PaySystems.com - Noone Is Getting Their Money
 

For anyone who used to use PaySystems.com as their payment processor before they stopped processing 3 months ago I have very bad news. Noone is getting their money released.

I just spoke to them, they decided to charge EVERY account an additional $125us PER CHARGEBACK on your account, and if your chargeback ratio was over 2% you will get charged $200us per chargeback!

They owed me $9000USD and guess what, after they charged their "fees" they are paying me $0. :mad:

if this is true , I see a class action suit in the near future for paysystems :mad:

I see yet another company running with the money and besides 100 threads about it nothing will happen.

Just to clarify, thats one hundred and twenty five dollars per chargeback on each and every chargeback, I couldn't believe it when they told me.
I just told them im emailing all 10 thousand of my customers on monday and instructing them to issue chargebacks.

hey - contact me - i already have a legal action going against them - for much more than $9K - contact me - lets talk

Great, tell 10000 potential customers of mine that they can chargeback their memberships.

Way to go.

The service i sold using paysystems was not membership basis (it was an ebook) and they are no longer potential customers as they have already made their purchase and paid the one time only fee, so nothing to loose at all :winkwink:

ya - i agree - thats not quite the right strategy
they claim to have issues with Deutscha Bank

you can mail them and tell them to join my site..


but seriously.. why arent they paying ur money... did u get that many chargebacks to eat away 9k?

No, you have nothing to lose. Ohters do.

My chargeback ratio was 1.2% over the period of 2 years.

Can i have the emails of those 10k people?

basically what they are saying is that Deutsche Bank dropped them from 3rd party and they are still doing biz for pushing merch accounts under a new biz model with Deutsche - they claim to be sueing Deutsche for the 3rd party shit (which they miss-handled) and at the same time doing business with them - I have lawyers working on this to hunt down and see the actual papertrail - its been going on for a few months actually - they owe me well over $60K and we're in process on this to get to some point of resolution or an official lawsuit will be issued

I was lucky to have jumped ship with them about 2 months before the shit hit the fan. Something started to smell fishy and my nose is rarely wrong. I never used them in a huge way though and was lucky enough to have needed to issue nearly a grands worth of refunds just before they went down which offsets the holdback they owe me.

and people cry about ibill being alittle late on payments amazing lol .

That action on your part will negate any chance you have to litigate successfully against them and will open you up for them to file a lawsuit against you.

They got us too, we have since went with www.myvirtualcard.com in the place of them as a processor.

you deserve a duh award

Paysystems are crooks...

Shawn Forrest, GFY

:321GFY

It is "Deutsche Bank" not "Deutscha Bank", just so you know for the future :)

Yea. I learned that a year and a half ago. Fucking thieves, always said that, I'll say it again.

Watch and see if they don't get a brand new domain :)

thats what they get for fucking me out of 40k last year..... aint karma a bitch =)

I have always thought one of the major problems with this industry is the way and the peole we use to collect our money. Seems they all have contracts that say, we can change the rules anytime we want and give you nothing.

Which ultimately is the bank and Visa's fault for letting fools be CC processors, I doubt if many of them are out and out crooks, just become that when they find this is not the gravy tran they thought it would be.

For anyone affected by this heres an update, just got this posted in my admin...


Important Notice: Merchant Compliance Programs- 2003/2004 Assessments

Based on your transaction processing history your account has been assessed excessive chargeback fines and penalties. The total fine has been credited from your account, reducing the amount owed to you. A detailed notice has been sent to you via mail. The transaction activity for the months affected can be downloaded from the Statistics and Reports section (see last link). The fines/fees assessed are based on the following.

CChargeback Handling Fees

All chargebacks initiated by cardholders must be processed and are subject to a $25 handling fee.

Excessive Chargeback Activity Fines

All chargebacks which occur within a given month where the account ratio of chargebacks to transactions processed is higher than 1% (per card type), are subject to a fine of $125/chargeback, over and above the $25 handling fee.

All chargebacks which occur within a given month where the account ratio of chargebacks to transactions processed is higher than 2% (per card type), are subject to a fine of $200/chargeback, over and above the $25 handling fee but in lieu of the $125 fine.

MasterCard Excessive Refunds

All MasterCard refunds which occur within a given month where the account ratio of refunds to transactions processed is higher than 5%, are subject to a fine of $50/refund. Excessive refunding is considered to be refunding to avoid chargebacks.

:thumbsup

That's a classic :BangBang:

For being safe you stand risk of losing your account or being penalized? For being precautionary?

:1orglaugh