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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wtf is up with those dumb fucks

How many left?....

For how long ???

not many and not for long.....adult webmasters need a trusty processor, created just for us....... :thumbsup

I think the only thing to do is use offshore payment processors... Like ones based in countries other then the US, cause the patriot act really fucked shit up for everyone...

who? :1orglaugh

Offshore still needs banking relationships...and they are fickle as shit when it comes to the US.

What we do need is a totally different payment model where card company interest ends when a customer tops up their "internet debit card" from other cards or by check.

That version means no chargebacks - the money is there or it is not, no banking relationships needed globally and no obligations to card companies. It's up to cardholders what they want to use their cards for - ie top up another "internet card" or whatever.

Pardon me for pointing out the obvious.
1. BB&T is a conservative bank with most of its base in the South. What on earth makes you think they would process adult?
2. Payaah? Who has ever heard of them? Not that advertising on a message board is any guarantee of legitimacy, but either the person promoting the processing or something about the company should lend some credibility to the situation.
3. Visa and Mastercard are not going to allow any more IPSPs to start springing up and doing business, ESPECIALLY not in the US. There may still be companies that process legitimately through other regions besides the US but if you are looking for a US IPSP, you have two choices. Paycom or CCBill. That's it.

This is not rocket science, ladies and gentlemen.

There are non US banks underwriting adult merchant accounts right now, that are not fickle and are in the arena for the long term.

Any product that is funded with a credit card or debit card with a Visa or Mastercard logo on it IS subject to card association supervision, laws and other regulations. This is most likely going to be the next thing that governments and the card associations start to scrutinize.