|Posted by theprofithub on June 11, 2012 at 4:10 PM|
I have been out of pocket lately due to some pressing family issues. I definitely missed blogging to you all. Thanks for checking up on me via e-mails. I definitely appreciate the thoughtfulness. Hopefully, things will get resolved soon with my loved ones. It was a stressful weekend and I am actually glad it is Monday.
I received my weekly profit share from Grand Bank Club. Thanks Gord! I also received a cashout from Safe Risk over the weekend.
The Golden Path is back online but still undergoing a server move. There is a new home for the webinars and one will be conducted this evening at 8pm EST. Make sure you get there early. It will be open 30 minutes before start time. Admin has been warning members about posting payment proofs. That is prohibited and if members are caught doing this, they will lose their membership.
Wealth 4 All issued a newsletter and referenced the issues about the new US Laws and payment processors. Interestingly, it comes from a different perspective, so I will paste it below.
"As you are all aware by now from information floating on the internet and communication we have sent out to you, there are some developing situations with third party processors, i.e. Payza and Solid Trust Pay that we want to address on this email so that you have a complete understanding of the decisions we have been forced to make in order to protect our program and YOUR money.
Third party processors have been involved in a battle with the US government regulators for over two and a half years as they have been working in the United States with minimum supervision and scrutiny. The problem is the fact that they have been working and acting as banking institutions but have not followed United States banking regulations because of loopholes in the still current law.
The point of contention has been the fact that this processors have been charging very high processing fees which banks in the US would never be allowed to charge it's consumers under the same law. This fight has gone to congress, lobbying institutions and many other avenues used by the people representing these processors and our consumer protection agencies. What you are experiencing right now, is the culmination of those 2 and a half years of litigation. Bottom line, our government protection agencies have put it on the hands of the States (where it belongs) and has forced the processors to comply with each of the states laws where they do business with or face very stiff penalties and even imprisonment.
In turn, the processors have taken drastic measures of their own trying to create pressure from the consumer community and actually blame our government for what's happening. That could not be farther from the truth. The point of the matter is, we the consumers (vendors and customers alike) are paying the price of this bickering.
As of right now, we have hundreds of thousands of dollars tied up with these processors and they are making it really hard for us to get our money out of their systems. First, they are making a lot of money in interest income playing with our money, second they are making even more money using other people funds to finance their business ventures and third, their fees income is outrageous.
Now, so you understand what our situation is, let me explain how they are working with us. When you deposit money into the Wealth4allteam account, they immediately take those funds from whatever source you are bringing them from. Now they announce to us, you have paid and we allow you to buy TAPs in our system. Notice we have not seen or have your money at this point. Theoretically speaking, ten days from the date you bought your TAPs, you could start withdrawing money from wealth4allteam which we would have to pay you out with real money from our bank account (unless you withdraw from the same processor you put the money in). So, we got paid from the processor with Virtual money and we paid you with real money. This situation my friends can ruin our program, it would not take long to create an unbalance in the system and putting us in an upside down position. Not only that, if we wanted to cover the withdrawals made by those deposits, we are only allowed to withdraw $3000.00 per transaction and not more than $9,000.00 per day ! So they take money immediately and take weeks to pay it back to us.
To make matters worse, they are also safeguarding themselves from what's going on with the law and they keep increasing our hold balance almost on a daily basis. So that you understand, the hold balance is money that is being deposited into our accounts that we can not use for 3 to 6 months just because the business we are in. THIS IS NOT RIGHT ! This people in essence are literally hijacking our funds and holding them hostage at their will, with no recourse from our side.
Well, we are done, playing games with these companies and we will not allow them to hold us hostage as a company and hold our affiliates money and we are putting a stop to this madness immediately. In a previous communication we had announced that we were going to allow deposits into STP until June 30th 2012 but that is changing immediately as of this email.
AS OF SUNDAY JUNE 10TH, 2012 WE WILL NO LONGER ACCEPT DEPOSITS FROM STP. We already stopped deposits from Payza as of 06/08/2012 and we will only allow withdrawals from STP until we consume all the funds we have in that account and reduce our liability with them.
We understand that this may be an inconvenience to some of our affiliates in different countries, but we are making a business decision that at this time will protect and benefit our business and affiliates in the long run. Please realize, this is your money we are protecting, I am sure you will all scream bloody murder if you could not withdraw your money from Wealth4allteam because we allowed deposits to third party processors and then the money gets locked up with them for 6 months or longer.
Some of you have made comments that this is not fair and that there are other MLM companies out there that allow their members to deposit and withdraw from those processors, well, all I will say about that is the following, we are not those companies and whatever decisions they make in regards to their business is their problem. Ours, is to protect our affiliates and our program, Period.
This problem is not going away and it's only going to exacerbate as time goes by and more processors will be involved also. We are being proactive and not allowing a bad situation to become worse and affect our collective business. If and when this situation with those processors is resolved, then we will evaluate the possibility to use them again for our business in the future.
In conclusion, and to be clear so there are no rumors or misinformation. OUR PROGRAM IS GROWING, HEALTHY AND DOING JUST FINE! WE HAVE PLENTY OF MONEY TO TAKE CARE OF OUR MEMBERS NOW AND IN THE FUTURE. This measures we are taking are so that we avoid a problem before it gets out of control and to protect our business. When communicating with others about this situation, please use this email as a guide. Also, Even though many of you are not aware of how to do it, our Payment system I-Payout has the capability of taking deposits and withdrawals from just about anywhere in the world including cash payments. This is a fact, just because you are not aware of how to do it, does not mean it can not be done. We have provided this as a better option for everyone, please use it, learn it and save money at the same time.
Some of you have communicated that the fees are too high from I-payout and that is just not true. When you compare the fees from I-payout to companies like Payza and STP, I-payout will win 10 out of ten times. Payza or STP may not charge you for depositing money with them, but then they take 7% to 8% or higher in some instances whenever you take money out of their system. For those of you that are still not convinced, let me give you an example:
Deposit of $5,000.00 in to Payza or STP: Fee $.0.00
Deposit into I-payout (the most expensive example): $35.00 (price of wire from bank)
At this point it looks like I-payout is more expensive right! Well, I gave you the highest fee available to some of the foreigner countries (the majority is only $6.50), in the US and Online banking allowed countries, this fee is less than $7.00.
Let's now look at your cost of moving money inside the processors:
Transfer of money from ewallet to ewallet in payza or STP: 1.8% to 2.5% using the above example, for you to move $5,000.00 in Payza or STP it will cost you from $90.00 to $125.00
For I-payout, ewallet to ewallet transfer REGARDLESS OF AMOUNT is $.25 !
Let's look at withdrawals now: STP or payza charge 5% to 8%: So using the same example as above ($5,000.00) it will cost you from $250 to $400
For I-payout, even if you choose the most expensive way which is a bank wire it will cost at the most $40.00. Normally i-payout to bank is $1.00 or $6.50.
So let's take a look at the total cost of moving money around with the different processors for the example above of $5,000.00: I will use the low numbers for Payza and STP and the highest for I-payout:
TOTAL COST PAYZA AND STP DEPOSIT, TRANSFER,WITHDRAWAL: $340.00
TOTAL COST I-PAYOUT DEPOSIT, TRANSFER, WITHDRAWAL: $75.25
If you are not convinced after looking at the math, then nothing will. And yes, I-payout takes money from every country except the ones on the OFAC list. You may not like the way they do it, but they do and it works.
Also, for those of you that may still have problems getting money into our system and out of it because of this situation with Payza and STP, We are still taking deposits directly to our bank account, you can use Western Union or Moneygram or you can even send a Cashiers check or money order until you set up and learn to use the I-payout system.
We are trying to make it as easy and as inexpensive as possible and going out of our way for you to get funds into and out of our system. Please understand this MUST be done. Please do not send emails, support ticket or call our phones in regards to this matter, this decision was not easy but it is final. Please respect and trust our judgment in this situation.
Again, and just to be clear. We will stop taking deposits from STP as of Sunday, June 10th, 2012. After that date only withdrawals from STP will be allowed ! Thank you very much for you patience and understanding.