Payzip.com shutdown by Matercard
February 25, 2006
Be a little more cautious when it comes to online payment processor.
There are many out there, among them , Paypal, iKobo, MoneyBookers.,etc…
However Singapore based PayZip had to shut down it’s operation due to Mastercard’s claim that Payzip is a third party payment processor.
Dear Payzip Merchant,
It is with great regret that we have to inform you that Payzip’s merchant accounts have been closed down by our acquiring banks. The accounts were closed down due to pressure from Mastercard, who claims that Payzip is a third party payment processor.
Asiadebit/Payzip has gone to great lengths to prove that this is not the case, but in the end Mastercard chose to close the accounts. On top of the closure, they will fine our company, Asiadebit Pte Ltd (Singapore), 2,500 USD per day dating back since the day we started operating Payzip. This adds up to several million dollars.
We have no other choice but to cease operations effective immediately.
We understand that this will also have huge implications on your business as there are outstanding funds due to you. Be assured that we have tried every possible way to avoid this and to maintain our business as well as yours, but to no avail.
Quote & more Taken from WHT
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