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PAYSYSTEMS GOES BUST


aus911

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IMPORTANT NOTICE : myPaySystems Forced to Terminate its Internet Billing Account (IBA) Services Effective Immediately

 

 

Dear myPaySystems merchant,

 

Due to circumstances beyond our control, we must terminate our myPaySystems Internet Billing Account (IBA) services. This unfortunate situation is due in part to, restrictions imposed by the VISA/MasterCard association on processing of Internet credit card transactions by third party billing companies, and, our acquirer Pago eTransaction Services GmbH/Deutsche Bank, suspending our accounts and accelerating the termination of our IBA processing capabilities.

 

All merchants currently processing through an IBA will no longer be able to process transactions and we are forced to give notice that effective immediately, August 9, 2004, your myPaySystems IBA Agreement is terminated. Further, as per section 9.3(e), notice is given that all funds must be held pending risk review of each account. At this time no release schedule is available, as each case attracts its own risk profile. There are also external factors which require final determination. Once we ascertain the resolution of your risk scenario, your funds may be released in the normal course.

 

As we valued your business, we pursued all possible alternative processing options for our merchants and had implemented a transition plan to migrate all of our qualified merchants from a myPaySystems IBA to their own merchant accounts. It was due to the sudden actions of Pago eTransaction Services GmbH/Deutsche Bank that we were unable to complete the migration. If you continue to require online payment processing services you may contact other payment processors that provide similar services. Searching for "process credit cards online" in any search engine will provide you with possible alternatives.

 

At this time PaySystems will only accept written communication concerning this matter, addressed to:

 

myPaySystems

attn: Legal Department

1500 University Ave., Suite 920

Montreal, Quebec

Canada H3A 3S7

 

 

We would like to extend our sincerest apologizes for any inconvenience this may cause to your business. We thank you for your patience and understanding during this difficult time.

 

 

Sincerely,

myPaySystems Management

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So it looks like the easiest thing right now is to switch over to PayPal. Last I heard, PayPal is processing cards now without requiring the customer to signup for a PayPal account. Is this true? I already have a PayPal Business account, how do I get that setup?

 

-p-

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I dont know how to set paypal up, but it is indeed true that they no longer require people to have an account to make payments via credit card.

True - if you operate in the USA. Outside of the USA customers still have to register.

 

Vger

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Hi,

 

I didn't even get the notices from Paysystems - but they have sent me the last settlement payout - so that?s good.

 

I understand they may be keeping the holdback fund up to 6 months.

 

If I can't get information out of them I'll have to watch this 'space here' - lol.

 

Cheers for this posting Aus911 - Or I would till be in the dark!

 

Gaz

Garry

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Hi,

 

I have 2 store using Paysystems, and only got notification on one account, the second account did not get it. (May be one notification per person. LOL ).

But I got both closed. :( :(

And I'm still trying to locate another payment provider.

Any suggestion?

Please advice.

 

Thank you.

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2CheckOut is ready and eager to work with former PaySystems customers. We offer instant account activation, comprehensive fraud screening of incoming orders, payments on the 1st and 16th day of each month with weekly payments possible after the account has an established history, a 5.5% discount rate and $0.45 transaction fee, support for almost all Authorize.net-capable third party carts, a plug and play cart and e-mail invoicing.

Keith

2CheckOut.com, Inc.

Product Support Group

www.2checkout.com , www.2co.com

 

2CO Knowledge Base: http://support.2co.com/deskpro/faq.php

 

Note: 2CO posts on this forum only as a courtesy to our vendors. There is no guarantee that your reply will be read by a 2CO staff member, and you might not get a response. If you need help, please submit a trouble ticket to our support department.

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Hi,

 

I had a look at 2CO ? it?s a good system but I don?t think it?s ideally suited for GBP as a default since the buyer has to select his currency at purchase time and it?s then converted from USD.

 

Has anyone found a system like Paysystems - where we can work in GBP directly - other than that incredibly expensive Worldpay outfit?

 

Garry (UK)

Garry

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Well you start to get a bit suspecus when your last 5 days of orders are all payment by cheque ( I don't have loads of orders). Did the test and found the problem with paysys. I'm replying here because my site is UK based so I'm in the same boat, here what i've done as a spot-gap :-

 

I already accept postal cheques, I changed the wording on that to accept cash -

'Post Payment (Cheques & PO UK only, Cash UKP, USD & EURO)'

 

Could accept forign cheques over ?100 suppose as HSBC only charge around ?10 to pay these in so if I paid 5 in at a time it would be worthwhile.

 

Then added NOCHEX.COM for UK Bank cards

'UK Bank Card (Provided by Nochex.com)'

 

Finally adjusted already installed PAYPAL.COM to read

'Bank Card - UK, USA & Other Currencies (Provided by Paypal.com).

 

I'm going to leave it as it is for a while and see while I look for more direct processing but I'm not going to pay my bank over ?400 to setup a few bits of text thats a fact.

-----------------------------------------------------------------------------

OSC user for years and no coder, so I've earned my stripes.

 

Feel free to private message me.

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For USA users ... seriously consider using PayPal and QChex. I redid the standard paypal.php file so people can pay via credit card.

 

If you want to do test purchases, go to www.BYUNSPEED.com and make one. Just make sure there is a note somewhere within your payment and I'll immediately refund your money.

 

Go ahead and try using the qchex payment method too. If you do good, PayPal will reduce your rate to 2.2 percent plus 30 cents per transaction. If you think about it, not too shabby considering you don't have to pay a monthly gateway fee, monthly credit card processing fee, etc. etc as you would with any other credit card merchant.

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Hi,

 

I just got email from paysysystems saying that my account migrated to new offshore processor named: Universal Processing, Inc (www.universalprocessing.com) - Total Trans (www.totaltrans.net). I do not know but both name appear in the notification email and other documents I receive.

 

Is anyone even heard about them?

 

And what payment gateway they use? I can not find any information about it on their site and still waiting for their reply (Just send the email sec ago).

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Hi,

 

I've just paid out for Worldpay.

 

A bit expensive but still cheaper than the banks.

 

WorldPay was helpful enough, I asked them a few questions and they answered them fully.

 

I decided to go with them because I can?t do with all this messing about of Processors going bust or losing their gateway etc. and now at least I have credit and debit cards all in one place.

 

Regards to all,

 

Garry

Garry

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