StormPay enforces "one and only" policy
One of the "big 3" in online payment (Paypal-Egold-Stormpay) released a new policy for online merchants.
They require merchants to have StormPay as there "one and only" payment provider if they want to keep StormPay on their website.
Whatever you think of this move, it's time to decide pro or contra StormPay in these days.
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31-Jan-2006 14:40
Due to high volumes of fraudulent transactions made to merchants with commission based business models, StormPay can no longer process payments for those type of merchants who choose to accept more than one payment processing solution.
Using more than one payment processor is exactly the situation that “fraud” seeks out. This enables the fraudulent user to set up a fake profile with either of the processors, make a purchase or join the program, and then withdraw their earnings to the other processor where the real identity is used. This sort of activity makes it nearly impossible for either processor, or law enforcement to properly handle the fraud because the “trail” comes to an end. This is the cause for a great many chargebacks to those merchants which can be avoided.
As of 1/30/2006 StormPay must require Merchants with a commissioned based business model who choose to accept StormPay, to only accept StormPay. StormPay certainly does not wish to dictate how our merchants run their business, all merchants are free to choose any processing solution that best suits their needs. We understand you have choices and certainly hope that choice is the online leader – StormPay. However, if another payment solution is used, please immediately remove StormPay from the associated website as a funding option and continue to use the StormPay account funds to finish payments to those members who paid using their StormPay account.
At StormPay we truly care about our merchants’ and the overall success of their business and sales and for that reason we have implemented these very necessary changes. Thank you in advance for your understanding in this very crucial matter.
StormPay Inc.
>>
They require merchants to have StormPay as there "one and only" payment provider if they want to keep StormPay on their website.
Whatever you think of this move, it's time to decide pro or contra StormPay in these days.
<<
31-Jan-2006 14:40
Due to high volumes of fraudulent transactions made to merchants with commission based business models, StormPay can no longer process payments for those type of merchants who choose to accept more than one payment processing solution.
Using more than one payment processor is exactly the situation that “fraud” seeks out. This enables the fraudulent user to set up a fake profile with either of the processors, make a purchase or join the program, and then withdraw their earnings to the other processor where the real identity is used. This sort of activity makes it nearly impossible for either processor, or law enforcement to properly handle the fraud because the “trail” comes to an end. This is the cause for a great many chargebacks to those merchants which can be avoided.
As of 1/30/2006 StormPay must require Merchants with a commissioned based business model who choose to accept StormPay, to only accept StormPay. StormPay certainly does not wish to dictate how our merchants run their business, all merchants are free to choose any processing solution that best suits their needs. We understand you have choices and certainly hope that choice is the online leader – StormPay. However, if another payment solution is used, please immediately remove StormPay from the associated website as a funding option and continue to use the StormPay account funds to finish payments to those members who paid using their StormPay account.
At StormPay we truly care about our merchants’ and the overall success of their business and sales and for that reason we have implemented these very necessary changes. Thank you in advance for your understanding in this very crucial matter.
StormPay Inc.
>>
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