payment processors @ BehindMLM

In its later days, NxPay was the ewallet of choice for Zeek Rewards. The e-wallet service operates as a “platform” for transferring funds between two parties: one party makes funds available to another party, but until the receiving party takes action to withdraw the funds, “the funds are within the control of the party transferring the funds and [Continue reading…]

Payoneer is the processor and they do not take on ponzi’s or pyramid schemes. None of the fly-by-night programs can even dream of Payoneer. -Achieve Community affiliate on social media, 5th November 2014 Another day, another pyramid cycler has their payment processor services terminated. On their website Payoneer claim they enable millions of businesses and professionals [Continue reading…]

Against the backdrop of payment processors continuing to provide services to the MLM underbelly’s shadiest of schemes, the Liberty Reserve money laundering case continues. Once describing itself as ‘the oldest, safest and most popular payment processor’, Liberty Reserve was shutdown in mid 2013 for money laundering. Co-founder Vladmir Kats was the first to accept responsibility, having pled [Continue reading…]

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

Plastic Cash International LLC, who refer to themselves as one ‘of the prepaid industry’s most prominent players‘, was the credit-card processor for Zeek Rewards. Plastic Cash International processed credit card payments from affiliates for (Zeek Rewards). The processed payments were deposited into an account to be held for the benefit of (Zeek Rewards). Zeek Rewards, [Continue reading…]

Late yesterday we reported on iPayout disabling the ewallet services they were providing to TelexFree. Since then, some interesting developments have come to light.

Just a brief update on this (working on some lengthier articles for later publication). Earlier today TelexFree’s payment processor, iPayout, pulled the company’s ewallet services offline.

Following a month-long investigation into TelexFree, Rwanda recently decided to ban the scheme. Upon announcing the decision, the Rwandan Ministry of Trade claimed TelexFree’s activities were “similar to that of a pyramid scheme” and raised concerns it was facilitating money laundering. Now, in a followup report released by the Ministry, the Rwandan government is accusing [Continue reading…]

Spinding, an MLM opportunity that offers affiliates participation in a series of $30 to $1890 cycler queues, has been having issues securing a credit card payment option for its affiliates. Promised late last week, it turns out that the company was initially approved, however pending further compliance review, the terms of the agreement were then [Continue reading…]

In less than a year three major darlings of the Ponzi payment processor niche have ceased operating in the US or been shutdown entirely. Co-incidence or evidence that US regulators are increasing efforts to go after payment processors who are lax with fraud prevention, whether willingly or not? For those who came in late, last [Continue reading…]