Thread: Payment solutions

I'm not going to pretend I know how the relationship works between the banks and P*ps but what I do know is that for the last 2 years I have been involved in an MLM opportunity where we had a similar problem withdrawing money for one reason or another, it was mainly down to the fact that the bank was worried about the vast amounts of money coming in and out and credit card fraud, nothing to do with the company.

It was a long a laborious process but after a year of challenges the company finally got there and we now have not one but 2 payment solutions in place and money flows in and out very efficiently, infact its probably the fastest in/out payment solution on the internet today.

I'm sure there will be short term 'fixes' out there but I'm positive that BM is searching for a relationship that will last and be in the best interests of P*ps members.

Give the guy a break, how many times in life have you had to wait for something to come good?

Here here. Nice one gadget. :lol: :lol: :lol:

Banks often "lose" money and time when performing wires and the last thing they want to do is to hire more people to lose their resouces. Wires are manually intense and banks rather do business without it if they could.

Finding the best solution for members isn't easy but I believe it is CEO's top priority. We'll see results soon.

Takuya

My mother in law is a banker, and has worked for a few banks, some small and some large. I asked her way back when there was the problem with HSBC, if it would truly take that long to open a bank account to do what P*PS needs to do to pay the members. She stated right away that yes, this is NOT a short term thing. She had dealt with clients for sometimes months before the bank decided to take their business. So many things come into play when there are millions of dollars in the picture.

Recently, at a meeting with some other investors (some of which are in P*ps) the question came up again about banks turning down WT business. Someone said that the money they make is substantial, and while that may be the case for some banks, most dont have the resources to dedicate. So I asked my mother in law how many people did they have in her bank that were dedicated to just dealing with WTs, and her answer was NONE. In any of the banks that she has worked in, there was never anyone that was simply there to process WTs. Whats more, many times, there were only a few bank employees trained to do them, and they also happened to be the same employees trained or authorized to handle many other important things in the bank.

Maybe the solution should be to open several dozen or hundred bank accounts, and send smaller batches each day, limit withdrawals per month, whatever. the fact still remains that there is nothing we can do about it, and we just have to sit and wait to see what happens in the future.

Thanks for that Panama , very informative :D

yes, Panama, that is very informative.

Panama, what you are saying is exactly right. I work in the banking field (I have posted a couple times on the TG forum in the PIPS is real thread under 'justinch') so I do know some things about it.

What you say is true. The people usually trained to handle wires are called "ASRs" (Account Service Representatives) yet they also handle many other client requests (drafts, certified cheques, replacement client cards, etc.) Even though a wire is mostly automated it still has to be processed manually. At the last branch I worked at we had 3 ASRs, who had a capacity of about a couple hundred wires a day or so (but usually handed much less). If Bryan is working with a branch and not the head office then that is probably the limit he will have. Keep in mind that the couple hundred wires are also divided up among numerous clients.

Bump :)

OK,then ditch wt's and go with bank drafts and dc's.Too simple?