E Payment Solutions still in business

[joey]

There's been a lot of rumours circulating and of course the truth has been blown out of proportion. They are sponsoring European INteractive Gaming 2000 being held in London and the event management company who have E Payment Solutions as the shows main sponsor confirmed that they are still the sponsor and still in Business. Delegates from the Aussie branch of the company would be flying over for the conference.

The problem is concerning a dispute between a player and Barclays or something along those lines and EPS have been caught up in it somehow.

So enough of the rumours until any further news. This type of gossiping is not good for their business.

[tim]

Not good for THEIR business?? Do you have any idea how much money this thieving company has bilked sportsbooks out of?? Hundreds of thousands of dollars PER BOOK. Some places are owed MILLIONS. Even if every dollar is paid back, it has been an terrifying experience for the victims. Don't even attempt to do damage control in this forum..you'll be eaten alive

[Jeff K]

Hey Joey... Are you a shill for EPS, or just an idiot?

[Underdog7]

I would say, ALL OF THE ABOVE.

[sportshobby]

I read on another site that EPS had bank accounts frozen by authorities. If this is true, they could be victims themselves. I don't know if anyone really has the whole story.

[Stunner]

SportsHobby and all,

99% of the stories regarding EPS are circulating due to the differing excuses that they were giving to their clients.
The bottom line is this, most of the people in this forum are well aware of the difficulties all of the sportsbooks go through to source reliable credit card solutions. The sportsbooks are then made to suffer through ridiculous credit card charges, added service fees and 'hold backs' far higher than in any regular business model, let alone a model that works on minimal profit percentages. The legitimate sportsbooks who have structured procedures in place to take the responsibilty of client identification/confirmation into their own hands then transact with a minimum of chargebacks, hardly a 'high-risk' to the credit card companys.
If you look at it this way - a software company sells products on-line. A client chooses a product, enters his credit card details and downloads the product. Probably entered his name, possibly a moody address. He finishes the transaction with the software on his hard drive.
Our model goes like this - a client chooses a sportsbook and signs up. He will generally be asked full contact details, DOB, etc. Any level right upto the Australian 101 point check. He then deposits through a credit card. Many sportsbooks will ask to see a fax copy of the card or some sort of ID. If the transaction is approved the funds are added to the account. He's still recieved no product. He then has to go through the betting process, win and then get funds transferred to a bank account or fed-ex'd (since theres no point in returning funds to a falsified credit card). Therefore the Sportsbook has another account or address to follow up.

Now which business model is the higher risk?

We then get a joker like Epayment Solutions who sat as a middleman between the books and the credit card company. It's hardly a situation you could lose money at is it? earning between 3-7%, getting $20k to $150k upfront and retaining funds for months.

We have a hard enough time as it is, let alone with a shill like Tony Brown making an industry with an already shady reputation - even more disreputable.

I don't think we should see any support for Epaymentsolutions - until they 'show us the money!!!'

[JohnnyDeMarco]

E-payments is having a major dispute with the Bank Of Nevis and a company called DTCI.
I spoke to DTCI today and they told me that they are waiting on documents from Tony Brown of e-payments. Hopefully this will work out.

[oracle9]

Is it safe to deposit via credit card with books who still use epayment solutions ?

.oracle

[sportshobby]

I believe it is the books who are at risk, not the player. For the first 2-3 months you could get the charges reversed if they wouldn't pay the refund. After that, the book's reputation is on the line. I don't think using EPS as an excuse not to pay would go over very well with the customers.

I would be a bit worried about the time required to get a refund from a book using EPS.

[JohnnyDeMarco]

E-payments is a giant scam.
Check-out www.secure-bank.com
A Flordia based bank.
Right there on that web site is good old
E-payment solutions. They are connected with DCTI. www.dcti.com
DCTI is being investigated by the Security and Exchange Commission. NASDAQ halted trading of DCTI on October 19, 2000.
This is one time a rat like Gary at NASA might come in handy.

[Stunner]

Johnny,

The connection that I believe there was between Epayment and DCTI was that Epayment were processing through DCTI.

The story i have heard is that Epayment were putting a huge amount of no good credit cards through DCTI from signing up some very dodgy online operators. The pity is that they signed up some very respected ones as well.

I believe that the SEC investigation has to do with the purchase of Databank. I include the latest release from DCTI-


10.16.2000
Over 8.6 Million Shares Returned to DCTI at Conclusion of Internal Investigation

PARK CITY, Utah—October 16, 2000—Digital Courier Technologies, Inc. (NASDAQ: DCTI), a leading provider of end-to-end e-payment services with integrated fraud control, announced today that it has substantially completed its internal investigation related to the acquisition of DataBank International Ltd., which the Company acquired on October 5, 1999 during the second quarter of fiscal year 2000. As a result of the investigation, negotiations with associated parties has resulted in the return of 8,637,622 shares of DCTI common stock to the Company. It is expected that the return of shares will be treated as an adjustment to the purchase price of approximately $60 million that will lower monthly goodwill amortization expense by approximately $1 million dollars. The retirement of the 8,637,622 shares lowers the total number of shares outstanding from 48,682,066 to 40,044,444 as of October 13, 2000.

With the investigation now completed, DCTI expects to complete the audit of its financial statements for the year ended June 30, 2000 and to file its Form 10-K with the Securities and Exchange Commission by mid-November.

“We have been working as quickly and carefully as possible to complete the audit of our financial statements for the year ended June 30, 2000,” stated John Hanlon, DCTI’s CFO. “We are pleased with the outcome of the investigation and look forward to announcing our operating results for our fiscal year 2000 and for the quarter ended September 30, 2000 upon filing our Form 10K,” concluded Hanlon.

This press release contains forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties which could significantly affect expected results in the future from those expressed in any such forward-looking statements made by, or on behalf of the Company. Certain factors that could cause actual results to differ materially include, without limitation, risks relating to the Company’s continued ability to create or acquire products and services that customers will find attractive and the potential for increased competition which could affect pricing and profitability.

[JohnnyDeMarco]

I've dealt with DCTI in the past through another processing company called Master Coin. Same dance different partner. This secure-bank outift is shady too. This NASDAQ thing makes you wonder too.