the policy makes a barrier and or limitting you guys to expand your business and help you each other there, imho.
It depends on how you think.
The policy/guideline that paypal, plimus and others have been asked to follow makes our money safer, they won't be able to block funds now, and that is one reason why plimus stopped accepting CC for us.
It's the Indian policies and guidelines that sailed us smoothly and safely through the recession.
Any bank to deal directly is going to be quite costly for small transactions and volume. Also to integrate a bank's system you will have to get the module developed yourself as I don't think any cart support them out of the box.
2. For existing ongoing subscriptions – no effect – these will continue
They way Plimus has handled this is pathetic. First of all, there was no notification about this and now while they said that they will continue to process the current subscriptions, all of sudden they CANCELLED all the subscriptions giving this reason:
"Due to Indian bank law changes, we cannot process this order and must cancel this subscription"
This really sucks. You people MUST have informed about these things to all the Indian vendors so that they can make alternate arrangements.
PLIMUS.. I HATE YOU. NOT RECOMMENDED TO ANYBODY FOR ANY THING. THIS IS HIGHLY UN-PROFESSIONAL WAY OF DOING BUSINESS.
p.s to our clients, we are already in process of migrating you to our new billing system.
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Seems to be a worldwide Goverment Thing to ween us away from Cash and push us towards Cards. They can trace Card Transactions forever and tax us accordingly. Not so easy with Cash Transactions where they do not have control over nor know about it.
CASH is KING (unfortunately not very practical to use when paying for Hosting Services or anything else online)
Age Old Barter System was not bad either (I repair your Roof- your provide Webhosting) NO income Tax involved there.
On behalf of Plimus, we regret any issues the implementation of these RBI regulations may have caused for our vendors, but we can only act according to the laws. If you would like us to work with you on alternatives, please contact Vendor Support at Plimus and identify the issue as RBI / Master Card and Visa support and we will have one of our account managers work with you on determining some alternatives.