Comments on: Paymex paygo paypal paywhatever

By: Dave

Dave — Tue, 03 Aug 2010 02:17:57 +0000

Any business that goes under because of a single bad customer is obviously is such bad financial shape they would have gone under anyway, given time. Bad debts are part of any trading business, and good businesses manage their exposure to bad debt carefully.

By: Rob

Rob — Mon, 06 Oct 2008 07:59:22 +0000

We were burnt in this whole mess by around $500. There have been some very valid points mentioned above, and I like many of those hurt by this are not willing just to sit back and watch my hard earned money be flushed down the toilet.

Firstly, what is happening to the client of Paymex who committed the original fraud. The big transaction that brought Paymex down had two sides, and someone still has all of the money.

There is no way that OUR money should have been used to pay back the credit card (i assume visa). The %$%^&% that did the transaction should be tracked down and made accountable.

I just had a look at the paymex website now, and have a strong feeling that it has not actually been bought out, but it is the same people starting it up again…. but I could be wrong. But all the same, as mentioned above, how much was paid for the company, and where did this money go? Legal fees no doubt!

I am not happy with any of this and someone other than the innocent hard working parties caught up in this crap needs to be held accountable

By: Sam

Sam — Fri, 26 Sep 2008 05:10:11 +0000

Taking over a business that is bankrupt without taking on the debt?
You have to ask then have they paid anything to the liquidator for the business?

If they have indead taken anything off the liquidators hands ie the customers/the name/ the whatever.

That is indeed an asset that belonged to that business.

If they have got those things for free (by not taking on debt of the company or putting money into paying someone) then it seems a bit fraudulent to me.

What money has the new company “taking over” paymex paid to get the customer accounts/contacts/ the name/ the business model etc etc.

Sam

By: Murray Moffatt

Murray Moffatt — Fri, 26 Sep 2008 00:15:18 +0000

Oh, and as for Paypal shutting down accounts whenever they feel like it, yes that definitely happens. You just need to do a search for “hate paypal” or “paypal crooks” or “paypal sucks” etc and you’ll find lots of people that have been burnt by Paypal.

Although I must admit that in my experience I haven’t had any problems with them and have done several thousand worth of business through PayPal in the last few months.

BUT! You can be pretty sure that just about every credit card processing company in the world has a condition in their Terms and Conditions that they can pull the plug on you at any time and for any reason that they see fit.

By: Murray Moffatt

Murray Moffatt — Fri, 26 Sep 2008 00:06:13 +0000

It is standard practice for new owners that are taking over a bankrupt company to not take on any of the debt from the previous owners.

I think it stinks too, but that’s big business for you.

By: jandal

jandal — Thu, 25 Sep 2008 04:03:14 +0000

So does anyone have any other options?

From what I read about PayPal, they can freeze your account when they feel like it, meaning you most likely never see it again.

That is a kind offer by DPS.

Thanks,

By: pippa

pippa — Thu, 25 Sep 2008 00:45:31 +0000

Direct Payment Solutions, (DPS) are offering to sponsor the setup fee for any merchants left without payment processing when the Paymex company went under.

i think that is pretty cool of them isnt it.

By: Sam

Sam — Wed, 24 Sep 2008 02:10:10 +0000

Latest update from my merchant.

Merchants will be unlikely to get anything from the liquidator.

All money is being frozen for charge backs.
Sounds like it is up to the purchasers to attempt to get their credit card company to claw back anything they can through charge reversals.

I have sent in my paper work and will be awaiting the results over the next few weeks.

In my opinion buying a companys clients out, and their systems but not taking on any of the debt… I would be higly dubious about using that company again, even under new owners.

What kind of customer service is that, oh we are the new owners we don’t take responsibility for any of the past problems but please trust us and use our services in the future..

That could make a great tui add,

Yea right…

By: Stevo

Stevo — Mon, 22 Sep 2008 04:03:39 +0000

Sam, from what I understand Credit Card company clawed the money back from PAYMEX and returned it to the actual credit card owner. Paymex has not been able to claw funds back from actual Paymex subscriber.

I guess once we withdraw the funds out of the paymex system paymex can not go into our personal/business acount and take the funds back as required. Looks like paymex got left holding the baby. We, in return, all pay the price….

Does that make sense…?

Stevo

By: Stevo

Stevo — Mon, 22 Sep 2008 00:05:54 +0000

Hi Sam,
Yes another company (Enform)has taken over the systems and clients (but not the debts of course).

I have spoken with both Enform and the liquidator (but not this week)
If you wanted to know exactly yourself what is happening contact enform – they have a website http://www.enform.co.nz and they will give you the liquidators phone number – his name is Kim.

When I spoke with Kim on friday (via cellphone) he was just sitting down with the BNZ lawyers trying to find a way forward….

He gave me a quick outline of the situation (as he would for you also) as of Friday.

Certainly the Enform people who are taking over are not liable for previous transactions/debits.

I for one will be very cautious about using paymex again – what ever form it take…..

Stevo