few days back with no problem.

They are not approving any new sites now due to there status. As you know the bank they were using lost their MasterCard merchant. What he also told me now is they are not sure about the Visa he said it may be fine or they may lose it any day now, that is why they will not approved any new accounts.

The problem is the Visa merchant is coming from the same bank that lost the MasterCard Merchant and the bank will not update them on their Visa status.

So they are not sure of the future of the company, they were trying to sell me off on my own merchant account, but I would have to pay $1500 to set up an EU corporation.

I asked about the owed money and what is happening, they said they were trying to pay everyone on time and normal, but they are trying to negotiate with the bank to release the other funds (i guess they mean the reserves) (sounds like what was said with IBILL). So I brought up the IBILL situation (Which they are very familiar with) and asked if this is the same thing that is going to happen with the bank holding the reserves, and he again just told me they are working to have the funds released.

I just wanted to let everyone know what I was told, as of the other day my account and my 5 clients accounts have been working fine (minus the MasterCard) and have not had any missed payments.

So now I would consider getting a backup plan for anyone only using them, as they are not sure about the status of their Visa, they told me everything may be fine but they wanted to warn me now that they may lose it and that is why they will not approve any new accounts.

Hope this helps, I will update if I hear any new info.

someone was caught with his pants down and lost his contracts, just as I posted it several weeks ago

but I am sure that all will be fine

may be they can merge with Ibill

Imondebill would be a great name

I would give them the 1500 to set up an EU corporation right away

lol!!! I nominate godddomains for gfyer of the yr!



huge news i suppose though

Thanks for the update.

:disgust

OK.. We got a processor who cannot process. We got a processor with no form of backup in place. We got a processor who have been avoiding phone calls, email blah.

Bottom line... there is no processor.

The suggestion of setting up a merchant account and EU corp via this company is totally absurd. They can't even manage their own operations.

webby...is there something you suggest that we do now to ensure that we can get our money from them? Should we call our lawyers to try to get assets from them?

Mmm.. it would be nice to get more intelligence on both Paymonde and Fund2Go - I mean concrete legal docs re the corp paperwork. Funds2Go is a Nevada corp and Paymonde is .... possibly a Quebec based corp. It is also worth enquirying into MVC and background checks of the dirs of all these corps - some stuff may be meaningful there. A lawyer should be able to establish this in 24 hours.

It's hard to say what that may throw onto the table, (it could go an entirely different avenue), but, and only my :2 cents: , I'd be heading towards having these corps liquidated and any assets recovered to go towards creditor payments. It is probably the case that they have inadequate funds to settle with creditors.

From what has been shown so far about the management, they are not equipped to be operating net financial services companies. There may be good people involved - but it takes more than that, - and a biz model to ensure security of client funds.

Would think the first step is contact a corp lawyer in Quebec, get him briefed to the hilt and let him get to work, then listen to his opinion for a way forward.

From past history, the longer this drags on, the less chance of recovery of any funds.

I am so glad I decided not to process with them

What kind of crap is "trying to access the funds"? The reserves would not have been placed in the processors bank. What a load of crap! We're getting scammed - and lawyers red tape only gives them more time to grab our $$$ - if ther is anything left

Sigh......

!!!!!!!! :disgust :Oh crap

Since after Paymonde's collapse I only have about 2 cents left to share, I will merely suggest that good ole Nort is just about as free'n'easy with the truth as he is with his client's cash. His explanation is not only absurd on the face of it (as the esteemed Webby has already made clear), but more to the point compounds the original offense.

That some clients are being paid whilst others are not is itself an outrage and, IMHO, constitutes fraudulent business practice. This morning Nort and Howie and crew felt just fine about processing four or five rebills of mine, but I've not seen a plug nickle since the 27 of October! Furthermore, as noted, the notion that they are "working" for the release of "other funds" (if meaning reserves) is, as an argument, both disingenuous as well legally improbable.

The fact remains that good ole Nort and Howie have contamaciously REFUSED to make any public statement here or on their website relating to this entire affair. That, to me at least, remains the single most egregious act in this entire sad situation.

bring on the vaseline:1orglaugh

The aura from the management is certainly not good mistermee. OK.. it is possible there are factors outside their control and a desire to try and cover them as soon as possible and not cause damage to their company - or clients.

But... there is nothing worse than vague statements and leaving unanswered questions in the minds of clients. This is what has happened so far.

The other factor is... and it's only my opinion, I do not think the management of these companies have experience in financial areas. Again... the best qualified "management" are going to be folks such as ex-bankers and others with experience in finance who have good banking relationships and with a business model in place to keep client funds seperate from any commissions they will recieve - and have that model constructed in such a way that provides security of client funds should the processing corp experience difficulties.

Sure.. if there is a scenario where client funds are being utilized to pay the costs of operating - that's getting into a dangerous area and one which prob gives cause for a criminal enquiry.

They didn't send the payment on Monday as normal. I have called them on Tuesday, Wednesday and Thursday and every time i got the same answer: they will send the wire in that day.
Something wrong is happening there, for sure.
I am almost convinced that they will not solve in any way the mastercard problem and they will end by not beeing able to processs visa too.

Yep.

Everyday "they will put in funds to be released that day".

Everyday, no funds.

:disgust

Rebills
 

we still didnt get any funds from PAYMONDE this week as accepted !

Another question:

any suggestion how we could transfer all paymondes rebill clients to CCBILL or to VEROTEL ?

kind regards

You can't just 'transfer clients'. About the only thing you can do would be to remove all Paymonde join pages, and reference. Go into their CP and cancel all rebills.

Then e-mail all of your member's explaining that it will be discontinued. Then provide a link to the new. Offer a 1st month promo or something to intice them to roll over.

Then after 30 days, remove the Paymonde script from your server. So that way if they are trying to rebill customers, and they do not have access, then the customer can chargeback, and report it as fraud.

All in all, a huge hastle for members.

I dont get why more people dont go with merchant accounts..the benefits are pretty clear, you are in control of your rebills, and not some other odd company that can just dissapear overnight.

Where would be possible to get own merchant account for small/middle volume?

I would be hitting up my lawyers as quick as possible. When it comes to a great deal of money, which I'm assuming it is, I wouldn't take "we are working to have the funds released" as an answer.

are you kidding? I have tried more then 10 companies and they want nothing to do with adult sales. Trying to sign up with netbilling now. will let you know what i get from it

:Oh crap

It's pretty easy to get an adult merchant account with great rates if you know the right people. I happen to know the right people and would be happy to introduce you to them. My ICQ number is in my profile ...

This offer is open to anyone with non-shady billing practices. Rates are under 5.5% :)

i hope this will be settle.. . .. .

paymonde rebill clients
 

yes this seems the best way to do to cancel all those clients and write them a link where they can sign up for a discount price at another company as CCBILL or VEROTEL.
We need to study how to do this the best on paymonde admin pages.
Honest to say we were staisfied with paymonde till the first payout delays came.

kind regards

:1orglaugh all will be fine :1orglaugh :1orglaugh

yes always we need to think POSITIVE :)

kind regards

Sadly, suspect positive in this instance means not sending any further signups, chasing existing debts and using more established processors :)

Think we have all been there before and getting used to the pattern of processor demise.

Sounds like a plan. :thumbsup

oh boy
keeping fingers crossed

thanks for the update

Cross your toes and wish on a star also.

:disgust

I don't see them in https://ssl.req.gouv.qc.ca/slc0110_eng.html (the Quebec public registry office). They could be using another coporate name tho!