PSW Stops Processing
XBiz was unable to confirm the information with representatives from PSW's office, but a letter that PSW allegedly sent out to its client base strongly suggests that the billing company has finally succumbed to radically changing times in the adult billing industry.
"Due to circumstances beyond our control, PSW Billing has been forced to cease processing," the letter stated. "This situation has caused great distress for our staff, and of course for our clients. We appreciate the continued support and positive feedback from our concerned friends and colleagues as we continue our fight on the legal front."
In October of this year, PSW launched a massive federal lawsuit against Visa USA, Inc., Visa International, Inc., Mastercard, Inc. and MasterCard International, Inc. for deceptive and unfair business practices, the non-protection of friendly fraud, and the imposition of illegal fines.
The payment processor has struggled ever since Visa announced its new chargeback ratio policy and rumors have been circulating for months that PSW was close to shuttering its doors.
The PSW notice sent out today continued by stating: "PSW will remain in business and continue to fight for clients' funds for as long as it takes. All clients will be paid in full as funds are released by the banks. We will keep you informed in future emails."
PSW assured webmasters that any outstanding payouts due are currently 100 percent intact and have not been fined or assessed in any way.
"Our lawyers are working diligently to have all funds released and available for immediate payout as we receive them," PSW stated. "We truly appreciate your patience in bearing with us while this is being sorted out. We understand the hardship this has placed on everyone, so please understand that we are doing everything in our power to get your money to you as quickly as possible."
In another surprising billing change, Jettis.com, Inc. announced that it will no longer be accepting European Visa transactions.
Jettis attributed its change in policy to significant changes in the 'high risk' processing industry over the past year, in particular over the past six months, and the increased scrutiny of the adult industry by credit card companies.
Jettis will implement the changes immediately, as of Friday, Nov. 28, and from that point on will no longer process Visa EU transactions.
"Our EU bank just notified us that it has decided to close this portion of their portfolio," Jettis said in a statement. "The bank notified us that their decision to no longer support the processing activities of adult IPSP's was widespread and was not aimed solely at Jettis. It is important to note that this notice has no effect whatsoever on Jettis clients based in the US."
Jettis was unavailable for comment .