i received this email the other day...
We have lots of news to share with you - some of it's good....some of it is
very good, and some of it is simply great!!
First of all, rather than let you hear about it through the rumor mills and forums
......we wanted you to hear directly from us exactly what is going on here at
PrePaidATM, and what the future holds for both PPATM, and for our merchants.
The proprietary software and platform of PrePaidATM is one of the most robust in the processing industry, and as such, is a very valuable commodity. The company is not going to "disappear into the night", but it is time to bring in fresh resources, and that is being done.
As early as January 1st, 2005, but no later than Feb.1, 2005, PrePaidATM will be splitting into two separate entities, one of which will continue it's current business as a payment processor, while the other will handle the leasing of the proprietary platform PPATM is built on.
The new leasing arm will remain under the management of the current PPATM owners, however, the processing side of PPATM will be under new ownership.
PrePaidATM is in serious discussions with several investors, and it looks as though a deal could be closed as early as the end of the year. None of the potential investors are involved in the licensing, ownership or management of any gaming operation - so your customer base will be safe, and not open to the scrutiny of any competitor. They are, however, familiar with the gaming industry, and have strong background in the payment processing industry.
It is important for all of you understand that the basis of the negotiations revolves
around the current contracts and monies outstanding to PPATM merchants, especially those that have been loyal and stayed with PPATM through this difficult past year. NO DEAL will be struck unless PPATM can be assured that you as merchants will be protected and repaid.
How will this affect you - as a PrePaidATM merchant? If you are a currently active merchant, OR wish to return to active status under the new ownership, the responsibility for any outstanding monies owed to you will be assumed by the new owners. Measures are being put into place to make sure that you are brought current, and will remain current. (If you are not currently active, but would like to be reinstated, please contact: melody@prepaidatm.com as soon as possible so that the process can be started)
If you are not currently active, and do not want to regain Active Merchant status under the new owners, outstanding monies due you will remain the responsibility of the current owners, and paid to you under the auspices of the new leasing company. A payment plan for inactive merchants will be put in place, after the deal is finalized.
ALL MERCHANTS MUST NOTIFY PPATM PRIOR TO DECEMBER 31, 2004 as to whether or not you wish to remain Active or return to Active status with PPATM. If no formal notice has been received from you by 12/31/2004, your status (active or inactive) as of that date shall be the status carried over to the new system. If you are inactive at that date - any outstanding monies will NOT be
the responsibility of the new owners, and this will not change should you decide to become active again after this date.
Any merchant returning to active status AFTER 12/31/2004, shall in effect, start over as a new merchant with the new owners of PrePaidATM, and the new owners shall not be liable for any balances owed prior this date.
We are confident that these potential investors are not only well funded, and willing to work towards the long term growth of the company, but that they are also committed to regaining both your business and your confidence.
But, even while these negotiations are under way - we are still continuing to make major improvements to PrePaidATM, to give you the most feature-rich payment platform in the industry.
Since the launch of PrePaidATM, our merchants have made many requests for additions to the current features offered by PPATM. Of all of the ideas, however, two seem to be on almost everyone's "wish list": 1) The ability to handle international deposits and payouts, and, 2) The ability to handle employee payroll on a global basis.
After more programming hours than we care to mention, we are happy to announce that PrePaidATM is now not only able to handle international transactions, both incoming and outgoing, but we can also take care of your employee payroll - no matter where your offices and employees may be!
So, for all of today's good news, including an important and positive change for your international wires, read on:
1) PrePaidATM Is Now International!
PrePaidATM can now accept international deposits! This means that you can now offer PPATM as a funding and payout option for your international clients! Over the next two weeks, we will be adding several new deposit options for your international customers, too! These additional new funding methods will vary by country, but we want to give you as many options as we can to continue building your business! The new International debit cards are in and ready to be mailed out to your international customers!
2) Pay Your Employees With PrePaidATM!
PPATM’s new payroll option will allow you to pre-register your employees (no matter where they are!) for a PPATM Payroll account. We will send them a free PPATM card, and you can pay your employees anytime - anywhere! Several options are available for the new program, making this the easiest and most cost effective way for you to pay your employees, especially if you have several offices scattered around the globe. Contact Melody@prepaidatm.com for full details on getting started!
3) Important Change for All Non-US Bank Wire Destinations
As of January 1, 2005, all bank wires to non-US banks will be sent through a major European bank and all settlements will be in Euros. We are very confident that this change will stop many of the wire issues that we have been plagued with for the last several months.
Please be sure to let your accounting departments know about the change so that the incoming funds can be credited correctly. If you do not wish to settle in Euros, please contact Melody at <melody@prepaidatm.com> for alternative arrangements.
4) Effective immediately, the Elite Merchant Program will be discontinued.
This will not affect the current rates of Elite Merchants, but effective January 1, 2005, merchants will now be fully responsible for all chargebacks initiated by their customers. We are very sorry that this change must be made, but due to a lack of cooperation from many merchants in resolving the "shared" chargebacks, the change must be made, to revert full responsibility for chargebacks to merchants.
We will let everyone know as soon as we have any further details on the new investors, but if you have any questions in the meantime, please feel free to contact us - we will be happy to answer any concerns or questions you may have!
We are excited about the changes, and hope you will be too -
Kind regards,
Allen Ross
We have lots of news to share with you - some of it's good....some of it is
very good, and some of it is simply great!!
First of all, rather than let you hear about it through the rumor mills and forums
......we wanted you to hear directly from us exactly what is going on here at
PrePaidATM, and what the future holds for both PPATM, and for our merchants.
The proprietary software and platform of PrePaidATM is one of the most robust in the processing industry, and as such, is a very valuable commodity. The company is not going to "disappear into the night", but it is time to bring in fresh resources, and that is being done.
As early as January 1st, 2005, but no later than Feb.1, 2005, PrePaidATM will be splitting into two separate entities, one of which will continue it's current business as a payment processor, while the other will handle the leasing of the proprietary platform PPATM is built on.
The new leasing arm will remain under the management of the current PPATM owners, however, the processing side of PPATM will be under new ownership.
PrePaidATM is in serious discussions with several investors, and it looks as though a deal could be closed as early as the end of the year. None of the potential investors are involved in the licensing, ownership or management of any gaming operation - so your customer base will be safe, and not open to the scrutiny of any competitor. They are, however, familiar with the gaming industry, and have strong background in the payment processing industry.
It is important for all of you understand that the basis of the negotiations revolves
around the current contracts and monies outstanding to PPATM merchants, especially those that have been loyal and stayed with PPATM through this difficult past year. NO DEAL will be struck unless PPATM can be assured that you as merchants will be protected and repaid.
How will this affect you - as a PrePaidATM merchant? If you are a currently active merchant, OR wish to return to active status under the new ownership, the responsibility for any outstanding monies owed to you will be assumed by the new owners. Measures are being put into place to make sure that you are brought current, and will remain current. (If you are not currently active, but would like to be reinstated, please contact: melody@prepaidatm.com as soon as possible so that the process can be started)
If you are not currently active, and do not want to regain Active Merchant status under the new owners, outstanding monies due you will remain the responsibility of the current owners, and paid to you under the auspices of the new leasing company. A payment plan for inactive merchants will be put in place, after the deal is finalized.
ALL MERCHANTS MUST NOTIFY PPATM PRIOR TO DECEMBER 31, 2004 as to whether or not you wish to remain Active or return to Active status with PPATM. If no formal notice has been received from you by 12/31/2004, your status (active or inactive) as of that date shall be the status carried over to the new system. If you are inactive at that date - any outstanding monies will NOT be
the responsibility of the new owners, and this will not change should you decide to become active again after this date.
Any merchant returning to active status AFTER 12/31/2004, shall in effect, start over as a new merchant with the new owners of PrePaidATM, and the new owners shall not be liable for any balances owed prior this date.
We are confident that these potential investors are not only well funded, and willing to work towards the long term growth of the company, but that they are also committed to regaining both your business and your confidence.
But, even while these negotiations are under way - we are still continuing to make major improvements to PrePaidATM, to give you the most feature-rich payment platform in the industry.
Since the launch of PrePaidATM, our merchants have made many requests for additions to the current features offered by PPATM. Of all of the ideas, however, two seem to be on almost everyone's "wish list": 1) The ability to handle international deposits and payouts, and, 2) The ability to handle employee payroll on a global basis.
After more programming hours than we care to mention, we are happy to announce that PrePaidATM is now not only able to handle international transactions, both incoming and outgoing, but we can also take care of your employee payroll - no matter where your offices and employees may be!
So, for all of today's good news, including an important and positive change for your international wires, read on:
1) PrePaidATM Is Now International!
PrePaidATM can now accept international deposits! This means that you can now offer PPATM as a funding and payout option for your international clients! Over the next two weeks, we will be adding several new deposit options for your international customers, too! These additional new funding methods will vary by country, but we want to give you as many options as we can to continue building your business! The new International debit cards are in and ready to be mailed out to your international customers!
2) Pay Your Employees With PrePaidATM!
PPATM’s new payroll option will allow you to pre-register your employees (no matter where they are!) for a PPATM Payroll account. We will send them a free PPATM card, and you can pay your employees anytime - anywhere! Several options are available for the new program, making this the easiest and most cost effective way for you to pay your employees, especially if you have several offices scattered around the globe. Contact Melody@prepaidatm.com for full details on getting started!
3) Important Change for All Non-US Bank Wire Destinations
As of January 1, 2005, all bank wires to non-US banks will be sent through a major European bank and all settlements will be in Euros. We are very confident that this change will stop many of the wire issues that we have been plagued with for the last several months.
Please be sure to let your accounting departments know about the change so that the incoming funds can be credited correctly. If you do not wish to settle in Euros, please contact Melody at <melody@prepaidatm.com> for alternative arrangements.
4) Effective immediately, the Elite Merchant Program will be discontinued.
This will not affect the current rates of Elite Merchants, but effective January 1, 2005, merchants will now be fully responsible for all chargebacks initiated by their customers. We are very sorry that this change must be made, but due to a lack of cooperation from many merchants in resolving the "shared" chargebacks, the change must be made, to revert full responsibility for chargebacks to merchants.
We will let everyone know as soon as we have any further details on the new investors, but if you have any questions in the meantime, please feel free to contact us - we will be happy to answer any concerns or questions you may have!
We are excited about the changes, and hope you will be too -
Kind regards,
Allen Ross
"ALL MERCHANTS MUST NOTIFY PPATM PRIOR TO DECEMBER 31, 2004 as to whether or not you wish to remain Active or return to Active status with PPATM. If no formal notice has been received from you by 12/31/2004, your status (active or inactive) as of that date shall be the status carried over to the new system. If you are inactive at that date - any outstanding monies will NOT be
the responsibility of the new owners, and this will not change should you decide to become active again after this date. "
Translation:
If you don't make further commitments to doing business with our crooked company, we guarantee you will be stiffed. If you do commit to do business with us, we'll may try to get you paid by the "new management."
The way it's supposed to work is people send money through these processors, the processors take a small fee, and the balance is credited to the merchant, whether it is held for a short period of timein an escrow account or not. The only way these crooked companies don't have the money for the merchants is if they comingle the funds and treat the merchant money as if it is their own.
Why anyone would continue to do business with these people is beyond me???
the responsibility of the new owners, and this will not change should you decide to become active again after this date. "
Translation:
If you don't make further commitments to doing business with our crooked company, we guarantee you will be stiffed. If you do commit to do business with us, we'll may try to get you paid by the "new management."
The way it's supposed to work is people send money through these processors, the processors take a small fee, and the balance is credited to the merchant, whether it is held for a short period of timein an escrow account or not. The only way these crooked companies don't have the money for the merchants is if they comingle the funds and treat the merchant money as if it is their own.
Why anyone would continue to do business with these people is beyond me???
