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AdultKing · 12-02-2014, 04:30 PM

Over time we and other organisations have been changing the assessment that payment processors and the card companies make of the file locker business model. This is not an overnight process however I am sure we will arrive at a point where it will be nigh on impossible to gain merchant processing for a file locker that pays uploaders.

This process means that we have to demonstrate to the risk companies, peer to peer payment processors, acquirers and card networks that the file locker business model should be classified as high risk and treated as such. To a certain degree we and other organisations have been successful and the education process is continuing.

We are working to unwind almost 10 years of unmitigated proliferation of this business model and we have downsized the file locker industry with a very small support framework in place to do so. To expect completion of such a task within a couple of years is unrealistic, I had hoped it would be quicker but this is a complicated process.

There is no doubt that it is much harder to obtain payment processing for file lockers today than it was two years ago. It's only going to get harder for them.

Cutting off the money supply to file lockers does result in them shutting down.

12-02-2014, 04:30 PM
AdultKing Raise Your Weapon Industry Role: Join Date: Jun 2003 Location: Outback Australia Posts: 15,605	Over time we and other organisations have been changing the assessment that payment processors and the card companies make of the file locker business model. This is not an overnight process however I am sure we will arrive at a point where it will be nigh on impossible to gain merchant processing for a file locker that pays uploaders. This process means that we have to demonstrate to the risk companies, peer to peer payment processors, acquirers and card networks that the file locker business model should be classified as high risk and treated as such. To a certain degree we and other organisations have been successful and the education process is continuing. We are working to unwind almost 10 years of unmitigated proliferation of this business model and we have downsized the file locker industry with a very small support framework in place to do so. To expect completion of such a task within a couple of years is unrealistic, I had hoped it would be quicker but this is a complicated process. There is no doubt that it is much harder to obtain payment processing for file lockers today than it was two years ago. It's only going to get harder for them. Cutting off the money supply to file lockers does result in them shutting down.