limiting loss ...
Previously I asserted that money was missing from StormPay accounts - that some money had disappeared with no accounting.
I hope that is not true. At this point, I am aware that my calculations were in error.
I have no "evidence" to support the "missing money" assertion at this time.
There remains to be answered the charge that new monies, never previously associated with PTS industry, were taken from StormPay subscribers whose accounts had been zeroed out by chargebacks. StormPay accounts were used by people all across the Internet, for purchasing standalone products, to set subscriptions for services rendered by many different types of websites other than PTS, and for simply exchanging funds with friends and associates.
StormPay allowed an option of having one's StormPay account linked to a personal bank or checking account, so it would be "bottomless" - that is, so that when returns of profit were not sufficient to cover ongoing expenses, the StormPay account would automatically draw from the attached bank account.
The attached bank account had to be in the same name as the StormPay account. Once set up and verified, an account with SP or PayPal is complex to change, as for instance changing PayPal from adroundup.net to jamonbotrading.com would be easier for me to set up a new PP account than try to change the old one.
On the other hand, when your online business receives large amounts of $$ from the public and your processor account is in your personal name as is your bank account, then you may be accused of transferring those funds to personal use when they are withdrawn to your checking account even if it is for business purposes - something which occurs too late to some business owners.
Not everyone put trust in a "bottomless" system because it is too easy to have one's bank account raided when fraudulent transactions are made against an individual SP account. If one chooses to link a bank account to an online processor, such as StormPay or PayPal, a separate bank account in which limited funds are deposited should be used as a way to limit potential loss.
Sadly, not many StormPay subscribers anticipated that StormPay itself would create fraudulent transactions by taking money from outside the PTS system and applying that money to shortfalls created by SP's reducing PTS payout amounts as it deducted its own fees - 3 to 7 % per transaction.
Hopefully we have seen and end finally to StormPay's scummy practices.
I hope that is not true. At this point, I am aware that my calculations were in error.
I have no "evidence" to support the "missing money" assertion at this time.
There remains to be answered the charge that new monies, never previously associated with PTS industry, were taken from StormPay subscribers whose accounts had been zeroed out by chargebacks. StormPay accounts were used by people all across the Internet, for purchasing standalone products, to set subscriptions for services rendered by many different types of websites other than PTS, and for simply exchanging funds with friends and associates.
StormPay allowed an option of having one's StormPay account linked to a personal bank or checking account, so it would be "bottomless" - that is, so that when returns of profit were not sufficient to cover ongoing expenses, the StormPay account would automatically draw from the attached bank account.
The attached bank account had to be in the same name as the StormPay account. Once set up and verified, an account with SP or PayPal is complex to change, as for instance changing PayPal from adroundup.net to jamonbotrading.com would be easier for me to set up a new PP account than try to change the old one.
On the other hand, when your online business receives large amounts of $$ from the public and your processor account is in your personal name as is your bank account, then you may be accused of transferring those funds to personal use when they are withdrawn to your checking account even if it is for business purposes - something which occurs too late to some business owners.
Not everyone put trust in a "bottomless" system because it is too easy to have one's bank account raided when fraudulent transactions are made against an individual SP account. If one chooses to link a bank account to an online processor, such as StormPay or PayPal, a separate bank account in which limited funds are deposited should be used as a way to limit potential loss.
Sadly, not many StormPay subscribers anticipated that StormPay itself would create fraudulent transactions by taking money from outside the PTS system and applying that money to shortfalls created by SP's reducing PTS payout amounts as it deducted its own fees - 3 to 7 % per transaction.
Hopefully we have seen and end finally to StormPay's scummy practices.
posted by JamesB at 9:00 AM
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