Pages: 1

Program Stops Using E-gold For EMO

(Click here to view the original thread with full colors/images)

Posted by: forwardone

I received this today from a program which is getting `fed up` with the `usual `exchangers/e-currencies and is making some changes.

As it`s still in the early stages I`ve deleted the name of the company. It does provoke the question about whether other programs might follow suit though.

Quote:
Hello everyone,
we are finalizing the details and at the beginning of the year xxxxx will most likely be using a new payment system.
As you know currently we are using egold. Although it is an extremely efficient way to do business, E-gold is extremely lacking in the customer service department. Also because of E-gold soft policy on hackers, more and more accounts are being compromised.
We here at xxxxx take security very serious and have begun making arrangement to move away from ecurrencies completely. This also will allow us to get out from under the stigma that is associated with e-currencies and the hyip arena. xxxxx is not a HYIP but a serious and long term capital enhancement program. We used e-currencies in the past because you can't beat them for efficiency when doing lots of small payments. Without them we would not be able to take $25 - $100 payment from members. Bank wires would just cost to much and take to much time to track down..
The company we have decided to go with is http://www.emocorp.com
This company is by far the best electronic payment system I have come across so far. U.S. citizens can fund their accounts locally if they have a Comerica, Wells Fargo or Bank One bank account. If you have that bank in your town you can walk right in and fund your EMO account and the funds will be there next day.
EMO is currently finalizing banking relationships with Australia and New Zealand and shortly after the new year those members will also be able to walk into their local bank branch and make a deposit into their EMO account. Best part about this is that you will be able to fund your account for FREE and funds show up next day.
The Australian banking arrangements have not been finalized yet but currently Australian members can still fund their account via bank wire or money order.
Funding your account is FREE
Moving funds from one EMO account ot another is FREE
When you want to pull your funds out of your account you can pay yourself instantly by printing out an Electronic Money Order right on your home P.C. You can then take the money order to your bank and cash it. It is the neatest thing I have ever seen. EMO also offers FREE debit cards and you can fund your card for a flat $2.50 fee.
I can go on and on about EMO and the advantages of using it. But it would be better if you went to the website and check it out yourself. A few of you most likely already have an EMO account and I appreciate it if you would post on the forum your experience with the company.
We are going through some final negotiations with EMO but we are 99% sure that starting in February we will only be using EMO as an electronic payment system. We can then say good-by to high egold exchange fees , poor customer service and fear of getting our gold account hacked. EMO aggressively peruses all fraud complains concerning their system. You can bet if someone gets into your account and tries to make a withdrawal, EMO will stop payment and investigate the problem.
Seeing that I am pretty sure we will be moving to this payment system. It is important that you go and open up your EMO account as quickly as possible. They are free to open up. Between now and the end of January we will continue working with E-gold. As of February 1st we will only take payment by EMO and we will only make payout via EMO.
If you have any questions, please post them under this thread.
http://www.xxxxxxxxxxxxx
I will try to answer them as best I can. If I don't have an answer, I will have the EMO service rep on this forum to help out with questions.
Please do not send quesions to admin concerning EMO. Post your questions, comments and concerns on the forum so everyone can have the benefit of the answer.
I am very excited about this new development. I have been very nervous the last few months with the rash of e-gold hacking occurring lately. We take every precaution imaginable to keep our gold accounts safe. This includes keeping limited amounts in our gold accounts but, I still don't want see some thief get his hands on it.
EMO is an excellent electronic payment system and members will save hundreds of dollars in exchange fees or bank wire fees over the existing system. xxxxx will also save thousands of dollars a year that will reflect higher weekly rates we can payout to members. Everybody wins.
Go to http://www.emocorp.com right now and open up your free EMO accounts. Look around the site and get acquainted. I'm certain you will find it easy to use and very cost effective.
Best wishes

xxxxx Support
Geoff


Posted by: jaukki

It's an interesting change, but i doubt that it will become a very popular trend immediately.

They say that they move away from ecurrencies completely, but now they start to use another electronic payment system. In my opinion electronic payment system and e-currency are one and the same thing.

I can see the benefits for changing to emo. The program in question is totally private so they practically don't need to be afraid of chargebacks. They also don't need to be conserned of their privacy, because the members already know the identities of the admins. The fact that e-gold spends are final is one of the biggest reasons why it's safe to use for an online program, however it has its downsides too (also spends made by hackers are irreversable). The way i see it, they could have chosen any other stable electronic payment system such as paypal or Moneybookers.

One advantage that they do not mention in this annoucement is the avoidance of currency fluctuation risk. They are changing the currency in a good time because gold price is quite high at the moment compared to USD..


Posted by: Salty

The simplest fact is that EG is getting less compromised.


Posted by: forwardone

Probably due to better security measures by EG, along with more education on the part of users of it.

Geoff


Posted by: betrdanevr

Oh, I just LOVE EMO! It's so fast, and quite rewarding to be able to have an EMO in hand and on the way to your bank within minutes.

What's the impact on non-U.S. citizens, though? Is there international acceptance of EMO yet??

From the EMO web site:

Quote:

Do you deal with any other currencies except USD?
EMOs currently can only be sent in USD. We plan on having a European presence (The Euro) for EMOs within the next several months

Perhaps that will be in the works soon. I hope so, for the benefit of others around the world.

Geoff, would you mind PM-ing me with the name of the program, please?

Thanks!
Terri


Posted by: forwardone

Done, Terri.

Geoff


Posted by: forwardone

This is the latest from the program under discussion. It seems they`ve backtracked for the time being.

Quote:
Hello everyone,

I would like to thank everyone for their input concerning the payment options. When I placed the poll on the forum we had already decided that we would be using both options for at least a little while. What I was hoping to find out was just how many people would be using EMO exclusively. You see there is a fair amount of programming that has to go into adding the options to the members area. I did not want to contract our programmer to do the work if only a few people would be using it weekly. I guess I should have worded the poll differently.

Starting Feb 1st this is how we will proceed as far as payments go.

Members will be able to make deposits and withdrawals via EMO and Egold
Members will continue to have the ability to wire funds directly into our Bank account at HSBC
We will continue to wire funds directly to member's accounts.

Withdrawals done via egold will still have a 2% service fee to cover egold fluctuations and charges.

Withdrawals done via EMO will have no service charge.

Until I can get a good idea of just how many people will be using EMO there will not be an automated function for making deposits and withdrawals via EMO. Those who want to make a deposit using EMO can deposit their funds into our EMO account then send an email to xxxxxxxxxxxx. You will need to put "deposit", the amount and your account# in the subject line .

Example: subject: Deposit actt#234534, $10,000

You will also want to make sure you put your xxxxx account number in the memo area of your EMO spend.

EMO withdrawals will be handled the same way as deposits accept you will put "withdrawal" instead of "deposit in the subject line of your email.

We have done a lot of research and we feel EMO is an exceptional payment system. We do understand that there is a bit of apprehension when it comes to using something you are not familiar with. Just keep in mind that xxxxx has been running a very good program for over 2 years now. We would not take a chance on something we didn't feel was the very best options for the majority of the membership.

I recommend that everyone who plans on using EMO go and open up your account if you haven't already done so. All non validated accounts can print out EMO checks up to $1,000. I recommend you validate your EMO account as this will give you the most options for using your account.

EMO will be available for members starting Feb 1st. I will be adding a link to the members area that will explain what account to send your funds to.

Best wishes
xxxxx
xxxxx Support
Geoff



eXTReMe Tracker