Payza Updates and EgoPay new to Payment Processors

So it was announced on the 13th of this month (July 2012) that Payza would no longer be supporting some sites, and the emails of panic have been flying in so I’m going to set some things clear here and now.

People without reading the Payza update are making assumptions that they won’t support affiliate marketing, this is not true.  Their update adds to the Activities Not Allowed section of the user agreement in that it will not support investment type sites, or unlicensed stocks / investments, etc.  The websites that fall into this category are, plainly, ILLEGAL.  That’s all there is to it, they are broadening their terms to make sure they are in line with federal regulations.  If you are using a site that used Payza but now won’t.. guess what, it’s not legal!  Most notably JSS which is a long running Ponzi scheme, even the well known fraud owner Fredrick Mann has admitted several times it’s Ponzi structure, and countries like Italy have even arrested affiliates of the site as being brokers of unlicensed investments.  If you run a legitimate program within the laws of your country, you have nothing to be concerned about!

Next is the matter of EgoPay, Mann and many other fraudulent investment site owners have been saying they are going to switch to this bogus payment processor called EgoPay, many are even claiming it is created by Payza, though neither company makes this claim.  I can guarantee you if Payza launched a new company, every member would know about it, but they did not.  EgoPay claims to be registered in Belize, but the domain was registered by a private firm in Arizona, where as with Payza, they claim to be in the UK which is also where their Domain is registered.  EgoPay also does not allow you to transfer to your bank account, they require you to use a non-guaranteed third party service to transfer your money to another payment processor which you can transfer out of.

This whole EgoPay thing smells of the same scent as the Illegal Investement Programs that are supporting it.
As with all marketing and especially when using your money, due diligence is necessary, if the scam investment site you are using does not take your money, the scam payment processor that supports them likely will.

As an Editorial Note, I am very thankful to see Payza’s change into being more in line with federal regulations as far as which companies they support, and making it more difficult for people to use the kind of illegal garbage sites that it no longer supports will with any luck put a slow down to these scamsters and prevent them from stealing more people’s money.