ePayments services suspended notice

ePayments in Trouble

ePayments in Trouble? More like clients in trouble

Here we go again. Years ago we have ePassporte closed down all of a sudden. I lost some money from that and never get back. FirstChoicePay got shut in 2018 and the liquidators are still working their ass to distribute money to the creditors (as of end of 2019). Now we heard that ePayments has found weakness in preventing money laundering and all clients’ accounts activities will be suspended.

What happened to ePayments?

On 12 Feb 2020, I received this email from them:

We write to inform you that in accordance with paragraph 12.1 (j) of our standard terms and conditions, we have unfortunately taken the hard decision to suspend activity on customer accounts, effective from today. During the course of this suspension customers will be unable to transfer, deal, withdraw or deposit funds and will be unable to use their ePayments cards.

Following a review by the Financial Conduct Authority (‘FCA’) of ePayments Systems Limited’s (‘ePayments’) anti-money laundering systems and controls, a number of weaknesses have been identified which require urgent remediation to ensure that our customers can enjoy a safe and secure platform.

Following discussions with the FCA, ePayments has agreed to suspend activity on customer accounts until remedial action has been undertaken to the satisfaction of the FCA.

We know this will be a very frustrating time for our customers. We apologise for any inconvenience caused and are working tirelessly with the FCA to ensure improvements are made and accounts can be reactivated as soon as possible.

During this improvement process, we want to assure customers that their funds are being safeguarded as normal.

Should you have any questions in connection with this letter please contact [email protected]

So, despite the fact that they always ask for the purposes of the money transfer, apparently, it is not good enough. It still doesn’t meet the FCA’s requirements. I suppose it does look suspicious when some camgirls can earn a 5 digit income a period, and there can be many transfers like that. It does make it look like a money-laundering haven.

Suspicious – a month ago

Now I think of it, about one to two months ago, some cam sites have claimed that ePayments was not dealing with porn sites and they can no longer pay the models or affiliates with ePayments and request us to change to another payment method. I suppose this is step one of ePayments to try to “clean up” and hope this act can remove the dodginess. However, there are still plenty of adult sites, including cam sites who are experienced with this and managed to set up innocent-looking, mainstream companies to deal with this problem. Camcontacts and Bongacams are one of those. After ePayments claimed that they are not dealing with adult businesses, I continue to receive payments from these two, and I presume there are many more.

Now what?

ePayments is in trouble now.

But it’s more like – ePayments’ clients are in trouble now.

What’s the Impact?

Many online businesses rely on ePayments for payout to business partners and affiliates. By freezing account activities on ePayment, money becomes not accessible. Not all business has a good cash flow to allow them to pay with a different channel. One of the biggest client sectors of ePayments, of course, is from porn-related sites like cam sites. Lots of cam sites use it to pay the models and affiliates. Without payment, or payment being held, it is definitely not a happy partnership.  Not to mention there are plenty of cam models who rely on the payout to pay their bills. And that’s why some cam sites like Chaturbate even offer payout-on-request, not bound by pay period for their models.

What will happen?

As expected, after this incident, if ePayments managed to reopen to all customers, everyone will withdraw their money and run. Not to mention during this period, everyone will be looking for alternatives.  And that’s nearly the end of ePayments!

If you have any more news about this or thoughts would like to share, please comment below.  We need to work together to get our hard-earned money back.

 

1 thought on “ePayments in Trouble

  1. Hony Tsoi Post author

    On 2 Apr 2020, ePayments has sent an email to everyone stating that ePayments customers should all install their app so that they can use a second factor to validate and authorize our logins.

    This authentication is available starting from 6th April 2020.

    There are 2 ways to set up for this 2-factor authentication:

    1. Recommended – via the ePayments app. You sign in to ePayments with your username and password and authorize the device. You have to prove your identity by either SMS, Google Authenticator or Push notification. Once your have successsfully logged in, you have to confirm that this is your trusted device to carry out transactions with ePayments.

    2. You can also use the web browser. Go to the ePayments website and the system will generate a QR code. You still need to use the ePayments app to scan the QR code and confirm your trusted device.

    So, either way, YOU HAVE TO INSTALL EPAYMENTS APP, starting 6 Apr.

    All ePayments customers, install the app now so there is no delaying of accessing your account when they are back.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.