myvirtualcard.com and paymonde.com

[pierrefitch]

what is going on with this company they have no more site and don't awnser phone call hope they did not get shut down they owe me lot's of cash

[Lee]

In the words of Run DMC, they took the money and ran

You should have processed through CCBill or Epoch.

This isnt the first company to have done this and it sure as shit wont be the last either.. Unfortunately

Regards,

Lee

[basschick]

i've been reading on another board that they are having bank problems. a few people were paid, and others weren't. not many people on that thread seemed to be hearing back from them.

[Xstr8guy]

In the words of Run DMC, they took the money and ran

Wasn't that the Steve Miller Band? Either way, we are old.

[basschick]

according to google, it's the steve miller band.

does that mean you're older than lee?

Wasn't that the Steve Miller Band? Either way, we are old.

[Lee]

Run DMC did a copy of it also hehe

I do like the Steve Miller version better though and im not THAT old LOL

Regards,

Lee

[Xstr8guy]

according to google, it's the steve miller band.

does that mean you're older than lee?

I'm older than dirt! :crybaby:

Lee is just a pup compared to me.

[mistermee]

Ok, I've been very active on messaging about the Paymonde debacle on GYF and Xbiz and I'll fill you guys in...

About two weeks ago, Paymonde announced that they could not longer bill Mastercards. They offered some lame ass excuse and, when they were caught lying, admitted that their bank was unable to process Mastercards. No problem, they assured webmasters, it will be fixed soon.

At the same time (this was on the 25th October), they mentioned that pay-outs would be delayed. They made their last universal pay-outs a couple of days later and they shut most people up.

Over the last two weeks, they have remained silent about what's happening. They continued to rebill Visas and take new members, but stopped (yes, STOPPED) making payments to their clients (though there are some unsubstantiated reports that they paid a few major clients).

As you can imagine, this set Paymonde's clients off and rightly so. At last count, there were something like 25 threads on GYF and elsewhere, all telling the same sad story about loss of revenue, rebills, etc. Shades of IBILL all over again!!!!

NO-paymonde as they began to be called still made no effort to communicate with its clients. And, of course, they missed several more pay-out dates. Many webmasters began to pull-out of the mess and many more threatened to. Several threatened to do mass cancellations starting today.

Lo and behold, this morning, Paymonde's site disappeared. They pulled the front end and the merchants pages, thereby stopping clients from accessing their accounts and subscriber lists.

Fraud you say? Yeah that and a whole lot more. Dead thievery and a whole bunch of larceny too. At the mo, people are scrambling to pick up the pieces.

For us, we used them as a secondary and so our losses were not horrible (only about 3500 in cash owed and about 120 active rebills). We have written to all past and present members through Paymonde and asked them to rejoin (if they want) through our regular processor (Verotel) and, more importantly, to CHARGEBACK any November or December charges by Paymonde.

I am of the opinion that many other webmasters and site owners are doing pretty much the same thing.

Hard to believe, isn't it, that we can have another major billing company go down after the Ibill debacle, but this is going to keep happening as long as people don't go to jail for these kinds of frauds. I would suggest that you make sure your billing company has in place some kind of system whereby your funds are held securely. As far as I know, only Verotel and Segpay have this kind of system (which I assume is obligatory in the EU).

[Dzinerbear]

In the words of Run DMC, they took the money and ran

Wasn't that the Steve Miller Band? I know I'm showing my age here, but ...

Michael

Oh shit, I just read down, xstr8guy said the same thing ... oh well, it helps the post count. Great minds.

[XXXWriterDude]

Having spoken with Howard in-depth about Paymonde shutting down, and having interviewed him several times for AVN Online, I feel pretty safe in saying that he is not the kind of guy to take the money and run.

The threads on the GFY board are putrid. Everyone talks as if this was planned from the start.

People don't usually set out to swindle people. It's not like Paymonde's bank losing its acquisition rights is something that Paymonde could have controlled. OK, so they weren't totally upfront toward the end. It happens. Bill Clinton didn't tell the truth about his blowjob in the beginning either. Oh well. My feeling is that they were hoping for some kind of resolution to keep them from going out of business, and were trying to hold off clients until they knew for sure.

I also know that for most of their time in business, Paymonde actually paid out a week in advance of their due dates. They treated their customers pretty well.

I just think it's so funny how everybody always wants to assume the worst of others so damned quickly. I think that actually says something pretty profoundly telling about the people doing the assuming, rather than the company going out of business.

[IntenseCash.com]

Wasn't MyVirtualCard the ones who had a gigantic booth in Vegas a couple years ago?

Mark