This deservs a re-post. Canadian Processor Nexus XI goes belly up :(
 

I wonder if the check I just got is good. If not, it's pretty with the little hologram on it :) Maybe I'll frame it along with the old GloBill Checks :D

++++++++++++++++++

Dear valued merchant/webmaster,

The bank has frozen all of Nexus XI's funds over an alleged "breach of contract". While Nexus XI does not agree with this judgment, Nexus XI does not have the funds to pursue legal action as all of its assets are presently frozen.

Nexus XI advises that any merchants that have not already done so should seek a new billing solution.

The bank has promised that any funds remaining, after any charge-backs, refunds, and penalties, will be released back to Nexus XI after 6-8 months have elapsed. Upon release of Nexus XI's assets, Nexus XI intends to pay all monies owing to its merchants and creditors at that time.

In an effort to maximize funds available for payment to merchants and creditors at the end of this 6-8 month waiting period, Nexus XI will be eliminating staff and extended services.

The processing engine and main website will be left online to handle normal customer cancelations and account expiry.

Nexus XI Communications Inc.

FUCKING BANKS:BangBang: :BangBang:

Ya. I knew it COULD happen, I gave them a shot when they were new, which I knew came with a risk, but what doesn't anyhow. :)

6-8 month?The bank will make lots of money with the money they owe Nexus XI.

Can't they find a lawyer who'll do it for a good payment if everything resolves after the lawsuite or do they think it won't be finished before 6-8 months anyway?

See what happens when you run adult transactions through a mainstream merchant account?

I must not be up to speed cause the first time I ever heard of them was last week.

:winkwink:

yeah, blame the banks because a shitty processor cant follow the rules :sleep

What kind of "breach of contract"??

Adult Site Traffic, the Nexus XI check you received - which pay period is it from?

Any company is at the mercy of the banks if they decide to fuck you all you can do is grab your ankles and hope the banks has a little dick and don't wanna fuck you too hard...

It only says "Date: 2004-11-01" so I assume it's the period ending 10/24, or possibly 10/17.

Too bad my checks have to go to Vancouver and then forward to me or I might have gotten it deposited in time.

Oh well. I sold those sites anyhow and the new owners never changed the processing so it's almost like free money :D

AST