Affiliate Speedpay Closing

[ck8795]

Just an FYI if others havent seen this yet

http://www.pokeraffiliatelistings.co...y-closing.html

We are writing to inform you that from end of day tomorrow (28th August), Affiliate Speedpay will no longer accept merchant payments.
*
FBME bank has reviewed this product, the result being that it is no longer commercially viable to maintain this service.
*
You will shortly be contacted by FBME Bank and requested to submit details relating to the remittance of remaining funds in your account,*
following which your account with FBME Bank will be closed by 4th September.
*
Please note that although further merchant payments to Affiliate Speedpay account holders will no longer be possible, these accounts will remain active*
so that funds can be withdrawn.
*
Kindly ensure that any links or references to Affiliate Speedpay are also removed from your websites and literature.
*
If you have any questions, please do not hesitate to contact me. __________________

[pompeyrayuk]

Kind of fitting don't you think that it had a running life similar to some of the properties in the industry that it served.

[TowerAdrian]

Yes we just received this email as well... It is going to be a pain for a lot of affiliates to pull their money out of these accounts with such short notice, I think ASP and the FBME bank could have done a better job in letting people know in advance.

Anyone who is a Tower Affiliate that is getting paid by ASP, contact me or your affiliate manager as soon as possible and we will get you changed over to another payment option or wire to make sure there is no delays in commission payments.
Truly a sad day, as ASP was a great fast way to receive commissions

[MichaelCorfman]

Yes we just received this email as well... It is going to be a pain for a lot of affiliates to pull their money out of these accounts with such short notice, I think ASP and the FBME bank could have done a better job in letting people know in advance.

This situation will not be a problem for affiliates with respect to funds currently in their affiliate speed pay account. The affiliate bank accounts are not being closed down right away, and affiliates can withdraw the money as they wish.

In the case of Casino City, normally we waited until there was a reasonable accumulation in the account, and they withdrew it to our regular bank account. So obviously we will just withdraw what is there now since there will not be any additional deposits.

Unfortunately, in this industry, there can be a lot of negative pressure with respect to banking relationships. I'm sure FBME liked the business but hated the negative pressure and scrutiny associated with a very visible payment system like Affiliate Speed Pay. I know, for example, that at Casino City we made a decision to remove mentioning the association from our website in response to requests we received to reduce the visibility of the association. And I'm sure what we knew about was the tip of a much bigger iceberg. Bankers are a conservative lot, and really don't like to be in the middle of things like this unless the money involved is substantial enough to make a real business difference. I'm guessing Affiliate Speed Pay wasn't large enough to counterbalance the associated nuisance factor from the banks perspective.

Michael

[pgaming]

Closure of Affiliate Speed Pay I find very fitting indeed

JMO

greek39

[MichaelCorfman]

Closure of Affiliate Speed Pay I find very fitting indeed

There was a point in time when I would have shared that view. However, the relationships and associated issues that are the reasons I once would have shared that view had been long since been severed and I personally have felt very good about ASP since those issues were cleaned up. However, I think the negative publicity surrounding those former relationships did not go away fully after the relationships were severed, and I believe that the remaining negative publicity had to be a contributing factor in what just happened.

Michael

[pgaming]

I never considered ASP a viable payment option to begin with. The Architecture's behind ASP gave me reason to doubt.

JMO

greek39

[GamTrak]

That is so true! Just this week I had to fill out some forms regarding my accounts (due to the international bank wires) at my small neighborhood bank and after it was all said and done, my accounts are now closed and I had to change the majority of my affiliate accounts to another bank account. Today I have to go to the bank and get my money out that came AFTER it was 'closed'.

Unfortunately, in this industry, there can be a lot of negative pressure with respect to banking relationships. I'm sure FBME liked the business but hated the negative pressure and scrutiny associated with a very visible payment system like Affiliate Speed Pay. I know, for example, that at Casino City we made a decision to remove mentioning the association from our website in response to requests we received to reduce the visibility of the association. And I'm sure what we knew about was the tip of a much bigger iceberg. Bankers are a conservative lot, and really don't like to be in the middle of things like this unless the money involved is substantial enough to make a real business difference. I'm guessing Affiliate Speed Pay wasn't large enough to counterbalance the associated nuisance factor from the banks perspective.

Michael

[eaton2003]

Sorry to see them go, and possible a future payment provider will use words other than;

FBME = Federal Bank of the Middle East

As this alone put off some merchants joining up with even though they were based out of Cyprus. Wuold be nice to see another great ecard payment solution come by.