When looking for a merchant account that is offshore be aware of unscrupulous companies that specialize in keeping merchants funds as their only real means of making profits. The scams are not really scams but you are set up to fail. A contract is created where you have to keep chargebacks down to 1%, the visa guidelines. Remember the average internet merchant gets about 3% in chargebacks so already by statistics you are doomed. You are told and agree in writing to having your account closed down if you exceed this 1% figure and your funds held for six months. Now you start processing and shipping goods. They say they”ll pay every two weeks but there is a two week holdback so that means four weeks until a wire is sent well OK what can you do so you start. Well at the end of the four weeks there are some more delays, perhaps you are told a wire will be sent, is sent, was sent, came back with wrong instructions, the correspondent bank has it, whatever. So now about six weeks goes by and you are still shipping and have no money. Ok so you call them up every day, scream at them etc and well by now your chargebacks are starting to come in at a good clip. Many of you reading this are hi-risk merchants and you know it. So then you are told your account is closed per the agreement and come back in six months for your funds. Can you sue them? Sure, but they are in an offshore country remember which means you have to go there, hire a lawyer, post a bond for court costs and face the written agreement you signed with them while they are calling you a fraudster in their court, saying you exceeded visa guidelines endangering their account with visa, etc. Odds of winning are slim and the cost will be $25,000 plus by the time you get a court date and that will probably be a few years down the road and don”t forget you just shipped six weeks of orders all with no money coming in. OK now you realize you aren”t going to sue them. You decide to play the I hope game commonly found in scams and wait the six months out. Well now some of your money has dwindled away in charge backs that are uncontested because they aren”t going to waste time fighting them. Now after the six months is up the money and time wait to sue them is still the same and now you are worn down plus the pot of gold at the end of the rainbow has shrunk. They write you when your lawyer contacts them and they say well you are a fraud, how do we know you didn”t submit all these stolen credit cards, we are going to hold your money another few months because someone could have filed a chargeback one day before the six month limit and it will take a few weeks to work through the system. If you spend the money hire a lawyer and sue them in their jurisdiction they will answer the complaint and wait and eventually offer to settle with you for a lesser amount like 15% to 30% just because they can push you down considering your legal expenses, and time delay for trial. If the settlement covers your legal expenses you probably didn”t do too badly. Their lawyers get these lawsuits frequently and know exactly how to answer them with no research since they wrote the agreement you signed.
Morgan Tsvangirai to attend SADC summit with Robert Mugabe
Zimbabwe’s opposition leader Morgan Tsvangirai will attend a summit in the capital Harare next week - seen as the last chance to salvage the country’s powersharing agreement.
British businessman beaten to death in Spanish home
Spanish police are hunting the killer of a British man who was found bludgeoned to death in his Barcelona apartment.
Identity of world’s largest lottery winner withheld
A hunt is on in one of Italy’s most impoverished cities for the winner of the world’s largest ever lottery jackpot.
Israel’s Tzipi Livni faces early election after coalition talks fail
Israel appears to be heading for early elections after a key coalition partner refused to join the government of prime ministerdesignate Tzipi Livni.
Sales of Sarah Palin wigs soar
The hundreds of thousands of dollars that the Republicans are spending on Sarah Palin’s appearance is reaping rewards in an unlikely quarter.
Microsoft faces boycott in China over ‘virus’ which shames pirated software users
Microsoft is facing a Chinese boycott after launching program which blanks the screens of computers using pirated software.
Alistair Darling: questions over Icelandic banks’ compensation
A claim by Alistair Darling that the Icelandic government had refused to compensate British savers in the country’s banks has been challenged by phone transcripts.
Stolen artefacts point to lost Philippines tribe
Archaeologists in the Philippines believe they have discovered evidence of a lost tribe in sacks of broken pottery seized from antiquity smugglers.
Thailand and Cambodia pledge peaceful resolution to deadly border dispute
The prime ministers of Thailand and Cambodia have vowed to find a peaceful resolution to their deadly border dispute over a 900yearold temple.
French accuse English of war crimes and exaggeration over Agincourt
The French are using the anniversary of the Battle of Agincourt to accuse England’s men of acting like ‘war criminals’.
Obama for Obama in Japanese fishing port
A Japanese port which shares its name with Barack Obama has been US election fever.
Share This