Are there any IMA Paysystems merchants out there? Are you still receiving your settlements timely? If not, pls post how much they owe you and how many settlements past due they are.

I am hoping that you are a USA IMA Paysystems vendor.Most people on this forum are being double fried by Paysystems,they are even milking all the Holdback funds now,probably to prop up the USA side of the business as that must be failing by now..Problem is most of us on this forum are either UK,Canada,Australia,Saudi Arabia and Europe.We have been desperate to know if the USA vendors are being affected by Paysystems deviousness and downright deception

I am a UK merchant with a direct IMA account with Pago.
Currently, our system is still live. We spoke with Pago directly and verified the existance of our account.

Paysystems set up for our account and Paysystems is our processor and also our gateway. Pago pays them for all of our transactions and Paysystems in turn wires us the money.

We have had a direct IMA account for the past year (We had to fill out new applications for the account to be underwritten by Pago. However, we have been dormant for some time with our processing. In reading everyones post's I grew concern.

I just spoke with paysystems. They advised me that Pago is holding ALL holdbacks for any transactions(IBA or IMA) made prior to August (when they terminated the IBA's) that are due payable after August. This was advised per their legal dept.

We should have been paid aprox $300 US in holdbacks that took place six months ago.

They are advising that IMA settlements will go on as usual. I have not processed and wanted to know if anyone else has who has an IMA account have received any settlements from them, specifically merchant accounts underwritten by Pago. I dont believe they are still writing those contracts.


Thanks
Serenity

SerenityBreeze, My advice is that you never believe them and if you can run away from them to another processor, then RUN NOW....

Disappointed you are not USA,but nevertheless appreciate the information you have supplied.
Think yourselves very lucky that you lnoy have $300 in your holdback, as that is a whisker of what most of us have in holdbacks.Paysystems have not and are not paying us our holdbacks,not one single penny.
One thing that has shown through is the duplicity of Pago.They told someone on these forums that they have nothing to do with Paysystems anymore, they merely acted as a processor for them for a period (The emphasis was on the Past tense)
Serenity Breeze,don't process anything else with PS,just do what Aeish said and ~~~~~~~~~RUUUUUUUUUUUUUUN~~~~~~~~~~~like the wind.

I dont suspect that the US accounts would be affected by all of this because it is my understanding that under the old IMA/IBA system all of our accounts were underwritten by PAGO.

The new IMA merchants have a totally different relationship with their financial institution. In our cases PAGO paid paysystems, and paysystem paid us.

As a matter of fact, new IMA merchants get settled every day vs. weekly.

In the new IMA accoutns paysystems justs acts as a reseller or as the processer and sends totals to there new financial institution and the financial institution sends money directly to the merchant.

New IMA accounts even have the option of not using paysystmes gateway.

So paysystems has no opportunity to screw with our money. I suspect it is only non-us merchants IMA/IBA who were underwritten by pago that are feeling the crunch.

Even though you may have had an IBA account it was paysystems who had the main IMA with PAGO and using thier account as a third party provider.

As a result you felt the crunch too. What a nightmare.

Where have you gone as an alternative for processing?

:) I think that you really need to read the forums here on this, as the gyst of what you are saying we already know about.I am in the UK (we have our own Merchant account now with Barclays )

It is difficult to explain in one mail what PS has done to us all,we all have different stories to tell,but the huge "Paysystems closed "thread will vouch for all of that.That tells the story as it unfolded from early August on.

We need to hear from IMA USA vendors to know what,if anything is happening to them.You obviously as a UK IMA Vendor,felt jittery and that is why you have posted here. This isn't going away as PS owe some of the posters on this forum alone,vast sums of money.Now they are milking all the holdbacks,we suspect to keep their IMA/USA vendors afloat. We are personally owed about £1100 GBP.