The Best Payment Solution

September 04, 2010 10:13 pm

News

StrictPay Update 5-21-10
Many of our customers have asked for more specifics concerning our banking issues, and this email will serve as an update concerning those issues. For the duration of the issue described below, we were instructed by our legal team that we could not comment on the situation. Recently, two of the major merchants that accepted StrictPay as a payment option were being heavily investigated by the authorities, and we were pulled into that investigation as well due to them accepting us as a payment option. During this investigation, the bank and the authorities were not allowing us access to our main reserve of funds until we could prove that we were not affiliated with those two merchants in any way. Our portion of the investigation is now over, as we have proven that we were not affiliated with either of these two programs, and were only one of the many online payment options that they accepted. The banks are needing the final paperwork to be completed, and then within the next 30 the 45 days they will be releasing the funds to us again. The entire time this has been going on we have still held to Panama KYC guidelines, and no customers' secure personal information was compromised, with the exception of some specific information we were required to release concerning only those two merchants' StrictPay accounts. We are glad this is finally over, and we look forward to getting back to business as usual very soon. During the course of this investigation, we added some options (check by mail withdraw, zero bank wire deposit fees, and ACH deposit options) to give our customers as many alternatives as we could during this difficult time period. We still expect the time frames for withdraws to not be ideal until the banks release all of our funds, but our funding department will be using any funds we get to process all withdraw requests in the order they are received. We hope that this update will give everyone a little more clarification on our current situation, and we appreciate your patience and understanding during this trying time. If you wish to have a current pending withdraw canceled, so that you may use the funds in another manner, please submit a support ticket from inside your StrictPay account (at the Communications link), and someone will be able to help you with that. And as always, thank you for choosing StrictPay as your online payment option.

StrictPay Update 5-21-10

Many of our customers have asked for more specifics concerning our banking issues, and this email will serve as an update concerning those issues. For the duration of the issue described below, we were instructed by our legal team that we could not comment on the situation.

Recently, two of the major merchants that accepted StrictPay as a payment option were being heavily investigated by the authorities, and we were pulled into that investigation as well due to them accepting us as a payment option. During this investigation, the bank and the authorities were not allowing us access to our main reserve of funds until we could prove that we were not affiliated with those two merchants in any way. Our portion of the investigation is now over, as we have proven that we were not affiliated with either of these two programs, and were only one of the many online payment options that they accepted. The banks are needing the final paperwork to be completed, and then within the next 30 the 45 days they will be releasing the funds to us again. The entire time this has been going on we have still held to Panama KYC guidelines, and no customers' secure personal information was compromised, with the exception of some specific information we were required to release concerning only those two merchants' StrictPay accounts. We are glad this is finally over, and we look forward to getting back to business as usual very soon.

During the course of this investigation, we added some options (check by mail withdraw, zero bank wire deposit fees, and ACH deposit options) to give our customers as many alternatives as we could during this difficult time period. We still expect the time frames for withdraws to not be ideal until the banks release all of our funds, but our funding department will be using any funds we get to process all withdraw requests in the order they are received. We hope that this update will give everyone a little more clarification on our current situation, and we appreciate your patience and understanding during this trying time. If you wish to have a current pending withdraw canceled, so that you may use the funds in another manner, please submit a support ticket from inside your StrictPay account (at the Communications link), and someone will be able to help you with that. And as always, thank you for choosing StrictPay as your online payment option.