Power Sellers Unite

lotsofgoodstuff · Joined: 02 Jun 2005 Posts: 282 Location: CA

I signed up but never used it. Glad that I did.

Will we be stuck forever with PayPal?

This is the email they sent out to members this morning:

I am sorry PaySwiss went bankrupt despite my efforts because I did not find a solution with the means which I had and the months passed and the case was emptied.

PaySwiss is now officially and definitively closed, there is nothing to do any more.

I will try to refund each member but that will take a little time (6 months to 1 year).

I ask you not to bombard me messages of threat and other because that will change nothing to the situation.

I will cancel the requests for withdrawal and you ask all again a withdrawal. For the closing of the accounts and to file the data I have to deduct 50$, £, CHF, etc… of the accounts which have assets.

I am really sorry for nuisances which this situation can cause you.

Kind regards,

PaySwiss

knappschiles · Joined: 25 May 2005 Posts: 4027 Location: Wi

Unreal, a swiss that couldn't manage money !!!

I had looked at them too, but by the time I found them, they were already having problems and not taking new customers in the USA.

Carol

Patty00 · Joined: 13 Dec 2005 Posts: 1012

You need big big money behind you to start up a business like that. Back when Paypal started it was a joint operation between Nokia and Duetsch Bank.

lammergeiernet · Joined: 01 Feb 2005 Posts: 1007 Location: Canada

The site had very poor English

In Switzerland speakers of fluent English are common amongst those even with a year of University and often speak the Queen's English far better then native English speakers. :oops:

That was a red alert....beware payment services with little track record ,only track record they had was when service closed its doors once before.

Also the site was poorly designed , I've seen Swede highschool kids make flashy corporate style websites wth fancy homemade graphics.

E-Gold ,MoneyBookers ,Paypal have at least been around for a very long time for the internet.

diesel · Joined: 13 Aug 2006 Posts: 145

"I signed up but never used it. Glad that I did.

Will we be stuck forever with PayPal? "

Why would you be stuck with Paypal when there are better alternatives out there like www.moneybookers.com? Moneybookers is a blessing for international buyers and sellers. They accept the most number of countries and are very easy to use. Moneybookers make sure they know their customer that is why fraud is minimal if none at all.

knappschiles · Joined: 25 May 2005 Posts: 4027 Location: Wi

"Why would you be stuck with Paypal ?"

There is also Google Checkout. Yes it isn't as easy to use as PP, but it is a big company and it is here in the USA. I think as we get used to it, GC might at least put a dent in PP.

Carol

terrif · Joined: 28 Mar 2005 Posts: 57

There is also StormPay which is just as easy to use as PayPal,
been online since 2002, AND offers a low $1 transaction fee as
opposed to PayPal's 2.9%.

http://www.stormpay.com/?973&psvpp

knappschiles · Joined: 25 May 2005 Posts: 4027 Location: Wi

terrif wrote (View Post): › docWrite("quote")There is also StormPay which is just as easy to use as PayPal,
been online since 2002, AND offers a low $1 transaction fee as
opposed to PayPal's 2.9%.

http://www.stormpay.com/?973&psvpp

Is that a $1 or 1% ??? Makes a big difference. I sell rather low dollar items and my PP fee is usually around 0.40 - 0.55 total.

If StormPay's min fee is $1, it would be a lot higher for me than PP is.

Carol

lammergeiernet · Joined: 01 Feb 2005 Posts: 1007 Location: Canada

Stormpay has a very poor reputation ,its notorious and has alot of issues , iits the Swisspay of the USA :shock:

There are several reputable payment systems linked to Canadian banking and regulation which are ideal for Canadians and perhaps cross-border Americans.
Certapay
Interac Online
Hyperwallet

Canadians are waiting for Google Checkout :) it would be great !

Paypal is ok ,only because its so popular ,but I prefer MoneyBookers (great for international) as a far greater payment system
Auction Checkout is said to be ok its a partner of both eBay and Moneybookers

E-Gold ,backed by real gold was the odd child of the 1990's but has become as popular as Moneybookers and serves countries that other payment systems don't.

X-Coin I have less of an opinion about , they have made partners with Overstock and flirted with Onlineauctions.com , I know they work with HK,Canada and USA but nobody has contacted me about them from my website and people prefer Paypal and Moneybookers and Certapay so far.

Certapay is one of the best systems and if you have alot of Canadian clients or a Canadian seller you should consider it.

Otherwise I would go with Moneybookers and I'm interested one day in having Googlecheckout as I get alot of google traffic and I want that icon in search hehe ! 8)

P.S.
I reccomend more services then just the ones that have affiliate programs )

terrif · Joined: 28 Mar 2005 Posts: 57

Well you're entitled to your opinion. However I strongly disagree
and have been using them since they began. I have always been
pleased with their service, and have 100% confidence in their integrity.

Terri

lammergeiernet · Joined: 01 Feb 2005 Posts: 1007 Location: Canada

BBB Interim Report

BBB Definition:

Report - A summary of activity reflected in a company's BBB file. Includes basic business background, BBB membership information, and Bureau complaint activity over the previous three years. Also reports may include any known government actions, advertising issues

BBB Definition:

advertising issues - Claims alleging print or electronic media advertised claims or practices misrepresent the service or product offer.

or other information that results from activity conducted by the BBB.

Dated February 16, 2006

From January 1 through February 16, 2006, the Better Business Bureau has received 812 complaints from consumer stating that the company has frozen their online accounts and will not make available the funds in those accounts. While the company has been notified of each complaint filed with BBB, it has not answered or resolved

BBB Definition:

resolved - The company resolved

BBB Definition:

resolved - The company resolved the complaint issues.

the complaint issues.

them.

On February 16, 2006, BBB discontinued processing complaints with the company due to the company's failure to respond to complaint volume.

Customers with complaints may continue to file them with BBB. BBB will forward all complaints to the appropriate regulatory authority.

This company first came to the attention of BBB by means of consumer inquiry in September 2002 and was operated by John R. McConnell, Jr. From September 2002 through May 2005, the company received 44 customer complaints concerning the company's failure to allow customers to withdraw available funds, poor customer service and failure to provide laptop computers per the company's computer matrix program. These complaints were closed by BBB as unanswered and unresolved

BBB Definition:

unresolved - The company failed to resolve the complaint issues.

.

On May 13, 2005, BBB received a telephone call from Steve Girksy indicating that he was the new CEO and customer contact. At that time, Steve Girsky requested all unanswered and unresolved

BBB Definition:

unresolved - The company failed to resolve the complaint issues.

complaints. Girsky provided the company's position on the previous complaints. 17 of the 44 complaints were closed as unresolved

BBB Definition:

unresolved - The company failed to resolve the complaint issues.

.

From May 2005 through December 2005, the company received 18 complaints concerning the company's failure to inform and follow up with its customers when it suspends accounts, failure to release funds in a timely manner and failure resolve complaints directly with its customers. The company had responded to these issues by providing an explanation, releasing funds or by making refunds.

John R. McConnell, Jr. is also identified in BBB files as the registered agent of NetIBA on which BBB maintains a separate file which is available at your request.

On August 7, 2003, the Tennessee Securities Division of the Department of Commerce & Insurance issued an "Order to Cease and Desist" (file number 03-020) with TymGlobal, Inc., StormPay, Inc. and John R. McConnell, Jr.

The order states that TymGlobal and StormPay are under common ownership and/or control. TymGlobal operates an internet website which is registered to StormPay. On the internet website, respondents are operating a pyramid and/or Ponzi scheme promising large returns on investments for participating in the scheme. The order further states that TymGlobal has not registered any securities offerings with the Division pursuant to Tennessee Securities Act of 1980. Nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer or investment adviser. Also, the respondent StormPay has not registered any securities offerings with the Division nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer, or investment adviser. John R. McConnell, Jr. has not registered with the Division as a broker-dealer, an agent of a broker-dealer or as an investment adviser.

Potential investors were given the opportunity to invest in both partnership shares as TymGlobal as well as to participate in various Ponzi schemes. Respondents promised a high return. The offering of participation in the schemes sold by the respondents is an investment contract and thus, a security under the act.

The Division ordered the respondents TymGlobal, StormPay and John R. McConnell, Jr to cease and desist the conduct of a broker-dealer in the state of Tennessee until such time as it effectively registers with the Division. The order did not intend to prohibit lawful conduct of the respondents.

For additional information concerning this order, please contact Daphne Smith, Assistant Commissioner for Securities, State of Tennessee, Department of Commerce and Insurance, Suite 680, 500 James Robertson Pky, Nashville, TN 37243.

terrif · Joined: 28 Mar 2005 Posts: 57

I posted about those BBB complaints months ago.

Quote: › docWrite("quote")There was a post regarding the 12dailypro scam and complaints to the BBB against StormPay. In a nutshell, StormPay was asked to freeze accounts associated with 12dp by government agencies. It is StormPay's policy to cooperate with any government agency upon request. There were over 300,000 members participating in the ponzi
12dp who were very angry when this happened. It is from this group that those complaints to the BBB originated. You may view the SEC report on 12dp here: http://www.sec.gov/news/press/2006-26.htm

If you prefer not to use StormPay, that's your choice. I don't see why
you feel it's necessary to bash them though. They have been thoroughly
investigated by several government agencies when they agreed to work
with them through the audits. The fact that they are still alive and well
should tell you something.

terrif · Joined: 28 Mar 2005 Posts: 57

knappschiles wrote (View Post): › docWrite("quote")terrif wrote (View Post): › docWrite("quote")There is also StormPay which is just as easy to use as PayPal,
been online since 2002, AND offers a low $1 transaction fee as
opposed to PayPal's 2.9%.

http://www.stormpay.com/?973&psvpp

Is that a $1 or 1% ??? Makes a big difference. I sell rather low dollar items and my PP fee is usually around 0.40 - 0.55 total.

If StormPay's min fee is $1, it would be a lot higher for me than PP is.

Carol

Actually, it's 2.9% + $0.39 or $1.00 per transaction, whichever is lower.

diesel · Joined: 13 Aug 2006 Posts: 145

In my opinion, the reputation of stormpay is extremely poor as compared to Moneybookers.

I would even rather use e-gold than stormpay.

E-gold and moneybookers do not try to defraud their own users unlike stories regarding stormpay.

Moneybookers is definitely on a level on its own with regards to "know your customer" verification process.

Just an opinion.

lammergeiernet · Joined: 01 Feb 2005 Posts: 1007 Location: Canada

That Stormpay has more complaints to BBB than any other Middle Tennessee or Kentucky firm is a matter of public record.

Most of the posters on Powersellers Unite are serious sellers and a payment service is a rather serious choice. The situation with Swisspay is a prime example of what most serious sellers would wish to avoid.

Not only has Stormpay had a history of accounts being frozen ,it has a limited subscriber base and is expensive.

2.9% + $0.39 or $1.00 per transaction, whichever is lower
Withdrawals
Check (Cheque) by mail $2.00
Direct Deposit to U.S.
Checking account $1.00
Check by Courier U.S. $20.00
Check by Courier Intl. $35.00