Race Cycler approach i-Payout to process cycler funds
All but confirming their Paypal and Solid Trust Pay account(s) have been suspended and/or possibly frozen, Race Cycler have sent out an email update announcing they have approached i-Payout.
Sent out to Race Cycler affiliates a few hours ago, Kent Brown writes
From Kent Brown:
Latest updates….everything has been submitted to I-Payout. All documentation, and credentials have been submitted. I-Payout is now reviewing the company’s compensation plan, and corporate is awaiting feedback.
There is also an additional payment processor that has been contacted. I think you’ll really like them as well, as I know I do! They are registered to do business in all 50 states, and all documentation and credentials has been submitted to them as well.
The programming team worked all day yesterday cross referencing payments, and usernames. And I do know they held several conference calls with Solid Trust Pay, as many of the transactions were saying “PENDING”, and they are working to get those released, so that people who purchased will show on their respective boards.
Should one of the payment processors accept partnership, they will be working then to integrate their system with Race Cyclers and quite possibly a payment button can be integrated on the sign up screen today! That’s great news! (but again it’s in the hands of the processors).
While on this subject, I just want you, our personals to know, corporate WAS TOLD by the payment processors in place at the time of launch, that they COULD handle the volume by each one. We as a team blew their mind huh?
Solid Trust Pay’s system “recognized” so many transactions as a DDOS attack and defaulted after an hour or so to “DECLINED” as a protective or security measure.
In laymans terms, (because this is what I needed, ha ha…Solid Trust Pay’s system got overwhelmed when this team showed up!)
With millions of registered users, Solid Trust Pay’s systems were “overwhelmed” by a few thousand deposits from Race Cycler affiliates?
Right. And I suppose Paypal were just “overwhelmed” with cycler funds too then.
Solid Trust Pay don’t disclose the average volume of transactions they handle daily on their website, but the company’s “about us” page does state:
SolidTrust Pay will not “freeze” or “suspend” your account for businesses such as Network Marketing or MLM Income Opportunities.
We will, however, suspend any account that is found to be involved in any fraudulent or malicious activity.
Anyone with half a brain should be able to put two and two together.
That said STP do have a reputation for accepting any and all MLM underbelly schemes, so what specifically triggered their fraud department regarding Race Cycler is a mystery.
In any event, it’ll be interesting to see whether or not i-Payout take them on board. The processor had also carved out a notorious reputation for itself, servicing anyone and everyone in the MLM underbelly scene if the price was right.
They even proactively went around professing the legitimacy of the scams they processed funds for, until of course their biggest client TelexFree was shut down by regulators back in April.
Since then I’ve seen their name pop up with less frequency, and the company has even shown signs of compliance self-regulation. Just last month i-Payout terminated services for the Ponzi scheme Argent Global, who themselves went on to confirm they were not compliant in the US.
With the FBI, SEC, Homeland Security, IRS and Secret Service all likely casting an investigatory lense over i-Payout’s activities in the post TelexFree aftermath, whether or not they take on Race Cycler and their pyramid scheme cycler business model remains to be seen.
Once a new payment processor is in place, I’m going to need the help of a few of you. To run tests, to make sure everything is working.
Corporate wants to have several people signing up, putting in wrong information, and trying to “trick” the system to ensure that Race Cyclers system is still operating correctly, on a test site before going live. I’ll get with a few of you who might want to help with that.
Anyone who is in the system but has not paid, (due to declined, severs being brought off line, whatever the case) will be given a chance to go to the site and make their purchase before the site is opened to anyone.
You’ll have approximately a 24 hour period of doing this. So there will be plenty of time. If the second payment processor I mentioned earlier is chosen you will need to set up an e-wallet with them.
A gentleman did this yesterday simply to see how long it would take. He was able to set up an account, fund it directly with his debit card, and then make a withdrawal in less than 7 minutes. Everyone will have time to set up their E-Wallet (if this is the one chosen) before it goes live. Perhaps a 48 hour window.
I would recommend getting with your teams, and letting them know we’re still on track, still moving forward, and ready to fire up them engines, and go BOOGITY BOOGITY BOOGITY!!!!
HAVE AN AWESOME, POSITIVE, SUNSHINE FILLED DAY!!!!!!
Update 14th August 2014 – In an affiliate call last night Kent Brown advises
[5:30] I’ve got some good (indecipherable) kinda some bad news, uh i-Payout right now, it’s still not a definite but I will say this; It does not look like they can handle the volume that we have coming in.
If this is indeed what Race Cycler owner Ronnie Young is being told, how soon before he realizes it’s payment processor politeness for “You are a scam, go away.”?
Bear in mind this is the same i-Payout who were handling e-wallets for TelexFree’s million or so affiliate investors. But yeah, Race Cycler’s few thousand affiliate if that? They can’t handle the volume.
Good one guys.
In other news, highfive to i-Payout’s compliance department, who finally seem to be doing their job. And to think, it only took a massive regulatory lawsuit against one of their clients.