Paymex announce imminent closure - 6th Jul 2010

( Update 10th November 2010: It appears that after re-opening its doors yet again now Paymex is having further issues.  If you are having issues the last known phone number we had for them was 0900 555 44.  Also, just to also clear up some confusion, Turboweb Ltd has no affiliation with Paymex. The article below was originally designed to keep our customers informed of industry news.)


Overnight Paymex, a New Zealand based credit card processing facility announced imminent closure of it's service.  This affects some of our customers and we'll be contacting them shortly to help them switch to one of our other credit card processing providers.  Below is the announcement from Paymex:
Regrettably, Paymex will no longer be accepting new customer accounts as of today, and will no longer process any credit card transactions from *Friday 16th July 2010*. Any balances in your Paymex account are safe and the Paymex system will continue to allow you to withdraw your funds up until *Friday 23rd July 2010* when the system will be shut down.

Why is Paymex doing this?...

This decision has been predominantly based on two factors: expected processing volumes over the last few months have not been achieved and a substantial increase in resource cost for monitoring and dealing with suspicious and fraudulent transactions and account holders.

So, what do I need to do?...

You will need to make alternative arrangements for accepting credit card transactions if Paymex is your only transaction method. If you have other processing methods then you will need to remove Paymex as a payment option in your system.

Will I lose the money in my Paymex account?

No, your money is safe. You can withdraw it as per the usual withdrawal process up until *Friday 23rd July 2010*.

What happens if there is a chargeback after the site is gone?

You will continue to be responsible for any charge backs on your account *up to 90 days after 16th July 2010*. Paymex will continue to operate as per usual for dealing with charge backs and customer queries up until the end of October on the support@paymex.co.nz email address.

The Paymex Team
Paymex was a useful service if the amount of transactions you processed through your website wasn't enough to justify setting up a montly account with one of the larger processing companies.  We will continue to keep an eye on the market so that we can offer a range of online credit card payment solutions that suit the needs of our customers.

If you are one of our customers and you are directly affected by this and you have any questions, please get in touch with us and we can help you out.

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