TotallyOz Posted October 9, 2010 Posted October 9, 2010 Man, I tell you, paypal fucked over adult webmasters years ago. Now, Epassporte has done the same. This has been going for a few months and I know many lost money. This is the letter from Epassporte: It is with great regret we inform you that ePassporte must close its doors due to a lack of revenue and circumstances beyond our control. Effective immediately, the call center, ePassporte's sales and marketing team and risk management staff will no longer be available. A small group will remain to organize wallet requests and help disburse funds. On the ePassporte website, in the near future, wallet holders will be provided further information on what is needed to obtain your funds. This will mainly be a process to protect wallet holder funds from fraud. We expect this will be a simplified process, and as we receive the necessary information, our small remaining staff will process requests as quickly as they can. Please direct your wallet questions, concerns and requests to walletrequest@ePassporte.com. For those of you with funds on your Visa Accounts, we are informed that St. Kitts Bank is working on a plan to provide everyone with full access to their funds through their Visa Electron Cards or by bank wire transfers and will inform you accordingly. We appreciate your support for the ePassporte program over the past 7 years and deeply regret we must close our doors at this difficult time. Sincerely, ePassporte.com Quote
Members TampaYankee Posted October 9, 2010 Members Posted October 9, 2010 You gotta feel for people who have their money tied up in that mess. Too bad all around. All of these epayment systems are risky because they are not FDIC insured. Best to leave only small balances at risk. Use them as a pay agent only, not as a bank. Move money through them quickly. If you need to use them to make payment leave your money in your bank until you are ready to make payment. If you receive funds through paypal move immediately to your bank. Quote
TotallyOz Posted October 9, 2010 Author Posted October 9, 2010 All of these epayment systems are risky because they are not FDIC insured. That includes Paypal. I seem to remember Hooboy lost thousands that, to my knowledge, was never recovered. Quote
Guest FourAces Posted October 9, 2010 Posted October 9, 2010 I feel terrible for the people that will most likely not receive their money. I know there are so many webmasters that had been using them even with the recent problems. When it comes to the company I say good riddance. Of all the third party payment processing groups they were the absolute worse. I had used them for one of my webmaster accounts about 2 years ago. My payout one month was about $1,600. yet I could only withdraw a limited amount of funds each month. I was unable to transfer the full amount to my bank. Needless to say I stopped using epassporte right after that horrible experience. The only advantage PayPal has is its ties to eBay. Otherwise they too would have been gone long ago. And they did not just fuck over the adult industry. I have a friend who is a nationally well known anger management guru that lost $30,000 to PayPal about 10 years ago. This was from sales of his books from a website. After spending $7,000. in legal fees he won his case and eventually received his funds. These third party payment processors are a joke. Absolutely no regulations. Its like playing online poker zero regulations. Quote
BiBottomBoy Posted October 10, 2010 Posted October 10, 2010 ePassporte was targeted because so many people in America were using it to avoid the anti-online gambling restrictions there. They'd use it to fund their account. Then if they lost too much money they'd sue and ask for the money back arguing that they shouldn't have let them use it for gambling sites, and the courts were siding with the gamblers. Quote
Members MsGuy Posted October 10, 2010 Members Posted October 10, 2010 I was told by one of the St. Petersburg models on F4F that the Russian owner of an internet casino just blew his brains out over the e-passporte fiasco. Seems he was owed over $250,000. The model has been following the mess closely because he is an independant (non-studio) and had several thousand dollars of his F4F payments tied up when e-passporte went down. I can't vouch for the accuracy of the model's account of all this but he seems a level headed type. Quote
BiBottomBoy Posted October 10, 2010 Posted October 10, 2010 AVN (Adult Video News) is reporting that in response to the ePassporte fiasco, PayPal is now accepting payments for Adult companies on the B2B side of the industry. http://news.avn.com/articles/PayPal-Steps-into-the-Adult-B2B-Breach-414275.html Quote
TotallyOz Posted October 10, 2010 Author Posted October 10, 2010 AVN (Adult Video News) is reporting that in response to the ePassporte fiasco, PayPal is now accepting payments for Adult companies on the B2B side of the industry. http://news.avn.com/articles/PayPal-Steps-into-the-Adult-B2B-Breach-414275.html Interesting. I have not seen this yet. Quote
BiBottomBoy Posted October 11, 2010 Posted October 11, 2010 I think you'll see PayPal quietly embrace porn again. As the economy sours fewer and fewer people are using it for eBay and other online purchases so they'll need a new revenue stream. Quote
TotallyOz Posted October 12, 2010 Author Posted October 12, 2010 I think you'll see PayPal quietly embrace porn again. As the economy sours fewer and fewer people are using it for eBay and other online purchases so they'll need a new revenue stream. There is a great void in this area with epassporte closing. However, I don't think paypal will go for that crowd. Not openly anyway. It was too controversial for them before and will be again. Quote
BiBottomBoy Posted October 12, 2010 Posted October 12, 2010 It's easier to drop a revenue point because it's controversial when the economy is going strong. It's harder to in this type of economy. Quote
Members Lucky Posted October 12, 2010 Members Posted October 12, 2010 I was told by one of the St. Petersburg models on F4F that the Russian owner of an internet casino just blew his brains out over the e-passporte fiasco. Seems he was owed over $250,000. The model has been following the mess closely because he is an independant (non-studio) and had several thousand dollars of his F4F payments tied up when e-passporte went down. I can't vouch for the accuracy of the model's account of all this but he seems a level headed type. But the owner was not so well-endowed. With a level head, that is. Quote
Members MsGuy Posted October 12, 2010 Members Posted October 12, 2010 But the owner was not so well-endowed. With a level head, that is. Hee hee hee, Lucky you actually told a joke! Quote
BiBottomBoy Posted October 14, 2010 Posted October 14, 2010 Why the fuck would anyone leave $250k in an epassporte account? Quote
Guest zipperzone Posted October 14, 2010 Posted October 14, 2010 Why the fuck would anyone leave $250k in an epassporte account? More money than brains? Quote
Members Lucky Posted October 14, 2010 Members Posted October 14, 2010 Hee hee hee, Lucky you actually told a joke! Yes, sorry about that! Quote
BiBottomBoy Posted October 15, 2010 Posted October 15, 2010 It's a good way to get killed by the russian gangsters running your online gambling operation. Quote
