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Feb 20, 2005, 03:54 #1
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- Feb 2005
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www.paysystems-vs-pago.com (is this a hoax?)
As one of PaySystems.com victims, I received this email on Feb 8, 2005 sent by firstname.lastname@example.org
Anyone in the same boat also received this email?
But I can't logon to the website mention in the email.
Is this a hoax?
Any advise is welcomed.
Dear myPaySystems Merchant,
On behalf of PaySystems, I am writing to update you as to the release of your myPaySystems account funds. At this time, we are confident your funds will be returned to you but we cannot predict the length of time it will take. We understand your frustration and the impact this may have on your business and want to assure you that we are doing everything in our power to return your funds as soon as possible.
I am aware that there are theories circulating that PaySystems voluntarily terminated the IBA services. This is categorically false. We incurred no financial gain from the termination of the popular myPaySystems IBA solution. On the contrary, we have suffered irreparable damage to our business and reputation. The shutdown of the IBA was initiated by our transaction processor, Pago eTransaction Services, who not only abruptly terminated processing services for myPaySystems accounts, but also froze access to your funds on August 5th, 2004.
I also understand that many merchants have been having difficulty reaching us since the shutdown occurred. This is due to two reasons. The first is that we had to significantly reduce expenses and resources related to supporting the popular myPaySystems ecommerce solution. With a limited number of employees, we simply did not have enough staff available to communicate with each merchant affected. The second reason is that Pago was (and still is), providing very little information as to when the funds will be released.
Another current misconception I would like to clarify is that PaySystems arbitrarily imposed chargeback fines and penalties assessments. This is also untrue. In October 2004, approximately 26% of our merchants were notified of chargeback fines & assessments. These fines originated from Pago and the credit card associations, and we had no choice but to in turn fine those merchants having surpassed maximum chargeback thresholds.
I would like you to know that PaySystems is steadfast in its commitment to return your funds. To this end, PaySystems is now spearheading litigation, the primary objective of which is to obtain funds for redistribution to all affected IBA merchants. PaySystems will be paying all of the legal costs of this lawsuit while giving you the right to recover up to twice the amount owed to you at the time of final judgment. We will be making available within the coming weeks, a copy of the legal proceedings, as well as your Funds Distribution Agreement, whereby you will be given a direct right to recoup sums owed to you on a prorated basis from the damages awarded pursuant to the lawsuit.
We would like to once again reiterate our profound regret in our unsuccessful attempts to secure and release your funds and vow to you that we will continue to aggressively pursue Pago in this matter. We are of the unwavering opinion that Pago’s abrupt termination of processing services for all myPaySystems account holders was done in a manner which is contrary to the requirements of good faith and in violation of Pago’s obligations towards PaySystems and its myPaySystems account holders.
In the interim, we have published a website at www.paysystems-vs-pago.com that will provide you with complete details of the situation with Pago and will be the ongoing source for updates. If you wish to speak to me, I will make myself available. Simply send me your phone number through the contact form on this website and we will make sure to get back to you.
President & CEO
1500 University, Suite 920
Montreal, Quebec H3A 3S7
Note: This letter and Funds Distribution Agreement are addressed to you confidentially and without admission or prejudice, with a view of settling any dispute that may exist between your company and PaySystems.
(PLEASE DO NOT REPLY TO THIS E-MAIL)
Mar 23, 2005, 20:25 #2
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- Apr 2003
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I'm at the same boat as you are.
I even get the bulletin by email and postal mail.
But I can't logon.