Chris speaking:
Unfortunate news that Mastercard has ceased to want to operate with us with our Prepaid Card option. As you know we have been promoting this specifically, as we truly believed this was the best option. Unfortunately Mastercard has the option in their contract to cancel the contract anytime. The email I received said that because of bad publicity surrounding Banner Brokers, they would not want to be associated with BB any longer.
What does this mean for you? If you are currently a card holder, you have 10 days, March 22nd, to use the card. Limit is $1,000 day to withdraw, $2500/day to spend.. please empty your card by March 22nd. If you still have a balance, Vector will mail out checks and it could take another 90 days, so please unload your card as quickly as possible.
Anyone who has recently paid for their card, we will be refunding that. For people who have not yet received card, it will not be shipped. If you have a payment pending to your BB Card, those payments will not be made. So please do a REVERSAL. If you do not do it, BB will do a global reversal of all pending payouts.
So, again, what does this mean for Banners Broker? The card was definitely a plus to have. I felt good about it. And I'm sure you did, too. Banners Broker is more than just a card. Banners Broker is here and we are moving on. The card being gone does not affect BB at all for the future. We will put other payout options in place and you are able to use STP and Payza in the interim as we look for other solutions.
Today I have CEO and President of Vector Card Services with us. This is to give you another perspective and the background of what has happened over the past few days and how we move forward. Vector is the provider of the BB Card.
CEO of Vector: Ted Nam (sp)
Hi everyone. I may have met you in the UK and I apologize my first address is under these circumstances. I wanted to participate in this webinar to lay out the facts of what has happened, as I'm sure Chris and you guys are. I wanted to address you as the rep of the program. I want to outline the facts. I'm goign to endeavor to explain what has expired and to make sure that the right decision has been made. Facts are, there has been a growing number of online campaigns originating from bloggers, independent and disgruntled BB'er and just plain bloggers, and unfortunatley this has caused quite a stir. I thought we had a handle on them by implementing a online task force to go after these "counter-information" bloggers and with threats of legal proceedings. Unfoertunately, the noise became louder. Despite what has happened, we believe this is a good business, and Chris has agreed to move forward to invite an independent auditor to come in and audit BB and prove this is a great company.
Unfortunately, this online "noise" and bad publicity has come to the attnetion of Mastercard, and even though there is no logic or reason, Mastercard has decided to close the program. This is not what I wished, and as a company, we apologize to all who have supported our great program.
Chris Smith speaking:
I will answer some questions. I am seeing alot of positive support here on the webinar and I do appreciate it. We are sticking together and we will prevail. This is a big challenge and I realize it does not look good and may feed into some of the negative bloggers, but we are strong and we will survive this and move forward. We are here for the long term. We are going to be very strict with our compliance rules. I applaud the compliance department on a great job they have done to comb through the internet and cleaned up hundreds of blogs and sites and YouTube videos that were non-compliant.
The internet can do wonderful things and can also be very harmful. The negative press was not good, and Mastercard has warned us a few times about things we are not allowed to say about the BB Mastercard.
Questions:
STP and Payza - how long will these withdrawals take? I will be honest, we were moving away from these processors and moving toward the card platform because of delays in these ways. We do not have an instantaneous solution for these methods. We will try to respect the timeline for being in line for your withdrawals. If you are reversing your BB Card withdrawals, we will try to still respect the time line of your original withdrawal.
We are looking for other solutions.
CEO of Vector again:
You will see additional info come to you from Vector as this program is wound down. We will be forthcoming with all these communicatons. I encourage all cardholders to take advantage of the card to draw down on your card, either ATM withdrawals or use for POS transaction. The fastest way is to draw down your balance in the next 10 days.
Chris Smith:
One other thing, we are sticking to the max withdrawal of $10,000 per month to STP.
I am pleasantly surprised. I am looking for questions, but I am seeing so many wonderful comments of support from all the members. We will be posting these positive comments for all to see. Thank you for your support.
PayPal? PayPal has some strict guidelines and it is not the best platform to use, so we will not be using PayPal.
Reversals - you can do this manually or wait for the global reverse coming within the week.
Card Limitations for withdrawals. You can withdraw $1,000/day to ATM and $2500/day using POS transactions. USD. 10 days is plenty of time to do this.
After the 22nd of March, the card will cease to work. Please de-load the card ASAP.
This marks a milestone for BB, which is not particularly positive, but we will come together and come up with solutions.
BB is here to stay!! Take Care, guys
End of Webinar
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