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sorry for the typos, as i was writing this is a super hurry from a microsoft shit type of keyboard (the old one that is splited in 2) ..:)
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Who will survive. |
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Try to understand it this time :winkwink: |
I'm certainly not going to be doing epass payments for free or for anything as small as $50 anymore. Maybe I could do it with a $200 limit, but can't afford all those new wire fees (since we pay all the credit card processing fees for affiliates already). Paycom only charged us $2 to send our money to epass. This is mega lame.
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Want to share? :) |
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....... |
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Just lookin out here.
Webmasters better read this thread its important. |
This thread is making me shit my pants
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yup. those are the huge news.
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This needs bumping and reading a lot more. greenlab's post - if it is true - makes me very nervous.
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hey rowan, take a look at this : If you are offered a gift site and a gift ePassporte Visa, you accept that offer and you meet the eligibility requirements for the offer, then the following applies to you: A marketing company will purchase an ePassporte Virtual Visa account on your behalf. An ePassporte Virtual Visa is a pre-paid Visa product that allows you to purchase goods and services over the Internet. Because it is a pre-paid Visa product, the creation of the ePassporte Virtual Visa will not affect your credit rating, extend any credit to you, nor incur any debt in your name. By accepting the offer you agree that the marketing company and ePassporte may receive personal data about you (which data will NOT include the account number you use to purchase a membership from the Company), create an ePassporte Visa on your behalf, facilitate the transaction processing for your membership to the Gift Site and send communications to you. Also, by accepting this offer, you agree to ePassporte's Terms and Conditions. Once an ePassporte Virtual Visa has been created on your behalf, each month that the Gift Site membership remains active the marketing company will load sufficient funds onto the account to cover all costs of the Gift Site. Paycom will bill you for that Gift Site membership immediately upon the loading of the funds. In addition, however, the marketing company will load additional funds onto the Visa that you can spend anywhere on the Internet in order to give you a chance to become familiar with the ePassporte Virtual Visa's features and functions. All of the additional funds loaded onto the card belong to you. The marketing company shall have the right to cease loading funds onto your ePassporte Visa at its sole and absolute discretion, without notice, and with or without cause. But, if it ceases loading funds onto your ePassporte Visa, you will NOT receive any additional charges for the Gift Site, and the Gift Site membership will expire. http://www.actionbabecentral.com/terms.html scroll down to GIFT SITE AND GIFT EPASSPORTE VISA ... |
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makes me go hmmmm ........
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rowan, there is actually no membership cost...
Let's say we have : Paycom, Epassporte and the "marketing company" (all 3 owned by the same group of people, or with clear written contracts". Till now, all 3 were acutally Paycom. When you bought a site membership trough Paycom, the "marketing company" was offering you a gift membership to a gift site. The membeship could cost let's say 29.99/month. Epassporte is issuing you a Visa Gift Card where the "marketing company" is loading the $29.99 and then bills the card imediatlly for $29.99 trough the paycom merchant account. So they put the money in and they take them back in 20 sec. The only costs involved are the processing fees, but this are low since they pay "at cost" and not the 15% paycom is charging you (as they have to include their profit margin". Also they get a discouted rate becouse Epassporte and SKNAB Bank are also gaining some % from the processing rate as the card issuer, so the costs are in a range of 2$ for a $29.99 ...the 29.99 is just an example..it can be 9.99 or ever 3$/month. The savings are huge as volume chargeback fines can be as high as millions of dollars....paycom and ibill were fined one or 2 times in the past... Also this small processing cost is recovered from processing fees/profits that come from "cross-sales" as i dont see any other processor offering 2 pre checked 29.99/month cross sales.....do you think ccbill wont offer crossales anymore if they could ? |
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There would still be some effective cost because of fees and the actual content provision (the benefit of the gift membership) of course, but it's relatively small. Does the "fraud reducing" arrangement still exist now that the companies have split? |
I can't believe that people are not jumping on this thread... maybe we need a better title.
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I just don't know what to say or think at this time. Some sort of official response from epassporte would be real nice. |
My question is simply.
Will the event inflate charge backs at PAYCOM? If The scenerio is correct then PAYCOM stands to be in some deep shit with Charge Backs. Epass collapses chasing mainstream down or succeeds, PayCom burns to death in Chargebacks. Those are the only scenerio's that can play out. Either way webmasters loose, and the all so seasonable and inevitable "Visa Regulation", "Revisions" to rules will ensue within a month or so... Affecting many companies. |
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Thats the fastest translation Shap.
Its not good news for either company obvisously and what Green is saying makes perfect sense. Maybe its all horse shit and just speculation but damned if it makes complete sense then the obvious is about to happen. |
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Chris is traveling but I have made him aware of this thread and he will be posting as soon as he gets to a computer. |
I have said it once and will say it again, I just love ccbill.
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As a person that tries to do research and discuss business with other companies it has always amazed me that paycom (not so much now but definitely 2 years ago) was able to run wild with alot of practises that were deemed CB dangerous. Green's reply has explained alot of the questions I had. It explains things I was hoping I was wrong. I hope everybody makes it thru. As I said at the beginning of the thread I do big $$$ with both companies in many ways. We all need to hope for the best. |
Just to add to the conspiracy theory...
Obviously the Harmony whether Mallick and Paycom got along at all is irrelevant. Visa must had given new revisions for it to happen. So I think fact can be said that Visa transactions will be altered in some way and in everyones mind within a few weeks if not less. |
I think it's safe to say this thread got real interesting the second Greenlab posted. It appears everything he posted is true and if it is I can't see how Paycom will come out of this without getting hit hard.
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I had an interesting talk with a big well known webmaster at internext regarding paycom. One thing we both questioned was how a company as successful as paycom could make the money they've made and not make a SINGLE improvement to their stats interface in more than 6 years. From the looks of it (on our end) Paycom has re-invested little back into their business in the last few years.
Why would a company as successful as paycom not try to improve their product? Or at least their interface in 6 years? Why Did they let their big gun and industry face Chris Mallick leave? How does it happen that an employee like Amparo with many clients that depend on her leaves the company and her clients are left in limbo with no sales rep for months? From my point of view paycom has been cashing checks and not looking towards the future but looking to milk this baby as hard as they can today. I know Rand and Clay are smart wealthy guys and I don't know what goes on behind closed doors. This is just how it appears to alot of us paysite webmasters. |
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guess which processing co. spammed us 2 days ago offering processing
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Alot of people like and respect Chris Mallick and viewed his departure as the beginning of an interesting period for Paycom. :disgust |
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this thread is one of the most enlightening threads on GFY in a long fucking time...anyone who doesn't read every single post is an idiot....
my head is CHURNING with conspiracy theory type thought right now...LOL |
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Shit - all this is too confusing for me to understand...I'm just gonna stick to taking pictures :winkwink:
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Well if it was only cross sales, then thats 50% of transactions if it was single pre-checked cross sales (assuming 100% join forms w/1 cross), correct?
If thats the case, then CB ratios would still be the same without them, or what did I miss? In other words, the original transacton ratio still must be kept below 1% irregardless. I have a touch of fever so maybe missed some stuff here. |
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Don't think I will be able to sleep well after the info (true or not) posted in this thread....
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I could fuel these worries by stating some further facts few people know, but since it involves more than one companies I won't. I don't believe epoch is in danger, but I predict extra urgent measurements for the CB issues. I believed that before reading the role of eppasporte in the past, imagine now.
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hmm. Anyway, it's an interesting thread and will keep checking back. Super Bowl coin toss in progress..:pimp |
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