July 7th 2017
2017/07/07 at 14:33
Admin edited message on 2017/07/09 at 15:02
PayPal contacted us today to notify us they would be terminating our account.
I won't sugarcoat it, this news came as a total, shocking surprise.
To add insult to injury, they clarified there was nothing wrong on our end, but since they faced huge problems due to the practices of another known website, which theoretically belonged in the PTC vertical -even though they operated in a completely different way than our business model-, they were now forced to cancel every account belonging to a PTC website, regardless if there is a direct violation of their User Acceptance Policy or not.
No matter how unfair this might be, we have to remain pragmatic and ensure that the principles that made NeoBux what it is today remain unaffected.
To that end, we will adapt in order to make this transition as smooth as possible for our members. First of all, no user will lose a single penny and there will be NO "necessary" deductions of any kind. That is guaranteed.
In addition, any limitations regarding transactions through PayPal, as per our Terms of Service point 5.1, will stop in 4 weeks from now to ensure that no frustrations or long-term limitations are imposed on users who made purchases through PayPal.
Unfortunately, this is a necessary procedure until we can deal with the necessary bureaucracy in order to withdraw money from our terminated PayPal account. This simply means that before 4 weeks from now (we believe around the end of the month but don't quote me on that) every user that's bound by point 5.1 to PayPal purchases will be free to chose another payment processor. Unfortunately we cannot legally remove that restriction until then so please bear with us on that. As soon as we have the legal ok we'll remove it. This obviously won't affect those not bound to PayPal purchases.
All the PayPal purchases buttons have been already removed. The cashout button will redirect to this thread so that everyone sees it.
All the PayPal references from our Terms of Service, FAQ, etc, will be gradually removed as well.
The only positive note under the current conditions is that users have been shifting away from PayPal and started using other payment processors in the past months, which makes the situation not as difficult as it would have been in the past.
Finally, this setback will not compromise or affect the pillars upon which NeoBux has been built: Reliability, trust, innovation and transparency.
We will never become like the ones responsible for this outcome.
Unfortunately we have to pay for the mistakes of others but at least we'll make things right in the end because we're all a family and that's how it will always be.
Just to update on the situation:
PayPal finally sent us the official email which states their official reply on the account's closure:
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It doesn't say anything new: That the account is limited, we cannot send payment to our users and that it will be permanently closed in less than a week.
It does give us all we need to take the legal route against them since they're breaching their own agreements.
Just another screenshot taken from our PP account basically with the same info:
Interesting that Paypal use the phrase 'risk posed' which is the same reason they gave for the asset freeze at Traffic Monsoon.
Neobux also seem to have abandoned their Facebook page, the last post was 9th April
Watch this space...