25/10/08. Interview with StrictPay payment processor

In times when the payment processors that don’t require verification go down like HYIPs, there are some processors that are trying to actually establish a stable and long-lasting payment system and provide the best possible payment solution for its clients. To tell you the truth, I was a bit skeptical about StrictPay at first but then when I tried their services and support for myself I can say with 100% certainty – you will not find a better payment processor now in terms of security of your funds and convenience when handling your money. Based in Panama StrictPay offers a wide range of different payment options which you can use in your daily online investment activities. More and more investment programs are starting to accept StrictPay now and I’m sure that it’s only the beginning of their success. You can find my personal opinion regarding StrictPay in my detailed review published here. But today I would like to question the StrictPay administration and find out some useful info first-hand.

“1. Please introduce yourself to my readers. What position do you occupy in StrictPay?

My name is James Phelan, and I am one of two administrators here at StrictPay. Mike Gordon is the other administrator, and of course we have many other important staff members at StrictPay as well.

2. Tell us about the history of StrictPay. How did you come up with the idea to open your payment processor? How did it all start?

The owners of StrictPay are from Panama, and they had been working on a plan to start up a payment processor for quite some time. They contacted Mike and I because they were impressed with our long history of great customer service, and they were looking to build the entire company up from a starting foundation of excellent customer service as well as greater security. After a number of meetings it was apparent that we were all on the same channel with the fundamentals of how to start a new payment processor, and we also all felt that as long as we always kept these two basic concepts in mind, the rest of the company would thrive because of it.

We always knew it would be tough to break into the industry, and a slow-build, but we have been looking at this as a very long-term option since the very beginning. We are just glad to see that people have responded to our high level of customer service and have already helped us grow faster than we could have ever imagined in our first 9 months.

3. How many people are currently working for StrictPay? What functions do they perform?

We have over 20 people on staff. Some of these people are more visible than others depending on what department they work in. We have many different departments including: Support, Live Chat, Funding, Verification, Programming, and Security.

4. Where is StrictPay based? What regulations and restrictions does it have to be obliged with the laws of the country where it’s registered?

StrictPay is based in Panama, and as most people know, we need to be in compliance with all Panama KYC (Know Your Customer) regulations. Not only was the parent company registered and setup in Panama, but we also have a Certificate of Good Standing and a Financial Services Operation Notice that allow us to do business inside and outside of Panama. We have worked hard to make sure that all the components are in place to allow us to be around for a very long time, and Panama offered us the greatest security to insure this happens.

5. Does StrictPay have any proof that it’s a registered company? Can you provide my readers with the references where they can find all the documents they wish to get acquainted with about your company before joining?

Both documents mentioned above can be found at the bottom of our About StrictPay page which can be found by clicking on the About link at the top of the home page.

6. In other payment processors like STP and AP you have a choice if you want to undergo verification or not. Can you tell us why you implemented obligatory verification for all StrictPay account holders?

In the beginning we allowed members with under $500 in total transactions to navigate the site and complete transactions without verification, but even allowing that was something we struggled with since the very beginning. We understand that merchants and members want to be able to do test spends, test fundings, etc, but in the end we thought the security and efficiency of our members and our staff was the most important thing. We feel that with our Verification Department completing verifications very quickly and our support center no longer having to answer many, many, questions about exactly what the $500 total meant, we ensure that our commitment to greater customer service, and the highest level of security, stays in line with the concepts we founded StrictPay on.

7. Can you tell us more about the ways of funding ones StrictPay account? What fees do you charge for that?

You can fund your StrictPay account with any of the following options:

a) ACH transfer (for members with a US bank account): StrictPay can take the funds directly from your bank account. The fee is $3.75, and the time frame is typically 3-5 business days. You must be verified with the ACH form in order to utilize this feature.

b) Bank wire: You need to print our wire instructions and take them to your bank and initiate the wire. This is typically the fastest way to fund your account as the funds usually arrive within 1-2 business days, and sometimes the same day. The fee is $15.00.

c) LibertyReserve: By clicking the LibertyReserve button to fund your account, you transfer funds directly to StrictPay and they are verified by our funding department. The time frame for funds to be credited is 12-48 hours, and the fee is currently 2.50%.

d) Quick ACH transfer (for members with a US bank account): The Quick ACH feature is a unique feature for StrictPay. It is very similar to the ACH transfer feature above, but your funds will be credited within 2 business days. The fee for Quick ACH is $3.75 + 5.00%.

e) SolidTrustPay: Much like LibertyReserve and Virtual Money, funds are transferred and verified by our funding department. These transfers are usually verified in 12-24 hours, and the fee is 2.50% + $1.25.

f) Virtual Money: This option was added by member request, and works much like the other processors we accept. The funds are verified and credited usually within 24-48 hours, and the fee is 4.00% + $3.00.

g) And very soon we will be allowing Cashier Checks and Money Orders

8. What about the withdrawals? How many options do you offer to withdraw money from a StrictPay account? What fees do you charge and how long does it usually take to process the withdrawal request?

a) ACH transfer: This feature allows StrictPay to deposit your funds directly into your bank account. The deposit is usually made in 2-3 business days, and the fee is $3.75.

b) Bank wire: StrictPay will wire the funds directly to your bank account. This is one of the fastest methods, particularly for our customers that are not in the US. The fee for a bank wire is $20.00, and the funds usually arrive in your bank account in 1-2 business days.

c) Check by mail: The fee for a check is $2.00. Checks are mailed the following business day after they are requested, and the time frame for delivery is dependent on the mail system in the country the check is mailed to.

d) StrictPay Visa debit card: The StrictPay Visa debit card is the most convenient way to access your funds. Funds are loaded to cards every afternoon, Monday through Friday, and are available as soon as they are credited by the card provider. Typically if a request is made in the morning of a weekday, the funds are available within a few hours. The fee to withdraw funds to your StrictPay Visa debit card is 2.00% + $3.00.

9. I noticed that you allow customers to fund their StrictPay accounts from LR and STP payment processors but don’t allow withdrawing money from StrictPay to these e-currencies? Why is it so?

The security of customer funds is of utmost importance to us. Therefore, we try not to maintain a large balance at any payment processor as we do not have full control of the money. Because we try to withdraw all funds as quickly as possible from other payment processors, we cannot guarantee that their will be funds available to send to customers wishing to withdraw. We made this decision as we felt it was what was best for the security of our customers as a whole.

10. Do you know any reliable exchanger who would help to exchange the money from StrictPay accounts to different e-currencies? I bet sometimes your customers would find this option quite convenient.

We are currently working with 2 exchange companies to see if we can come to an agreement, but I am not sure when (or if) exactly we will be able to offer either of them as an option.

11. I know that StrictPay is widely known for its fast and reliable support. Please tell us more about the options a member has if some problems occur. Do you provide phone support?

We have numerous ways people can get in touch with our Support Center. The new Live Chat Support feature has grown into the most used of all the options since its inception recently. We also have a support ticket system for current customers and a contact request page for future customers. We have phone support from 11am to 3pm central Monday through Friday. We also are active, and available to contact in many forums.

12. For the duration of 2008 StrictPay has become a very popular e-currency. Please tell us how you were able to achieve such great results and what your plans for the coming 2009 are.

I know it was already covered, but we truly believe it is due to our great customer support as well as our high attention to security. As you mentioned in one of the questions above, word has spread that we are always here and always ready to help in any way we can. We have even had a few merchants who have had one of our programmers assist them with an area or two of their site they have had bugs or glitches with. I believe that stories such as this show that we are a trusted name in this industry, we willingly want to help our members, and people know we are going to be here for a long time.

Our plan for 2009 is to keep breaking into new industries. We know that if we aspire to be a major competitor to the likes of PayPal in the future, we are going to have to be an option for people that make purchases in many different online industries. It is a lofty goal to mention our name in the same sentence with them, but that has been our goal from day one. We intend to not only be around for a long time, but also to be a major player across the online landscape in the next 3 to 5 years.

13. I would like to ask you what payment processors StrictPay sees as their main rivals on the market. What in your opinion differentiates StrictPay from other e-currencies? What are the main advantages you can offer to your clients?

I know it starts to sound like a broken record, but I believe it is our higher level of customer service and security. We offer people a chance to do business with a company that not only values those things, but also a company that thinks it is important to verify the identity of every merchant account holder as well. It’s not a perfect system, but we believe this, coupled with our company being based in Panama, allows our members a peace of mind that some of the other companies do not.

Our “main rivals” are AlertPay and SolidTrustPay. Our goal in the future is to challenge PayPal. We know that there are many new payment processors now, and there will be more in the future that will come and go, but we feel we have already separated ourselves from them and are focused on being the top payment option in the future.

14. What is your honest opinion about my blog? Do you think I give to my readers enough info on payment processors topic? What would be your suggestions for my blog?

I think that you do a great job of getting ample information to your readers. I think you also talk about processors when needed. I know it can be a fine line as your readers are looking for information about making investments, but at the same time they need to stay updated on the processors that help them complete the investment process.”

I hope the interview was interesting and useful for you if you ever considered using StrictPay. I hope now you can make a reasonable and informed decision whether you like StrictPay or not and if you’re going to start using it in your investment activities in the future. I myself ordered a StrictPay debit card already and am going to use StrictPay more often from now on. The promotional price of $19.95 for the card (including international shipping) will be available only till the end of October so be ready to order it while you can for such an attractive price. I will continue to share my experience of using StrictPay with my readers on my blog and I hope StrictPay will really become a huge payment processor. At least, they have everything to achieve their plans it in the near future.