Greetings,
Has anyone ever dealt with this offshore merchant company? I am having a difficult time getting replies from them as to funds that have been mistakenly witheld from my weekly remittances. @ weeks have gone by and nothing. THey are holding over $50K in reserves. I am seriously considering suing for my money if i cant get a response. How can I cancel my Agreement with this or any menrchant company without jeopredizing them permanently witholding my reserve funds? I'd be interested in hearing from anyone who can share similar experiences and/ or who has had any delaings with this offshore merchant company.

Cheers.

Welcome to the forums yu138086!

Can you maybe type in part of the URL so it is easy for us to find? I tried to do a quick search but did not really come up with any company that seemed to match what you have provided

The bank can do the same very easy especially in banana-countries. Contracts mean nothing for them

The contract was intially signed with scsoffshore.com/gateway/
who uses an account in the channel islands called Ccoinz as their escrow agent. One month has passed since they stated they would be temporarily suspending reserve payments and still no news. They are extremely difficult to establish contact with and I have thus far had NO success recovering my reserve. They continue to remit regular remittances on a weekly basis so it's very odd that they cannot remit the reserve on time as well. My advice.. Beware. This could be the beginning of the end for this merchant company.

Man, when I hear Payment systems, I get the chills after the whole Paysystems fiasco...

I did a seach for scsoffshore (http://www.webhostingtalk.com/search.php?s=&action=showresults&searchid=3435610&sortby=lastpost&sortorder=descending) - it seems the posts really did not dictate that much on how they do business.

but the website you state speaks about the ability to open an account without the need for reserves

I was finally able to get an answer from CCoinz as to why they are witholding people rolling reserve....

"Your funds are part of a pooled reserve held in an escrow account for the benefit of the acquirers of the Commercecoinz merchant accounts (see your executed agreements). One of the acquirers has asked the escrow holder to suspend reserve payouts pending final outcome of a possible fine, which is currently being disputed by our management. If the fine stands, all Commercecoinz merchants will bear this fine pro-rata out of the reserve pool. This dispute process is being pushed along aggressively by our senior management. We hope to have an outcome for you as quickly as possible. There are surplus reserves available, over and above the possible fine, so it becomes an accounting issue only, once the fine situation is resolved one way or the other."

God knows how long this will take to settle now. If anyone dealing with this same issue finds out more please post your findings here so we can keep everyone informed.

Another reason not to use theird party processing. Get you own merchant acocunt if you can.

I'd agree with that. Or at minimum, if a direct merchant account can't be obtained, definitely keep your options open in terms of an alternative offshore processor in case the situation deteroriates further.