No Bullshit HYIP Blog, A Part of No Bullshit Network

With the demise of so many payment processors and the US Government breathing down their backs, it’s a wonder why so many Autosurfs/HYIPs are announcing plans to launch their own payment processor. Why in the world would they want the headache of trying to get all of the permits to run it legally or take the risk of running it illegally? Irregardless of the legalities, they are plowing ahead with their plans.

If you read blogs and forums regularly, you have no doubt seen this topic discussed ad-nauseum and have formed your own opinion. The community seems to be split on the issue. I’ve read where people say, “Oh, they must be sticking around for a long time. They’re building their own payment processor!” And there’s the other side saying, “They’re adding a payment processor. That will be the end of them.” What’s a newbie to think?

This weekend’s closing of eprofit surf/works/team’s (whatever it’s called these days) payment processor, Auto-Surf-Money, prompted me to add my opinion to the multitude of others. How many times have we seen program after program build a payment processor, only to start the downward spiral to closing? Does picpay ring a bell? How about the on-the-way-to-out StudioPay? I’m sure old timers can name many more.

IMO it is a conflict of interest to own multiple sites, which have dependent business purposes, and which use each other, especially exclusively. This is broad statement, so don’t take it literally for everything. I’m talking about a site that needs to use a third party to process banking transactions, then builds a site that does the banking transactions. How about a site that needs to be trusted, then builds a second site that purports to perform DD to give a trust seal of approval?

If the above doesn’t scream conflict of interest to you, let’s compare the online world to the brick and mortar world. How many brick and mortar companies are there that would even consider trying to open its own bank because it doesn’t like the existing banks, credit unions, VISA, MasterCard, etc.? A lot of them offer their own credit/debit cards, but they have a separate company do the processing.

Where I live there is a real estate development company that tried to open its own bank. What happened was that not longer after, the owner was taken to court. He was removed from running either business. Both businesses are still thriving, but with completely different administration.

Let’s compare this with eBay and PayPal. Does anyone remember the huge flack that eBay and PayPal took when it was discovered that they were owned by the same company? Many thought that the legal battle would be the end of them. I’m not sure what all they did to prove legitimacy, but they are run by separate administration and neither are exclusive users of the other.

My plea to all Autosurf/HYIPs, which really want to be around for a long time, is please forget plans to get into the banking business (oops I mean “payment processor” business.)

My advice to members is go right ahead with the programs that are planning their own payment processor, but make sure you get out before the payment processor actually opens. If the Autosurf/HYIP forces you to use their payment processor exclusively, walk away and write off your money as if they had closed. If you join their payment processor, I wish you luck getting money to an account where you can actually use it.

I’d love to hear your opinion of this important issue. Please leave comments. Opposing opinions are welcome, but please respect other’s opinions in your comments.

JMO - Sharon

Popularity: 3% [?]

Share This