payment processors @ BehindMLM

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…]

When you see my name associated with a particular company out there, I always tell clients… I make it clear they’re not allowed to use my name in any sort of promotional fashion. Number one it looks horrible. Mainly from a marketing standpoint it’s a bad idea, in my opinion, to lead with lawyers. Right? You [Continue reading…]

Reports from Payza clients began to filter in yesterday about the payment processor having problems in some US states. In an announcement sent out to clients in the affected states, Payza advised

It’s hard to get a sense of what happened between Bidify and the payment processor Towah. Starting around mid to early 2012, Bidify affiliates began reporting problems with getting their money out of the payment processor, who cited some investigation that could take “540 days” to get resolved. The details of this investigation are sketchy [Continue reading…]

Since it was founded in 2006, Liberty Reserve was a widely used ewallet payment processor for a multitude of MLM companies. On their website, the payment processor professed it was the oldest, safest and most popular payment processor … serving millions all around a world. And indeed Liberty Reserve was just that, until it was shutdown [Continue reading…]