“We weren’t left with much of a choice but to go out of business,” Cohen said. “We have not received payment from the bank, and until we do so, I cannot pay what is owed out of my own pocket. I’m fed up with being beaten up on the webmaster boards. We’re trying to do our best in what is a shitty situation for everyone involved.”
The bank owes Paymonde three weeks of payments and had promised him a settlement Friday, but has still not made good, Cohen said. Cohen could not offer a timetable for webmasters to hear about money owed.
“I want to let everyone know I’m not running away,” Cohen said. “I’d like to thank all the webmasters that did business with us over five years for their trust and support. I feel terrible for all involved. I’m not a crook. Paymonde is not iBill.”
Cohen promised to evaluate each one of Paymonde’s merchant accounts “on their own merits.” He said the company is planning to contact every webmaster that is owed money about their financial status, including the amount they are owed.
“What I hate about this whole situation is people on the boards calling me a thief and a scumbag,” Cohen said. “We tried to take care of all of our clients. I know many of them personally. We were at the shows. We never hid from anybody. We charged lesser percentage [per transaction] than others. And also, everyone should know the big guys like Paycom or CCBill are not immune to this. If their processing gets pulled, how can they pay?”
While the Paymonde website is down, Cohen said the company will allow clients into their backend to check on their financial status if they contact him by email.
