StrictPay Update 5-29-10
StrictPay Customers
We want to share more details concerning our current banking situation, and some changes that are going to be occurring due to that situation. It appears that the authorities and the bank have not come to a complete understanding as we thought they did previously. The bank is still holding onto our funds, and they are no longer giving us any concrete time frame for when we can expect them to be released. We have some funds in other bank accounts, but the majority of the funds are in the bank that is currently not allowing us access to our funds, and it appears that the situation may not be completely resolved in the near future. We understand that many of our customers have questions concerning this situation, but for the integrity of the investigation, and for obvious legal reasons, we cannot go into any details at this time. We believe that one day we will be able to speak about the whole situation, but until that time we just cannot.
It is imperative that our customers understand that it is not StrictPay that is under investigation, but instead it is our one major bank account that has the funds frozen at this time. As we stated earlier we have some funds in other banks, and this coupled with the new deposit and withdraw options we have available has allowed us to continue processing some withdraw requests for the last couple of months while we have dealt with this issue. We understand though that these withdraw requests are obviously not happening at a pace that is convenient for anyone. Due to these struggles, we have discussed many scenarios for keeping StrictPay operating. As we have always wished this to be a long-term payment option for our customers, we must make decisions that insure that we will still be in business for many years into the future. We have decided that the best options for long-term company success are as follows:
1. Cancel all pending withdraw requests, and all funds go back into customers' StrictPay account balances
2. New withdraw limits for each different withdraw option we offer
3. Remove the current time frames for withdraw requests
4. Introduce the new average time frame tracking option
There are new withdraw limits in place for each different option we offer, and you can view these limits by clicking on the Withdraw link and choosing each option. You will also notice that on each page we have replaced the expected time frames with the current average time frame for that option of withdraw. We cannot know if the time frames on withdraws are going to be days, weeks, or months, but at least we wanted to give our customers the option of monitoring the time frames as they gradually trend towards improvement. Our funding department will then continue processing withdraw requests in the order they are received as funds become available to us, and this also gives all customers the option to use one of the many exchanger services that accepts StrictPay to withdraw their funds if they wish.
We know this solution is not ideal for anyone involved, but it allows us to continue serving our customers for both the short term and long term. These reduced limits allow us to be able to maximize our available funds in order to help us to process requests for a bigger percentage of our customers. Our customers can also count on being able to either use their funds with merchants that accept StrictPay, or to know that they will be able to withdraw their funds eventually. The only other two options we see available at this time would be to temporarily shut down the StrictPay website until this situation is resolved, or to change our entire system so that we only do deposits and withdraws through the use of exchanger services. We feel that these newest changes will at least give our customers more than one option, where as the other two choices we mentioned really do not.
Over the years we have been very flattered by, and thankful for, the level of support that our customers and merchants have shown us. During these next few months the success of StrictPay is going to be inherently tied to this continued support of our customers and merchants. We are aware that there are certain online information sources that have been making claims of us not doing any withdraws for people, as well as spreading other disparaging rumors that are just not true. Our plea to our customers is a simple one: do not buy into the negative thought processes that seem to be prevalent in many online forums, blogs, and message boards. While it is true that our withdraw request time frames are delayed, and a major inconvenience for our customers, the claims that we are not processing any withdraws are simply false. We truly believe that the changes we have implemented, along with the continued support of our customers and merchants, will insure the long term success of StrictPay. We apologize for the inconvenience this is causing, and we ask for your patience and understanding during this transition period.
Thank you
Team StrictPay
www.strictpay.com
