What exactly did happen to Paysystems? I know it's something really bad, but I can't seem to find any specific information. Did they go out of business? It sure seems as they did... I never trusted them to much and I guess I was right not to do that. I'm sorry for the people who may have also gone out of business because of them. :(

Here is a short summary, in answer to your question about PaySystems.

PaySystems' main business was 3rd party processing - i.e. processing transactions for sub-merchants under one main merchant account. By its very nature, this is a very risky business model and prone to exactly the kind of catastrophe that happened.

The problems really started when Visa and MasterCard became aware of certain types of accounts that PaySystems was processing for and told them that they needed to move away from their 3rd party processing business model.

PaySystems started to do so - but before their scheduled cut-off date, their merchant account was terminated by PAGO/Deutsche Bank, who was their merchant account provider.

The reason for termination was primarily due to chargebacks & risk-related concerns but there was a little more behind it as well which I'm not able to discuss publicly since it was told to me in confidence by various people.

Anyways, the bottom line is that PaySystems was forced to shut down the largest portion of their business virtually overnight - and this immediately resulted in the vast majority of their merchants being in the same exact position.

The situation could have been handled very differently but it was not and many merchants were left in a lurch as a result. And as with you, I too feel very sorry for the thousands of merchants that were affected. It was a real mess indeed.

I see, it really is a sad thing that has happened. :(
With good management in place that shouldn't have happened, I guess there wasn’t such good management. Something like that makes us all a bit worried about this business. As I stated before I'm using ikobo and so far there hasn't been any worrying info to suggest such a breakdown. I feel confident in them. I hope ikobo, as well as all the others has learned a valuable lesson from this Paysystems fiasco and won't repeat their mistakes.
Again, my deepest sympathy goes out to those who have lost their businesses because of this. I could have been one of them had I not been quicker in leaving them for another processor. I felt like something was wrong after having the problems I had with them.

Hello,

I'm a Vietnamese and currently live in Hanoi, the capital of Vietnam. I'm planning to start my own web hosting business and have bought one of HostGator.com`s reseller packages as long as one WHM AutoPilot license.

I have read WHM AutoPilot`s features and see that 2CheckOut is non-compliant with this great script while PayPal is the 1st recommendation. But as i wrote above, i'm living in Vietnam so i can't get a PayPal account as they currently don't support for register from my country.

So, i must look around for a good payment gateway does support for payment to my country and i have found MerchantPlus.com. They offer very cheap Authorize.net`s payment gateway along with their own payment gateway. Their own payment gateway named NaviGate looks great as it has larger free transaction for the same price as Authorize.net`s payment gateway.

Now, i really want some recommendations from you for the service quality of NaviGate. I also don`t know if this payment gateway can be fully integrated with WHM AutoPilot.

Please help to me to make a right decision. Thank you very much for your support!