Mallick assures his customers that their funds are fully safe and protected.
“You are owed that and it be fulfilled. The funds are secure,” he said.
Mallick said ePassporte is working with the St. Kitts Anguilla National Bank to work out how all the payments will be made and when.
“The details are complicated because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owners. This issue stems from our processing and reporting ability through the Visa system and their processor,” he said.
Mallick said that ePassporte’s most important asset has always been its account holders and that the company will treat them as best as possible.
“Most of us have had the unfortunate experience of dealing with banks and card associations that simply cut us off and did not pay us,” he said.
“Those actions were limited to card acquiring [merchant accounts], not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.”
Mallick said he understands that communication with cardholders is critical.
“It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly,” he said.
“Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as hiding, avoiding or stringing you along. We too have funds that are stuck in the system as well as massive costs of operation without any income.”
Mallick added that his dedication to the industry continues and he hopes the adult community recalls that he has a strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry.
“Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe,” he said.
Sandra Chu from Visa told XBIZ that there have been no new developments since it issued its last statement on Sept. 7.