Empower Network

There’s been a flurry of activity on skype and emails asking me to join Egopay.

I keep getting conflicting information on why I need to join.

One person told me on skype that Payza would cease supporting certain online companies offering High Yield Investment Portfolios HYIP.

I can understand why a reputable finance company would be careful in this regard, but AlertPay has been providing service to these types of biz for years, well before Payza took over.

This is what the Payza blog has to say on the matter:

Since the launch of the Payza platform, the Payza Board of Directors has been evaluating all existing and developing market and regulatory conditions in relation to the company’s performance strategy. Because the mission of Payza is to provide the best customer experience in the global online payment processing industry, the Board has identified important emerging business sectors that will foster new payment routes for all of our customers and has mandated the continued development of Payza’s authorized exchangers list. Additional resources have also been allocated to improving customer satisfaction and the processes necessary to resolving outstanding client issues.

As a result of this evaluation, certain sectors currently experiencing increasingly strict regulatory conditions have been recategorized. In order to provide all Payza members with the most secure and stable platform, an amendment to Section 7.02 of the User Agreement has been effectuated:

Section 7.02 – Activities Not Allowed

• Any indication or demonstration of a literal rate of return on a contribution, payment or investment, while not being licensed to sell or solicit.
• Selling of Unregistered/Unlicensed Stocks, bonds, securities, options, futures, or investments in any entity or property, including (but not limited to) corporations and partnerships or sole proprietorship, are prohibited. Solicitation, marketing campaign, direct selling or any other comparative effort of the aforementioned products will be considered a violation of the User Agreement. If you are registered or licensed to take such action, you may be requested to present documentation demonstrating authority to do so from a Securities Exchange Commission, Commodities Futures Trading Commission or other equal and comparative agency.

Payza is committed to providing all of its members, individuals and businesses alike, with the most secure and convenient platform with which to transact online. The Board of Directors is continually exploring new services and options for the company and its customers, and has as a dedicated mandate the implementation and optimization of the best of these new opportunities. Please stay tuned for the latest in our business offerings!

Quite a vague statement! Naturally a few people have commented on it, asking which online companies would be affected.

Here is Payza blog’s reply:

Merchants to whom this User

Permalink Submitted by Pola on Mon, 07/16/2012 – 17:17