Friday, March 24, 2006

StormPay Policy Change - Now Only an Auction Service

StormPay has made an official change to their terms of service which now makes it only a site that allows money to be sent and received for auctions sold within their site. Any other outside payments or any other types of payments are not allowed. This seems to leave only PayPal and possibly e-Gold as the few online payment processors that are still in existence and are licensed to transfer money.

Important StormPay Policy Change:
23-Mar-2006 14:21

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.

This change is most likely being done to limit damages and liability for purchases done outside of their network since there were such a huge amount of complaints made against them to state & federal agencies after they froze 12DailyPro's assets. This move officially kills StormPay as a payment processor. Many people will probably disagree with me, but I feel that this is unfortunate. It seems more and more online payment processors are disappearing, which leaves only PayPal to operate as an exclusive system to move money back and forth between users, as well as being used as an online shopping cart system for people who don't use merchant accounts.

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