Finteza

Payoneer shutting down? or spam?

Located in Escrow Service Reviews started by xeroox, Apr 12, 2018.

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  1. xeroox

    xeroox Established Member

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    Anyone can confirm?

    We have been notified today by FirstChoice Pay that their parent company Choice Bank is currently in a position that they must put a temporary hold on all payments made by FirstChoice Pay. We have been told that all FirstChoice pay cardholders should withdrawal any funds from your account as soon as possible. At this time we are unsure if FirstChoice Pay will resume regular service and the timelines involved. We ask any models or agents to please contact us to choose an alternative payment method until we can work out a permanent alternative payment solution.

    Below is one of the messages sent to us by Choice Bank



    Dear Accountholder,

    Due to recent developments involving the prepaid card component of our international banking business, Choice Bank Ltd. (“the Bank”) has been forced into a temporary liquidity constrained position.

    With a view to enable the Bank to manage cash flows in an orderly fashion to work through the current liquidity situation, in the interest of depositors and other creditors as a whole, the Bank has taken the decision in its view as a matter of necessity, with immediate effect, to temporarily suspend all withdrawals from deposit accounts with the Bank and other outbound payment activities (save for payment of employees, suppliers essential for core operations, consultants and advisers) until the Bank and/or its relevant regulatory authorities (as the case may be) are satisfied that such suspension is no longer required.

    The Bank maintains a strong balance sheet with total equity including paid up capital and accumulated retained earnings in excess of US$26 million, a most recent reported regulatory capital ratio of 26.92%, and statutory liquidity ratio of 74.59%, such ratios significantly exceeding all statutory capital adequacy and liquid asset requirements. The liquidity challenges the Bank currently faces is truly a short-term one. As it progresses through this process, the Bank is confident that all its depositors, cardholders and creditors will be kept whole.

    We thank you for your patience and understanding and apologize for any inconveniences caused

    We have been informed by FirstChoicePay / Payoneer that they have completely shut down their payment services, and are effectively out of business. All of their customers' funds, including over $100,000 of our payroll funds, have been frozen by their bank, Choice Bank Limited of Belize indefinitely (please see http://www.xbiz.com/news/234907/choice-bank-suspends-withdrawals-from-deposit-accounts).

    First let me assure you that any money owed to you will be paid out as soon as we find an alternative payment solution. If you need your money immediately, please send us your PayPal info, and we will do our best to pay you with PayPal. If you can wait a week or two, we are working with a new payment processor to be able to send you a pre-paid Visa or MasterCard debit card, and then re-fill it with your pay each week. You will then be able to use this card at ATM's to withdraw your local currency or for purchases anywhere. I will keep you posted as soon as this solution becomes available.

    In the meantime, I strongly advise you not to use Paxum or Epayments, as we have received word that they too were customers of Choice Bank, and may have had their funds frozen. I know this is very inconvenient for you, but please rest assured that your money is safe, and we will send it to you as soon as we have a way of doing so. Thank you very much for your patience and understanding.
    Both emails are from two different adult network but i can't find any other information
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. anantj

    anantj Active Member VIP

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    @Brandon Abbey Can you provide any information on this? Is Payoneer itself shutting down or the product FirstChoicePay ? The e-mail is horribly confusing
     
  3. Soofi

    Soofi DomainX™ PRO Gold Account VIP ★★★★★★★★★★

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    pretty confusing emails.. but looks like an issue with bank.
     
  4. anantj

    anantj Active Member VIP

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    That was my thought as well...
     
  5. Shamiul Alam

    Shamiul Alam Established Member

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    No clue. The news appears only on xbiz.
     
  6. Mahouni

    Mahouni Established Member ★★★★★★★★★★

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    I think this is unrelated to Payoneer escrow and more concerned with FirstChoicePay. Most affiliate networks have been shutting down FirstChoicePay as a payout option for a while now.
     
  7. golan

    golan Leo.Domains Gold Account VIP

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    Thanks for the alert. They mention Epayments in the second email; actually Epayments said they stopped issuing new card yesterday, but the existing cards works as usual. I'm going to dig for some more info.
     
  8. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    First let me say that the title of the post will make sure it gets a lot of views. Payoneer is an extremely solid company with over 1000 employees and doing very well in the domain escrow space. Check out some of the endorsements we have received - https://www.payoneer.com/escrow/domain-names/

    I am not very knowledgeable regarding the First Choice Pay product offering, however I will find out about this and let everyone know their status. Back soon and best wishes to all,

    Brandon
     
  9. anantj

    anantj Active Member VIP

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    Thought as much... Really bad e-mail
     
  10. xeroox

    xeroox Established Member

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    @Brandon Abbey Thanks! The title wasn't intentional to catch more views. I'm using payoneer more to receive affiliate funds that's why the thread and the "panic"
    And i heard that every adult network sent similar emails to their affiliates
     
    Last edited: Apr 12, 2018
  11. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    No worries, thanks.
     
  12. xeroox

    xeroox Established Member

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    @Brandon Abbey Any news? a lot of people are freaking out and withdrawing all their money. Is still safe to receive money with global payment? Can i still withdraw fund with my debit card in the future?
     
    Last edited: Apr 14, 2018
  13. drakeholm

    drakeholm Established Member

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    Fintech in the gig economy has *that* short of a half life?

    (sign of relief)
     
    Last edited: Apr 14, 2018
  14. Andish

    Andish Domain Hunter

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    Has anyone experienced any problems accessing Payoneer funds lately? Or using a Payoneer card?
     
  15. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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    Per my research, the relationship between the Belize bank and Payoneer FirstChoice Pay has been terminated.

    It's all due to MasterCard pulling its support from Choice Bank, as it facilitated the bulk of payments to workers in the adult industry. More info.
     
  16. golan

    golan Leo.Domains Gold Account VIP

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    Using it daily, normal flight.
     
  17. tonyk2000

    tonyk2000 Active Member VIP ★★★★★★★★★★

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    Adult webmaster forums indicate that the cards are working, but it is no more possible to load extra funds
     
  18. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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  19. Brandon.Domains

    Brandon.Domains Successful Internet Entrepreneur Since 1998

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    Let me point out that both Paxum and Payoneer/FirstChoicePay have been using Choice Bank Ltd. located in Belize. Choice Bank has cut off both companies and a bunch of others due to heat from MasterCard.

    So get out all your money and run for the hills!!!

    Brandon
     
  20. tulharkham

    tulharkham Restricted

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    Abbey is correct, Payoneer is a solid company, however my well placed connections in the company tell me that Payoneer is closing their escrow service down. The founder of Armor who was running the group, Reynolds, has already left. Abbey would know this.
     
  21. xeroox

    xeroox Established Member

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    So should we stop using payoneer?
     
  22. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    If anything I think you should consider Payoneer even more. The escrow product is moving more into the mainstream product line with additional support and sales involved with the product.
     
  23. jexi

    jexi Established Member

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    Hey guys,

    Let me give you some sort of unofficial information (I am no related to the Payoneer nor FirstChoice Pay, but rather an someone who did investigation).

    - Due to high-risk transactions involved in adult business, Payoneer has separated adult-oriented payments to the FirstChoice Pay brand, in partnership with Choice Bank Ltd (Belize City) in 2017
    - As previously stated, FCP has issued prepaid cards under license pursuant, Choice Bank Ltd
    - Payoneer has been working with different license holders (First Century Bank & WireCard Solutions) and current position of Choice Bank Ltd is not affecting Payoneer customers, only those who have since migrated over to FCP due to nature of transactions.
    - Current Choice Bank Ltd's position has also blocked Paxum existing customers with their card from using them. Payment provider no related to Payoneer or FCP
    - At this time, it's unknown whether ChoiceBank Ltd will be able to provide any MasterCard issuing services and whether current cards will be active in future.
     
  24. NetPark

    NetPark Established Member

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    I think there is something happening in Payoneer or they have a lot of irresponsible stuff.
    I can not use my funds for sold domains. Two sales payments initiated through Escrow.com is holding on Payoneer, one of them is 9 days.

    It is not first time I am receiving funds from Escrow.com.That is why there can not be any identification issues. Support representatives reply with same answer: Payment team is reviewing case, you will receive update within 24-48 hours.

    @Brandon Abbey says that Payoneer is extremely solid company. We respect @Brandon Abbey for his reputation, but solid companies do not makes difficulties to entrepreneurs.
    I think we have to inform other users to avoid using Payoneer if they will continue making difficulties to domainers.
     
  25. Brandon Abbey

    Brandon Abbey Secure Transactions - PayoneerEscrow.com Payoneer Staff PRO ICA Member VIP ★★★★★★★★★★

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    Hi NetPark,

    Please contact me at [email protected] with the specific details causing your concerns and I will look into it. Best regards,

    Brandon
     

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