Blog/Armstrong Economics 101
Posted Oct 12, 2016 by Martin Armstrong
We are planning to launch Socrates hopefully with the WEC in November. Because of the constant problems with PayPal getting fined for various things from deceptive practices to allowing money to be transferred to people on sanction lists, the response back has been excessive scrutiny to the point of absurdity. PayPal is also not accepted in many countries and this presents a huge problem for our international client base. The “risk” is considered different for overseas clients and this presents a huge problem.
We are disconnecting PayPal and switching to a more accommodating service providers. Because of the hunt for money globally, this is having a direct impact on restricting international trade. Apparently, the “risk” tolerance for a international business is no more than 5%. Since we have international clients, we are well over that threshold and this restrict international clients tremendously. We will have to split payment options between a domestic provider and an international one. We are in the process of setting up these facilities and we are doing our best to accommodate all clients around the world who do not want to use or cannot use PayPal. Hence we will have to have two separate systems altogether for USA and International.
So we are in the process of changing all links for direct credit cards. DVDs etc will continue to go through AMAZON and conferences go through a separate company and we have not used PayPal for those clients because the problems with international payments. With January 1st, 2017 reporting requirements among G20 nations, this is not going to be easy to service everyone internationally as we have. We are turning on other links to accommodate clients globally and disconnecting PayPal. We will have two payment pathways, one for United States, and the other for international.
Thank you for your understanding. This hunt for money is simply going too far.