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Thread: PaySystems CLOSED [Merged]
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08-09-2004, 09:18 PM #101Web Hosting Master
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Originally posted by sprintserve
Our cash reserves is strong enough for about 20 months of cost /overheads... but still this is a bad time. Imagine telling all your clients to re-signup....
Now I'm worrying about 2checkout and that accounts for WAY more of my income than Paysys does.Gary Harris - the artist formerly known as Dixiesys
resident grumpy redneck0
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08-09-2004, 09:18 PM #102Retired Moderator
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I think those on their merchant accounts should get ready to bail. A debacle this big will bring down their company I am sure sooner or later.
Once again, we are treated to the "you are all small fries" attitude. They could have given us an inkling 3 days ago and we would be 3 days in the headstart instead of waiting for them to resolve their "technical problems" The management ought to be personally sued for professional negligence.••• Like us on Facebook to qualify for discounts! •••
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08-09-2004, 09:22 PM #103Web Hosting God
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Originally posted by Matt
Unless 2CO changes it's business model to conform with the new V/MC regulations, they could be in the same boat shortly.██ Laurence Flynn @ HostNEXUS.com
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08-09-2004, 09:23 PM #104Retired Moderator
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Originally posted by hometownhosting
Matt you seem to know a bit about this stuff. What is the relationship paypal has and what do you think its future looks like?
Paypal won't be at a risk (yet) I believe as their business model is totally different. They do not have all of the merchants "sitting and using" their merchant account for clearing. Rather, most of it is done through the system and they charge cards only when there's an overdraft. On top of that, they can do it through bank accounts and so on.
2CO would be a different story.••• Like us on Facebook to qualify for discounts! •••
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08-09-2004, 09:24 PM #105Junior Guru Wannabe
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http://www.modernauthorize.com/
Anybody using this?
Radhika0
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08-09-2004, 09:25 PM #106Web Hosting Master
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I am also greatly worried about 2checkout. News about paysystems is yet to spread all around the internet. Think of what is going inthe minds of 2checkout and thousands and thousands of sellers processing 100s of millions of dollars every year. Same goes with paysystems. I am not sure how the company should survive this nonsense.
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08-09-2004, 09:26 PM #107Retired Moderator
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Originally posted by NexDog
What are these new regulations and I need to know if PayPal will fall too. How about Worldpay?
The problem with 3rd party payment processor is that all of us sits on the same merchant account (of the processor) and the fraud/charge backs become an aggregrate rate. So even if your account is clean and pristine, other rougue merchants can easily raise the rates to unacceptable levels.••• Like us on Facebook to qualify for discounts! •••
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08-09-2004, 09:26 PM #108Junior Guru Wannabe
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Originally posted by hometownhosting
PSIGate is a real merchant account. Not 3rd party. I spent half of today filling out their paperwork and faxing in 35 pages in the application.....
I suppose but they still have holdback funds and bi weekly payments.... where a Merchant account through say:
www.moneris.com (RBC and BMO)
or
www.paymentech.com ( Scotia Bank of Canada )0
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08-09-2004, 09:26 PM #109Web Hosting Master
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Can you see the ripple going across the hosting world.....
This problem will have an effect far greater then just paysystems customers. Other 3rd party processors will lose business even if they don't go out of business....• Greg Lubbelinkhof0
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08-09-2004, 09:26 PM #110Web Hosting Master
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08-09-2004, 09:28 PM #111Web Hosting Master
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Originally posted by jimmy402
I suppose but they still have holdback funds and bi weekly payments.... where a Merchant account through say:
www.moneris.com (RBC and BMO)
or
www.paymentech.com ( Scotia Bank of Canada )• Greg Lubbelinkhof0
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08-09-2004, 09:30 PM #112Aspiring Evangelist
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Rob
Founder and former owner of SRLnet. Sold in 20060
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08-09-2004, 09:31 PM #113Web Hosting God
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Originally posted by sprintserve
As long as you get your own merchant account (like WorldPay) you should be fine.██ Laurence Flynn @ HostNEXUS.com
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██ Focused on speed. Obsessed with security.0
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08-09-2004, 09:31 PM #114Aspiring Evangelist
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For those trying to contact Paysystems via the numbers provided on general documents (+1.514-227-6868) and finding the office closed, you can get through to them on the following international freephone number (found it on a statement ):
00.800.3000.0030
They will send you the official email if you havn't as of yet received it.0
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08-09-2004, 09:32 PM #115Junior Guru Wannabe
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Originally posted by hometownhosting
I think Visa and MC settle on the 15th and 30th of each month and their is a 5% hold back. I believe it is through Citi and Scotia Banks.
With a real merchant account settlements from MC / VISA / AMEX etc happen daily not weekly.....0
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08-09-2004, 09:33 PM #116Web Hosting Master
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Originally posted by jimmy402
With a real merchant account settlements from MC / VISA / AMEX etc happen daily not weekly.....http://www.hostpc.com
DirectAdmin servers for hosting, resellers and your dedicated needs.
Hosting, Resellers, Dedicated Managed and Unmanaged servers
Hosting since 11/98 - Specializing in DirectAdmin since 8/030
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08-09-2004, 09:35 PM #117Web Hosting Master
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Hmmmmm I will have to check into it then. Settling daily would be pointless for a company that isn't all that big... And credit rating isn't anything to do with it as I have not had a credit problem ever.
• Greg Lubbelinkhof0
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08-09-2004, 09:38 PM #118Web Hosting Master
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We started transitioning our clients from PaySystems to our own merchant account with WorldPay Limited last year and have very few clients actually left under our PaySystems account. Therefore, this shouldn't create that big a problem for us.
One reason we moved to WorldPay was due to lack of trust in PaySystems. I think it was just a matter of time before something like this happened. I am sure everyone has seen the various technical problems PaySystems have been experiencing for over a year now.
WorldPay is a division of The Royal Bank of Scotland, the second largest bank in the United Kingdom and fifth largest Worldwide by market capitalisation. RBOS is also a fully regulated financial institution. This makes me trust them far more than someone like PaySystems.
We will be seeking appropriate legal advice with regards to retrieving the funds currently sitting in our account and I advise everyone else does the same.
Good luck!
- Chris0
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08-09-2004, 09:44 PM #119Web Hosting Master
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Do most of you have upgraded to the new system? or there are some who are still under IBA?
I also would love to know if we can do do refund, but based on thier letter if MC/Visa and their bank did: "suspending our accounts and accelerating the termination of our IBA processing capabilities" than my guess wouldbe that no refunds will be made.
While we do not have a lot of funds with them, I would hate to loose them.
We were in process of being upgraded to their new system, and I just called to check and our paypers were still being processed.
Will talk to their upgrade team tomorw and see what stage we were at.
If MC/Visa pulled this on PaySystems, could they also pull it on 2CO and other services like that?0
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08-09-2004, 09:45 PM #120Aspiring Evangelist
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What I'm wondering is whether Paysystems cheques will bounce that are yet to be processed?
They bank in the exact same branch as us in London so I guess we'll know pretty quickly.0
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08-09-2004, 09:48 PM #121The E-Commerce Answer Guy
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The funding time on a merchant account is primarily determined by the merchant processor - within the limitations of the system(s) being used and keeping in mind that the entire process itself takes at least 48 hours.
Some front-end authorization networks may take a day to transfer files over to the back-end settlement network, if they are two different systems.
Additionally, some processors elect to hold back funds for an extra day or so if an account presents higher risk... this way, the transactions can be monitored a little closer, at least until the processor builds a level of comfort with the merchant.
All of this can contribute to the effective time it takes to receive funds but generally --- you are just looking at just a few business days on most merchant accounts.
With respect to the PaySystems situation... the only "quick" alternative if you are a non-U.S./Canadian business would likely be 2Checkout. WorldPay is another option as well.
For Canadian merchants... you have a few more options available but your choices are still somewhat limited.
If you are based in the U.S. - then getting your own merchant account is definitely going to provide you with a lot more security than a 3rd party processing account.
The difficult thing about 3rd party processors is that they are always subject to these kinds of issues - such as being shutdown by their merchant processor.
I'm sure that PaySystems didn't expect or intend the situation to go down like this at all - but that is little comfort to the affected merchants.CDGcommerce.com - Trusted Merchant Account Solutions since 1998
Many thousands of successful, growing businesses benefit from our expertise every day. You can, too!
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08-09-2004, 09:49 PM #122Web Hosting Master
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I guess the quickest option for all people not living in US and Canada would be to move to 2checkout.
Last time i heard 2checkout stopped calling itself a third party processor. They call themselves a shopping mall.
2checkout is at a much higher stake here since they only do third party processing and MC/Visa pulling this crap would be TERRIBLE time for me along with 15,000 plus active sellers.0
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08-09-2004, 09:52 PM #123New Member
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Would I be the only one who never recieved any notice about a "new system" ?
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08-09-2004, 09:52 PM #124The E-Commerce Answer Guy
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Unfortunately for many affected merchants, that appears to indeed be the case.
CDGcommerce.com - Trusted Merchant Account Solutions since 1998
Many thousands of successful, growing businesses benefit from our expertise every day. You can, too!
We help merchants to eliminate gateway costs, reduce & mitigate fraud and achieve streamlined PCI compliance.
Learn more today at http://www.cdgcommerce.com - we look forward to helping your business grow!0
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08-09-2004, 09:52 PM #125Junior Guru Wannabe
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AceWeb: We were under the old IBA setup as we are a Canadian Company and paysystems could not provide us with a merchant account.
There is no way they can take all our money and never pay is there??
If no one else is going to take legal action on these people I guess our company is going to have to... they owe us more then $480000 if anyone else would like to go in a Class Action lawsuit on these people before they run to Bermuda with all our money please PM me or email jimmy@coleone.com0