Paymentz : Unsuccessful Project

December 10, 2006

This is sad to see two honest MMG members to close their project. Here is what NUK one of the admins of Paymentz said:

Now is as good of time as any to update on what Mobile and I have decided. We are closing the door on the paymentz concept for now and will be issuing refunds to all of those involved.

The delay in making an announcement has been that I have been waiting on a loan approval from the bank in order to issue refunds. There is approximately 25K in refunds owed and a large chunk of that has been already spent on things like script, programming, more programming, attorney fees, server costs and hosting, etc. Therefore, we are going to have to come out of our own pockets to make this happen, but that’s life when you try to start an ambitious project and it doesn’t ever get off the ground.

I could go and on about all the roadblocks that have surfaced since April when we started paymentz, but I’m sure most are pretty familiar with them. What looked like a solid and feasible plan in April quickly changed due to several regulatroy actions both in the USA and in Belize. At this point, we do not see paymentz as being viable at this time and I’m tired of banging my head into the wall over it.

I didn’t really want to make this announcement until I had all the refund cash in hand, but I’ve been getting a lot of PM’s and emails and everyone involved needs to know something, and this is it. Sorry for all the disappointment and frustration through the past several months, but we’ll “make this right” to all of those who have money in paymentz. At this point, I need to move on with my life and chalk this up as a major mistake. I’m pretty sure Mobile feels the exact same way.

I’ll get this announcement out by email today to those members not involved on MMG and will update Monday evening on a refund date as I have a meeting Monday afternoon with BOA.

NUK

Wish you luck guys for the next time!

Posted in Closed/Scam Folder, Payment Processor