Saturday, September 14, 2013

Is TelexFree Playing Payment Roulette Just Like ZeekRewards's Dying Days?

Those who kept track of Zeek knew that during its final few months, it was playing "payment roulette", as it shuffled its payments all over the world, switching credit card processors like Lady Gaga changing outfits at a concert. It also had a bit of problem shifting funds among multiple eWallet providers. And the credit card processors are often on the other side of the globe (Cyprus, Greece, Korea, etc.) , which triggered many credit card fraud alerts, which then caused even more panic among its members.

Now apparently, TelexFree is doing the same, as "brand name" processors are dumping TelexFree.

Only in August did TelexFree recommend Global Payroll Gateway (GPG) as the source to use for paying into its coffers. Now in September, news spread that GPG had dumped TelexFree as a client, with the announcement straight from GPG itself, claiming that TelexFree is switching to somebody called International Payment Systems.

Zeek tried multiple eWallet providers during the last few months of its life as well. However, they were not under court order to stop paying people at the time.

With multiple TelexFree operations suddenly popping up all over the world (it was in Brazil, then the US, then suddenly there's now a TelexFree UK office, another virtual office) clearly someone is trying to endrun the legal decision in Brazil to keep the scheme running and continue to suck in more money from people with more greed than sense.

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