Where are all the people saying this Epass shit is going to be okay?
 

Its been days and days... at this point they should be telling us that if they can't work it out, they'll be giving us our money on XX date. Right?

Sounds like a crock of shit to me.

I've seen a few comments from people saying they believe it will work out, and epass will be back and we will get our money. Anyone with this opinion care to comment or elaborate?

I seriously believe the writing is on the wall and the vv money is gone. I hope I am wrong!

It really pisses me off, because this isn't like charge backs. This is money people worked for and earned, and get fucking TAXED on. This shit is shady in a huge way. :disgust

These things can't be solved quickly, be patient. And I still believe that everything will be fine.

You won't get taxed if it's gone. Not the most silvery lining on the cloud, I know, but still...

I started a poll asking how many thought they would be paid. I was shocked that 60% thought they would be. How many processors have sunk and paid us back?

Sorry I just think history will prevail and not counting on getting the money back.

Since Michael told me it's 100% guaranteed I will get my money I trust them. I know I will get my money... 100% sure.

um, are you going to notify the US IRS of this? lol. yes, my sponsor sales that got stuck in my vv are taxed, and I will pay taxes on them. Does this even count as a business loss? more like theft to me lol

I'm not even sure what is what with the amount left in there. I guess I have to look at the last payments, but some of it was spent. What a headache to write this shit off...

I still think we have a pretty good chance to get our money. I got scammed few times in history but epass issue is different. Obviously they are trying to fix it and I believe we should not make it harder for them.

Well it sure didn't take long for it to happen, with no notice! If they don't have it resolved by now I don't have much hope.

One can learn a lot from history, that is for sure. It would be nice if this one ended with everyone getting paid. :upsidedow

Depends if you're running it as a payment system or whether you are treating it like a bank account.

Now see this is what I don't like. Make it harder for them? By what, calling their outsourcers to whine? That should have nothing to do with keeping them from resolving the issue.

The people in charge of this issue don't answer phones all day! Why can't they resolve it? I think this "don't call us or make it more difficult" stuff is all bullshit, and just them putting us off. Updates telling us to not contact someone and mentioning blog posts really is like a big red flashing indicator imo.

All that is going on sounds more like drama control to put us off than it does them trying to convince us they're resolving the issue. They just haven't said the right things, other than "money is safe." Gimme a break.

The money isn't safe til it is in MY bank account, or cold hard cash in hand. Until then, my money is in danger. Right now the money is in a bad place, no matter what they try to tell us. If they are not in the process of moving the money back to us right now, or preparing to and telling us so, then the money isn't safe at all. :disgust

Sorry but I've been in this biz for 13 years! I worked for adult companies in the beginning, I know how they operate and fast forward to now this doesn't seem any different. It's like the writing is on the wall already. It is real hard to trust people with your money in this game.

:2 cents::2 cents:

If they would announce that happening, the panic would be 100% the same or even worse. Everyone would start pulling their money out and epassporte would have even more problems.

It's a loss to the business, so it should be tax deductible.

And this is not happening right now?

From Virtual Visa, which is blocked now.

Yes, you can be taxed on monies paid to you through your ePass account, even though you did not actually personally receive it, at least in the USA. This is an odd bit of twist in US law and may be found elsewhere also.

Just sayin'.

Sally.

I really do not believe that anyone here is convinced that everything will be ok with epass. I think it is more likely that people HOPE everything will be ok because they have money tied up in epass that they cannot afford to lose.... so for as long as there is a glimmer of a chance that maybe they will get their money from their V V then they will express a positive 'wait and see' point of view


I know I hope it is resolved quickly and to everyone's satisfaction.

It's not odd, it's standard. You're taxed on the profits derived from sales regardless of how you received the money.

What I'm saying is that if the money in your ePass account is lost that itself constitutes a loss to the business, reducing taxable profits.

Not if they was using the account as a personal bank account not a business account.

It is the same as having money in paypal and paypal going bust, unless its just a business account for receiving business payments, then it is a personal account and if it went bust it wouldn't be tax deductible.

In the same way if your British bank RBS went bust you could not claim the tax back on your business for money lost in your personal account

Well now that time has passed and nothing has been done I just have to think epass is dead. :( I hope I'm wrong but at this point it's not looking good and I'm just glad I only have $9.10 in there.

your money is gone.

It's not quite that straightforward.

If I had received a business receipt in my personal account that money would still show on my company balance sheet as an asset in the form of a debt from myself to the company. If that money disappeared, the debt would still be written off to the profit and loss account.

It's more complex when you're self-employed and not operating through a company. It's not the 'personal' or 'business' label on the account that's important, but the nature of the transactions that pass through it.

If you're receiving business receipts into an account then just drawing all that money out for personal use, then that account will be regarded as a personal account.

However, if you can demonstrate that the account is predominantly used for business purposes - for example, if everything you receive is paid out to business suppliers or transfered out to a business bank account - then the account will be regarded as a business asset.

If you have money locked in an account which is, by nature of its transactions, a personal account then you only have yourself to blame when it comes to taxation. You've already de facto taken the money from your business, including the money that you'll eventually be expected to hand over to the IRS or HMRC.

Actually these kind of things usually take at least a month to settle and resolve, so I still think it is most likely that they will rectify the problem. I am pretty much confident that the money is not lost as well, because it's preloaded on VISA cards, so technically it's just frozen by the bank.

Everything that's frozen should be unfrozen after certain requirements are met and conditions fulfiled. They (the bank) don't have the right to hold the money frozen forever nor seize it, because it's not ePassporte's money, but its card holders.

The situation is also way different than what happened to payment processors like iBill or Globill or whatever. They are acquiers, not issuers. IF you look up the terminology you'll see that these two things are totally distinct. Issuers (ePassporte) can't run with people's money because it's actually on the account connected to VISA, so the chances for the money to be gone are very slim.

That's why I am pretty much sure this will be resolved, but not so fast (as I originally thought). It may hurt epassporte a lot, but the fact that account holders will get their money back is crucial and the most important.

Nice info, and yeah I used my epass as fun money. Who knows what the IRS will say but I wouldn't push an epass loss for a few hundred. It still sucks though.

fucking white collar criminals at it again.

If it was not resolved in one week - apparently the problem is major. Can easily take up to 2 months to resolve, judging from those examples with other companies people posted here.

I do 95% believe that the shit that is going on is not connected to money losses, but to a lack or control and compliance with new regulations.

But my main concern is that epass is bleeding money every day, is not earning anything to cover expenses, and before they resolve it - they can go bankrupt. Thus my money will be lost before I can get them. Since the wire I requested 3 weeks ago is not going out.

for 65 % it will be resolved till end of october and for 95 % till end of year

Fuck epass------v

what about the FINES? when these things happen the bank and Visa always lay on some stiff fines, and that is ultimately what fucks up their biz. Guess how they will pay these fines... ?