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Problem with Russian Pay zip-please read


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I'm not in the habbit of posting personel emails, but I got this from Acca47 today, who I had a good transaction with. States Payzip is holding his funds for the last year of sales and action by me is needed to resolve. Any advice after reading, or have you heard anything on this?

 

 

EMAIL

 

The company I was accepting credit card payments thru (Payzip) went belly-up and

all my money resulted from

the sales of Saiga stuff are lost - I kept it at Payzip's bank (AsiaDebit). I

humbly ask you to take time to

read all my message thru - I need your help on trying to get back the funds.

 

 

Payzip sent me on Feb 15th this announcement:

 

-------------------

It is with great regret that we have to inform you that Payzip's merchant

accounts have been

closed down by our acquiring banks. The accounts were closed down due to

pressure from Mastercard,

who claims that Payzip is a third party payment processor.

 

On top of the closure, they will fine our company, Asiadebit Pte Ltd

(Singapore), 2,500 USD per day dating back since the

day we started operating Payzip. This adds up to several million dollars.

 

We have no other choice but to cease operations effective immediately.

 

We understand that this will also have huge implications on your business as

there are outstanding funds due to you.

 

If we get any funds released, we will of course disperse it back to you. The

chances for that to happen at this point look

pretty grim though.

--------------------

 

 

On Feb 27th I received from them another message:

 

--------------------

We have decided that there is no point in continuing this business as the loss

has simply been too big and the current situation proves that our type of

business is not popular among the card associations. It would simply not be

feasible to try to stay in business for us. For those looking for alternate

solutions please contact 2checkout.com or PayPal.

--------------------

 

Well, that means that ALL my money I ever received thru credit card payments (a

whole year back to Feb 2005)

are blocked - I foolishly kept almost all the funds in their Asiadebit bank

account, besides, as required by bank or credit card companies, Payzip'd been

taking 15% off each transaction as rolling reserve against possible fraud - how

funny!

 

As one guy noted on a forum, "Payzip felt very safe: they are based in Singapore

(one of the strictest and safest banking system in the world) and had excellent

customer service (they were very helpfull and quick to answer)."

 

So, I will never get back my money. Payzip do not have heart to tell it upfront

so their site http://www.payzip.com/ just says "Note :Due to closure by

MasterCard we are unable to take in new applications at this time until further

notice."

Their merchants' entry site www.payzip.net is simply down - probably to prevent

us merchants from accessing important data.

 

But a lot of people are MAD at them and post thru numerous forums trying to

gather together and figure out a way to fight back their money - you can read

some stories here:

 

--

http://www.webhostingtalk.com/showthread.php?t=487109&page=3

Thread: PayZip Shuts up Shop - Sued by Mastercard !

--

 

So, to summarize all this, I need to ask you to CHARGE BACK on your payment

(your money will be returned back by credit card company), and send me money for

the goods you already received from me (but for which I havent actually received

money) via Western Union money transfer AT MY expense. If you can do this, I

will provide my details for WU transfer.

 

I just have to rely on my customers to send payments again...this is my only

chance of ever seeing any moneys.

 

 

Here is details of your order:

--------------------------------

1/12/2006 Saiga 12ga Laser Corsak-22 115.00 USD PAID

killerbombo@aim.com

Order Status PAID

Date 1/12/2006 10:10:00 AM Paid on 1/12/2006

Description Saiga 12ga Laser Corsak-22

 

 

--------------------------------

 

You can say to your bank that you never received the items ordered thru Payzip

(Payzip acted as the seller of the goods) or the goods were either defective/not

as advertised and ask for your moneys to be refunded.

 

Sorry for all this hassle ...I'll be await for your response.

 

 

 

 

--

Best regards,

Acca47 mailto:saigamags@ToughGuy.net

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Yeah I got one too. I just sent him an email back saying I would help. If anyone else here has ordered anything in the past year from him it would be cool if you did the same. He got fucked royally and prolly will never see any of the money for all that stuff he hooked us up with unless we each spend a few minutes and help him out.

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I guess it no harm, no foul if I can get Payzip to reimburse me. It just sounded a little odd and I couldn't find the firestorm of threads against Pay zip on a search of the web that I had expected to see. Acca47's been a good provider for this boards members so I thought I'd see if anyone heard anything about this B.S..

My second question is how the hell I deal with getting my info out of their data base, or just dump the card I put it on (not MasterCard) as if they'de fuck their customers, bending me over too wouldn't be something I'd put past them.

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he needs to sue. the should still have his money, regardless, and they should still be forced to pay him HIS money that was held and invested (if poorly), and blah blah blah....

 

someone would be hanging from a pole if that were me. the CEO isnt broke. sue his ass. they owe CASH to him.

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This is a perfect example of the pitfalls out there. I'm not criticising anyone who trusted Payzip and got screwed, that's really too bad and I hope you can get reimbursed or have the charges reversed. Perhaps do a traditional charge "dispute" as though the seller didn't deliver the product. Might work. But this is a classic modern day internet trap, that is, trusting companies that "seem" legit based on the fact that they have been in business for a year and seem nice and have good customer service.

 

Payzip was probably just a guy with a server in an office somewhere or even in his garage. Or even just a small company with a storefront and a Singapore address but maybe not even in Singapore. No oversight, nothing. Just someone with a credit card processing account and taking a cut for processing a transaction as a middle man, which you can't do but who is going to stop them?

 

Guys, you can't trust any of that crap. You can't even trust a big company like Paypal for that matter, but you do get a little more protection from U.S. law.

 

I think that any money that you are willing to send oversees for parts is money that you have to be willing to lose. But at least use a method that gives you some chance to try to retrieve it. I know that nobody likes paypal, but there are alternatives to that from companies that are owned by Citibank and the like.

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isn't your money insured, I think they will have to reinburse whatever monies you had in the account, is probably going to take time, but they can't keep the money, they can go bankrupt, out of business, burn their operation down, but if it was a reputable company and not a make believe company trying to commit fraud, you should get your money back. They can't get away with fucking the american merchants, in order for them to do bussiness in the U.S. they had to do alot of paperwork and get permits to operate with visa and mastercard and banks in the U.S.

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I also got the same email. With the same 'suggestion' and as Z1500 put it - for me to act on that suggestion does constitue Fraud and I'll be damned if I am put inside a courtroom again.

 

My experience with the US Court system has jaded my otherwise sterling outlook on life.

 

So what can we do legally? I picked up 2-five round mags from him July 2005. Crappy bookkeeper that I am I got rid of any paperwork.

 

Anybody got a plan to help a man who has provided us with parts, accessories and advice?

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I agree, fraud is fraud. My sister never did a charge-back because she thought it sounded fishy. Acca47 should bear the burden of trying to get his money back. Problem is, if this has happened to a lot of people, even if he does sue, how much will they actually get?

 

My brother-in-law got jacked for over $150 through paypal because he left his funds in there. The buyer said it was a defective product and disputed the charge. Guess what? They yanked the cash out and he never got the wake-board back. The user has since disappeared...Supposedly they were investigating, but that was over 9 months ago. That's buyer protection for you. I have an empty checking account tied to my paypal account now and as soon as funds arrive, I remove them entirely.

 

O.K. I'm done...

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My second question is how the hell I deal with getting my info out of their data base, or just dump the card I put it on (not MasterCard) as if they'de fuck their customers, bending me over too wouldn't be something I'd put past them.

 

To my mind, Payzip is not scammers - they just didnt do their homework prior to entering the market of credit card transactions. So, they are fucked up by Mastercard - as folks at Wehhostingtalk are suggesting it's just Big guy kicking Small guy's ass. But the fact Payzip is not scammers doesnt make me feel better - as I cited in the email, they clearly stated that "We have decided that there is no point in continuing this business as the loss has simply been too big and the current situation proves that our type of business is not popular among the card associations. It would simply not be feasible to try to stay in business for us." - so it apparently means that I wont see my money.

Edited by acca47
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Then (Visa) they will notice a pattern where every customer who ever bought from this one vender is all doing a charge back at the same time. A few calls to and from VISA to Payzip and it will not take a rocket scientist to figure out what is going on.

 

 

In my case, Payzip IS the seller - that;s the way 3PP (3rd party processers) companies are operating.

So ALL charge backs will be targeted at PAYZIP - not myself. And there are many _former_ Payzip merchants who's been callign their customers and initiating charge backs - cause it's THE ONLY way to get at least SOME money back.

 

Mind you, I didnt expcect ALL my customers listen to me and do as I ask them. More to this, one wise guy at Webhostingtalk forum warned us Payzip merchants:

 

-----

It is then up to the customer's honesty and willingness to help you to resubmit payment once they get their money back. Some will do nothing, some will charge back and keep the money, some will charge back then give you your money. In any case based on personal experiences you will see maybe 15% of the money PayZip owes you. That is exactly 15% more than you get if you do nothing.

------

 

So far it seems like 15% estimate is too good - except Cobra, nobody reacted positively to my inquiry.

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acca47,

As I said in my email, I sympathize with your situation and I will help you in any way I legally can, but I won't do anything even remotely fraudulent.

 

I kept records of our transaction, if they can help you in any way, let me know.

 

Good luck my friend,

 

A|G

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"We have decided that there is no point in continuing this business as the loss has simply been too big and the current situation proves that our type of business is not popular among the card associations. It would simply not be feasible to try to stay in business for us."

 

this means that they can pay you your money if you can prove that it is yours. what assholes. they lost money, and are getting out of it, and they think they have the right to just keep everyone's money? thats not how things work.

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  • 11 months later...

Acca47, people who claim they didn't get the merchandize (that did) and do charge backs may be committing fraud, and you may be committing a crime for suggesting they do this. I feel bad about what happened to you, but this plan may make things much worse and for lots more people. BTW, why didn't you just take credit cards? It's easy to get set up for that and only costs you 3%. If you haven't at least consulted with a good lawyer, I suggest you do. They will tell you the best way to recover your money, or tell you there is no way and chalk it up to a business lesson learned the hard way. That would be better than reading suggestions from people like me.

Allan Schisel

Edited by allanschisel
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