mypaysystems.com is down

For those of you that may be using mypaysystems.com, how have you been affected by the fact that they havent been able to process a credit card (any) since last Friday. Does anyone have any inside info on whats going on. They only acknowledge this when you sign into your account. No mention of it on their front page.

I'm now hearing that they have gone under. Can anyone verify this as I'm having trouble reaching them. Luckily I just got a check from them (or not so luckily as I just deposited it yesterday - I hope it clears)

Well Here it Is (I guess I'll be moving to WorldPay Now):

Dear myPaySystems merchant,

Due to circumstances beyond our control, we must terminate our myPaySystems Internet Billing Account (IBA) services. This unfortunate situation is due in part to, restrictions imposed by the VISA/MasterCard association on processing of Internet credit card transactions by third party billing companies, and, our acquirer Pago eTransaction Services GmbH/Deutsche Bank, suspending our accounts and accelerating the termination of our IBA processing capabilities.

All merchants currently processing through an IBA will no longer be able to process transactions and we are forced to give notice that effective immediately, August 9, 2004, your myPaySystems IBA Agreement is terminated. Further, as per section 9.3(e), notice is given that all funds must be held pending risk review of each account. At this time no release schedule is available, as each case attracts its own risk profile. There are also external factors which require final determination. Once we ascertain the resolution of your risk scenario, your funds may be released in the normal course.

As we valued your business, we pursued all possible alternative processing options for our merchants and had implemented a transition plan to migrate all of our qualified merchants from a myPaySystems IBA to their own merchant accounts. It was due to the sudden actions of Pago eTransaction Services GmbH/Deutsche Bank that we were unable to complete the migration. If you continue to require online payment processing services you may contact other payment processors that provide similar services. Searching for "process credit cards online" in any search engine will provide you with possible alternatives.

At this time PaySystems will only accept written communication concerning this matter, addressed to:

myPaySystems
attn: Legal Department
1500 University Ave., Suite 920
Montreal, Quebec
Canada H3A 3S7


We would like to extend our sincerest apologizes for any inconvenience this may cause to your business. We thank you for your patience and understanding during this difficult time.

Judging by the response to this thread it's no wonder they decided to pack it in!

Hi Jason,

I think you've got a record there with 4 posts in a thread that nobody else has gone for. Thought I'd come and join you to put you out of your misery.

This kind of worries me. Merchant accounts are pretty expensive - £40 per month plus in the UK - makes these third party accounts an excellent starting point for new businesses. Let's hope other providers won't bale out in the same way as mypaysystems.

Excellent info there.

8) :grin: 8)

Lol ... it happened so fast I was getting an answer after a few hours. When I look at some other forums now, there are people posting in mypaysystems threads every couple of minutes. Anyway, I'm probably going to go with Worldpay now. I have gotten a ton of information from them about how much risk is involved with them vs. mypaysystems etc. so I will post it for the couple of people in this forum affected by the whole mypaysystems disaster.

Thanks for the company VORD ;-)

We moved away from our main paySystems account six months ago. They were horrible, way too many false positives on the fraud front.

We were screwed by them going bankrupt, but not as bad as if we hadnt moved 90% of our business away from them.

I highly recomment cardservices / linkpoint. Much better service.

Its a 4 year old thread if you have your eye sights intact!