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NEW NEWS! october 11, 2010:

I got this email today...

Dear Valued Paymate Seller:

We wanted to thank you for being such a loyal Paymate customer and update you also on the current funds being reserved against your account. We understand that you’ve been awaiting funds for your recent activity using Paymate to process your transactions on eBay or your website. As you may know we switched to a new financial partner in September, at that time they required us to perform an immediate account review on all of our customers. You should have received signature pages by now, if not please pull them off our website, sign and return them. If you have signed and returned the pages we appreciate your cooperation in this matter. Since you have been approved all new transactions starting on September 17, 2010 are processing via our new and faster system for settlement to your account.

If you have transactions that were scheduled for payment prior to September 17th some of those payments were reviewed by our previous financial partner and have been set aside to hold based on a review of your account. These can be held for up to 6 months based on chargeback and refund risk they feel may exist. Much of this enforced process on our customer was why we choose to move away from them as we did not want to put our customers through this type of subjective review. Though we are working with them to release these funds as soon as possible they may or may not comply with our requests however, we will keep pressing them based on monthly reviews to release the funds. Many times the size of the reserve is based on the volume and the size of your transactions, as well as, the type of goods that you sell. If you have funds currently being held in reserve by our previous financial partner we will allow funds from that account to contribute to or cover your reserve account going forward.

Thanks for your patience and support.

Paymate Client Support

What a scam!

I think it's good news. It just means the old payment processor wanted to hold funds for 6 months which sucks. Unless this is not good news for old folks with paymate awaiting tons of funds...

I gather after the six months we will all get paid??

We need to wait until February/March of next year to get paid.. WoW

I wonder what will Ebay do to Paymate? They are on thin ice and Ebay

could wipe them out by moving them off their site! 75% of their sales comes

from Ebay. It's a shame because people was looking to use them over Paypal.

Paypal is nothing but a lot of headaches and you can't even go over $500 or

you could potentially risk your Paypal account!

has anybody else received paymate updates or am i the only one that is posting valuable info?

I am with you on that!

I guess we might have to wait for march!