StormPay Third Party Payment Processor - Penny Stocks

eSology · Sun, 02-12-2006, 08:25 AM

I have been using PayPal since 1998 without a single bit of trouble. I know there are claims of PayPal doing weird things to peoples accounts but I for one have never witnessed it nor have I known anyone to be done wrong by PayPal.

I have first hand knowledge of StormPay and their unethical business practices. I signed up with them 23 January 2006 and deposited money to be used to pay various merchants. Since that time it has been a living hell. Tickets closed with out a proper response and one left open since 4 February. There site has been down for hours at a time. One period I couldn't get into my account for 40 hours. The latest move StormPay did was the straw that broke the camels back. They have over the past week revised their Terms of Service (TOS) numerous times. The last additions are almost threatening people not to do charge backs on their credit cards.

Why did I bring this up here? Glad you asked. I do almost all my business online via banks, eBay, online merchants, PayPal, etc. This one time I got careless and blindly signed up for StormPay without doing any kind of research. It appears they have a nasty record with the Better Business Bureau in TN (their home state). For the record, conducting online business is fine. We all do it with our brokers; however, a) do your research and b) trust your instincts.

Quote:

StormPay Inc. intends to investigate each and every assertion wherein it has been claimed that StormPay Inc. initiated and unauthorized bank or credit card debit, and will prosecute those persons, and seek recovery of, all funds wrongfully charged back, including all costs involved to do so.

smiling · Sun, 02-12-2006, 09:37 AM

i could be wrong but i heard about stormpaid through Howard Clark the other day that this company may have been involved in a scam. i didn't catch the begining of his disucssion, only piece by piece.

Daizy · Sun, 02-12-2006, 10:20 AM

Ick esology!

Though I know it's no consolation, it would seem that many people have been caught with this one.

capt_nemo · Sun, 02-12-2006, 11:29 AM

Quote:

Originally Posted by esology

I have been using PayPal since 1998 without a single bit of trouble. I know there are claims of PayPal doing weird things to peoples accounts but I for one have never witnessed it nor have I known anyone to be done wrong by PayPal.

I have first hand knowledge of StormPay and their unethical business practices. I signed up with them 23 January 2006 and deposited money to be used to pay various merchants. Since that time it has been a living hell. Tickets closed with out a proper response and one left open since 4 February. There site has been down for hours at a time. One period I couldn't get into my account for 40 hours. The latest move StormPay did was the straw that broke the camels back. They have over the past week revised their Terms of Service (TOS) numerous times. The last additions are almost threatening people not to do charge backs on their credit cards.

Why did I bring this up here? Glad you asked. I do almost all my business online via banks, eBay, online merchants, PayPal, etc. This one time I got careless and blindly signed up for StormPay without doing any kind of research. It appears they have a nasty record with the Better Business Bureau in TN (their home state). For the record, conducting online business is fine. We all do it with our brokers; however, a) do your research and b) trust your instincts.

I too, have never had a bad time with paypal, They even have a site, " I HATE PAYPAL" LOL

eSology · Tue, 03-14-2006, 11:00 PM

Well there goes another Payment Processor that supported auto-surf industry. EMO Corp lost 2.4 million dollars of customers money and the State of Texas shut them down.

http://emoweb01.emocorp.com/resource...eivership.html

I'm sticking with PayPal since I have had them when they were just x.com back in 1998.

capt_nemo · Tue, 03-14-2006, 11:10 PM

Quote:

Originally Posted by esology

Well there goes another Payment Processor that supported auto-surf industry. EMO Corp lost 2.4 million dollars of customers money and the State of Texas shut them down.

http://emoweb01.emocorp.com/resource...eivership.html

I'm sticking with PayPal since I have had them when they were just x.com back in 1998.

for along time as well Bill, Never a prob!!!

PlaHPoy · Thu, 05-11-2006, 07:16 PM

I will NEVER use paypal again. A few years back I was selling some laptops and decided to accept paypal for payement (not an ebay auction). My client paypal'd the funds to my account and from there I was to purchase the 6 laptops from my distributor and send them on their way.....

Needless to say thats as far as I got, Paypal locked up my account for 43 DAYS!!! I called and they wanted me to fax in my ID to prove my identity etc. I complied and still my funds were not available. Like i said i had to wait almost 43 days before they released my funds. I lost my customer, I lost money, and I lost ALL respect for that company. I didnt even get an apology or a reason from them as to why it had happened.

There is also the possiblity that Paypal has corrected its ways since its aquirement by Ebay. I havent looked at it in awhile but this site used to have a lot of info - www.paypalsucks.com

Just my 2 cents... I know many people use Paypal with NO problems, including many of my friends and colleagues. I am just warning that it DOES happen to people. In my opinion only use it for personal use if your going to use it, and otherwise get an account with Authorize.net or Verisign.

- P -

xspennies · Mon, 05-15-2006, 08:52 PM

i've used stormpay dozens of times in the past with no problems. transferred money to and from accts with no errors. i guess its a case of buyer-beware...

Thu, 05-11-2006, 07:16 PM	#7 (permalink)
PlaHPoy Join Date: Jan 2006 Location: Detroit Posts: 7	I had a different experience I will NEVER use paypal again. A few years back I was selling some laptops and decided to accept paypal for payement (not an ebay auction). My client paypal'd the funds to my account and from there I was to purchase the 6 laptops from my distributor and send them on their way..... Needless to say thats as far as I got, Paypal locked up my account for 43 DAYS!!! I called and they wanted me to fax in my ID to prove my identity etc. I complied and still my funds were not available. Like i said i had to wait almost 43 days before they released my funds. I lost my customer, I lost money, and I lost ALL respect for that company. I didnt even get an apology or a reason from them as to why it had happened. There is also the possiblity that Paypal has corrected its ways since its aquirement by Ebay. I havent looked at it in awhile but this site used to have a lot of info - www.paypalsucks.com Just my 2 cents... I know many people use Paypal with NO problems, including many of my friends and colleagues. I am just warning that it DOES happen to people. In my opinion only use it for personal use if your going to use it, and otherwise get an account with Authorize.net or Verisign. - P -

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Sun, 02-12-2006, 09:37 AM	#2 (permalink)
smiling Join Date: Sep 2005 Posts: 7	i could be wrong but i heard about stormpaid through Howard Clark the other day that this company may have been involved in a scam. i didn't catch the begining of his disucssion, only piece by piece.

Sun, 02-12-2006, 10:20 AM	#3 (permalink)
Daizy Stock Breaker Join Date: Aug 2005 Posts: 19	Ick esology! Though I know it's no consolation, it would seem that many people have been caught with this one.

Tue, 03-14-2006, 11:00 PM	#5 (permalink)
eSology Super Member Join Date: Mar 2005 Location: U.S.A Posts: 791	Well there goes another Payment Processor that supported auto-surf industry. EMO Corp lost 2.4 million dollars of customers money and the State of Texas shut them down. http://emoweb01.emocorp.com/resource...eivership.html I'm sticking with PayPal since I have had them when they were just x.com back in 1998.

Mon, 05-15-2006, 08:52 PM	#8 (permalink)
xspennies Join Date: Sep 2005 Posts: 3	i've used stormpay dozens of times in the past with no problems. transferred money to and from accts with no errors. i guess its a case of buyer-beware...