Unfortunately not, but as Bankard is the bank behind it you should think that such a reputable company should be easy to sue but they are not.
Let's hope they pay, we hope to hear more about the issue in March.
Untill that time, never ever do business with Philippines companies.
I doubt gspay is using CNP anymore given that they went down last September, they've probably moved on to another acquiring bank. Right now their payment schedule looks pretty good, and so are their rates, so it's worth throwing a bit of processing volume at.
I'm also interested in PSBill now that I see them on Visa Europe's list of certified service providers.
Let's stay on topic here as we all know that hotdog101 does not like ChronoPay for some apparent and some less apparent reasons, but I do agree with some of the points he has made. I would also never do business with a payment company that has too many ties with Russia, but that's just me.
Any news on the issue regarding CNP/Bankard?
Will they ever release some of the RR they still have or has all the money been spend on fines from Visa/MasterCard?
[FONT='Verdana','sans-serif'][FONT='Verdana','sans-serif']Miklo, Its not just Chronopray but any processor that has similar ties.[/FONT]
[FONT='Verdana','sans-serif']Cardexpert, that’s great you setup processors with acquirers around the world. I'm sure they're professional outfits that are just to busy to do it themselves![/FONT]
[FONT='Verdana','sans-serif']As for being back on topic, a US lawyer will have problems bringing a case forward to a Philippine court however has anyone raised contact with local legal counsel?[/FONT]
Hotdog; You would be very surprised if I would name my clients. Among others there are some of the worlds biggest PSPs so you are actually right in your assumption although you tried to be funny and sarcastic...:-)
Well I refuse to go into any pie throwing contest so I will just let that one slide.
You are never too big or small to see what is going on in the market and to keep your ear to the ground for any developments, problems or other important issues that are ventilated on these forums is a sign of genuine interest of what is going on.
Hotdog101, whatever it is you do I wish you good luck in your business.
Meanwhile I can say that there are very little interest from CNP to release any funds unless there is some kind of legal action against them. Now they are just waiting it out.
However I know that some pretty heavy guys are chasing their money and its not thru any legal action. I also know that some of the inner guys in this mess have armed guards around the clock.
Mystique Enterprises, is actually a Gibraltar based company, they used to run another processor site before, can't remember the name right now, but they did close down in the same time we did apply for an account. I have asked for a personal visit to thier office in Gibraltar and have not received any reply for when this can be done ( only 2hour trip for me ), as we did open a new account with them and I can say that we are not fully confidente in their service and would like to meet them in person...so next question why they dont want to meet?...well maybe they are not 100% legit as we thought....lets se the answers on this board.
only my thoughts..
Does anyone have inside information if holdback and reserve funds will ever be paid and if so: WHEN? It has already been more than 1 year since they lost their acquiring license and they still owe us around 150k.
Or has everything been paid on Visa/MasterCard fines?
Oh yes, I am certain that MasterCard makes a lot of money by fining merchants, processors and acquirers due to miscoding and chargeback fines.
Their fines are outrageous and it's about time the payment industry as a whole acts against that.
MasterCard policy changes everyday and they are definitely not the easiest company to work with, especially if you compare them to Visa. Visa does double the transactions, but still only gets half the chargebacks. It's like MasterCard is actively putting through chargebacks just to increase their revenue from penalty fees.
If we could drop MasterCard and accept a card that will be used as much but has much more lenient policies (comparable to Visa), we would do it immediately.
If we could drop mastercard like amex it would be great. Only a few banks in the US issue cards.
I always thought it was a bad move by washington mutal to only offer mastercard and i'm sure once the contract is over they will go back to visa. I've spoken to many there who say they lost a huge amount of customers over it.