renegade payment processor ...
My StormPay balance today has been reduced from over $80.00 to $0.00
Everyone I know with a StormPay account is currently reporting the same $0 balance.
Checking my account history shows no entry regarding the absence or removal of money from my account.
As regards the PTS industry, StormPay has denied access for PTS site owners across the board. PTS owners are unable to make payouts at all, much less on time. Reactions vary - some sites decided to close, while others continue as best they can, or wait to decide what to do next.
Some PTS members, as they will often do in such a situation, immediately asked for refunds of their PTS upgrades or advertising purchases when they realized there was a problem. Many people generally do not affinity with either the site or the payment processor, but instead only want their money.
One of the most bizarre elements of this situation is that StormPay seems to decide which of its subscribers is due a refund ( and why ), without informing the site owner(s), which means the site owner has no way to know whether its member has been paid back or not. It might be possible for a site owner to read a member's address in SP account history - a tedious task of matching to members deposits ... but that check might not be available to a site owner for up to 180 days according to StormPay TOS.
If the site owner refunds its member directly without knowing the member has already been paid, the site may not recover that loss since many people are not so generous as to admit such a mistake, preferring to keep the windfall. Such losses can quickly put a site out of business.
Since it appears that all StormPay balances are currently set to zero dollars, the outlandish actions of StormPay are affecting much more than just the PTS industry. Any online business that depends to a greater extent on StormPay, having a significant portion of operating capital on deposit with StormPay, is effectively shut down right now.
Not many sites can continue running for six months with a majority of its earnings and funds held hostage by a renegade online payment processor.
This story is a major battle and getting worse.
Everyone I know with a StormPay account is currently reporting the same $0 balance.
Checking my account history shows no entry regarding the absence or removal of money from my account.
As regards the PTS industry, StormPay has denied access for PTS site owners across the board. PTS owners are unable to make payouts at all, much less on time. Reactions vary - some sites decided to close, while others continue as best they can, or wait to decide what to do next.
Some PTS members, as they will often do in such a situation, immediately asked for refunds of their PTS upgrades or advertising purchases when they realized there was a problem. Many people generally do not affinity with either the site or the payment processor, but instead only want their money.
One of the most bizarre elements of this situation is that StormPay seems to decide which of its subscribers is due a refund ( and why ), without informing the site owner(s), which means the site owner has no way to know whether its member has been paid back or not. It might be possible for a site owner to read a member's address in SP account history - a tedious task of matching to members deposits ... but that check might not be available to a site owner for up to 180 days according to StormPay TOS.
If the site owner refunds its member directly without knowing the member has already been paid, the site may not recover that loss since many people are not so generous as to admit such a mistake, preferring to keep the windfall. Such losses can quickly put a site out of business.
Since it appears that all StormPay balances are currently set to zero dollars, the outlandish actions of StormPay are affecting much more than just the PTS industry. Any online business that depends to a greater extent on StormPay, having a significant portion of operating capital on deposit with StormPay, is effectively shut down right now.
Not many sites can continue running for six months with a majority of its earnings and funds held hostage by a renegade online payment processor.
This story is a major battle and getting worse.
posted by JamesB at 9:00 AM
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