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| Saturday, February 04, 2006 | |
I'm getting a lot of comments regarding problems with StormPay on an old post I made back in March 2005, Storm Pay Scam. There I was concerned about their involvement with NoBSZone and illicit charges on credit cards for Porn sites. Now it seems they're not only having problems with their website staying responsive, but they're digging a hole that will lead to their demise.
Here are the items that will cause StormPay to go out of business:
- They require vendors to be certified with NetIBA (suspicion is that they're a sister company).
- They built their business on the backs of MLM businesses, pyramid schemes, auto-surf program, and other money games
- They're now prohibiting their vendors from using any other payment system (PayPal, E-Gold, etc) in an attempt to monopolize this market
StormPay can't survive with this method of doing business. Unfortunately, I also believe they're going to cost many good Internet folks a lot of money.
If you think they're any comparison between StormPay and businesses like PayPal, you're mistaken. PayPal started out similar, but took a totally different path by merging with like X.com (you probably don't remember them now) and subsequently being acquired by EBay.com. StormPay is nothing but an unregulated money changer. If you can connect to their site, I recommend withdrawing your funds as soon as possible.
Please note that this is my opinion, but don't say you weren't warned.
Posted on 02/04/06 at 22:43:35 by Jim Gray
Category: Scams
Comments
Storm pay took money out of my account without authorization and I have made several requests for its return and this still has not been returned.
I recently started selling on Stormpay auctions(from April 2006-current)and I find that there are ALOT of scammers on this site!
There is no way to block certain Scam oriented countries,No way to block a previous scammer from your auctions,no way for buyers to pay with payments other than E-gold or Bank transfer,and most of all buyers can keep coming back again and again to run more scams on your auctions. Prior to this there were buyers (alot of them)constantly doing chargebacks and it makes me wonder if Stormpay is the one doing this and not the buyers themselves.
I had one buyer who had a pleasant transaction with me only for a chargeback later on. He said that it was news to him and he tried to log into his account and it was closed mysteriously.
Granted the stormpay auctions get you into the google search engine but all it does is lure in more and more scammers.
Most of the buyers I get are trying to buy stuff to clean out their account balances because stormpay takes like 20 years to send their funds to their bank or checking account and 20 more years to send it via their DHL mailing system.
As of today(5-15-06)I will be doing the same in buying until my account is at "0" balance.
Re latest on StormPay, I was sent this Thurs Mar 23 2006 at 22:48 USA CST.
Important StormPay Policy Change:
Dear Valued StormPay customer,
Effective immediately StormPay Inc. will no longer accept payments for sales made outside of StormPay Auctions. If you are an online seller who wishes to sell your product or service through the StormPay system, your item must be sold using the StormPay Auctions feature. Listing in the StormPay Auctions is FREE of charge unless utilizing our inexpensive upgraded listing options.
Q: Why has StormPay implemented this new policy?
A: StormPay has rendered certain policy changes to insure a safer online experience for both buyers and sellers. This policy change allows StormPay to more closely monitor the products/services sold, insuring that sold items are within StormPay’s acceptable use policies.
Under these new policy guidelines, customers may no longer log into a StormPay account for the purpose of sending money to another online user, or “offsite” website sale. All “spends” and “receives” are and only can be for the specific purchase of a user’s auction listing and successful purchase of.
Subscriptions (recurring billing) is no longer supported by the StormPay system. All current subscriptions have been cancelled. We apologize for any inconvenience this may have caused.
We appreciate your business. As always, if you have any questions, feel free to contact us.
StormPay Inc.
I can't even get into Storm Pay anymore. I use what I thought was my password and they don't accept it. I click on the password retrieval button and they say its been sent to my email address. Wrong it never shows up so I can't access my account anymore. We were a part of the Quadra Pay program and never cycled so were to get our investment back in 1 year. We have not heard from them yet. Probably won't either. Lesson learned!!
Does anybody know what I can do to get my funds out of StormPay? I made the mistake of using them to accept payments and they are taking forever to transfer my money to my checking account. It's a big problem.
Does anyone have the ATM card? I can send a payment to you and you can withdraw it for me??? I'll pay you for this favor. I'm in NYC. Thanks!!!!
Hey Jim,
I have requested an interview with the powers that be in the StormPay camp. If it is granted, you will find it posted on my channel.
Keep your eyes peeled.
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