Quote:
Originally Posted by woj
uh huh, "negotiating" 
epass has zero negotiating power with visa, none whatsoever, the only thing he can do is make sure he complies with visa's demands and then beg them to reactivate the cards...  |
What a childlike view you have of business.
Aside from the fact, Visa have said that THEY have not directly frozen the accounts, it's the VISA issuing bank that have done so, we can speculate that the reason for this severe action is either related to the security deposit tied to the cards, or more probably because epassporte are not in full compliance with the new regulations and are not moving towards it as fast as the issuing bank (or Visa themselves) would like.
If that is the case epassporte cannot fully become compliant instantly but they have a good business and I do not believe that they will let it die without fighting for it and that will include negotiating some form of compromise that satisfies VISA etc that they are serious, and still allows them to operate effectively.
I am sure that they hold correct supporting documents for a good percentage of their accounts. I for one have both personal and business verified accounts as I am sure most serious business owners have so that is a chunk that can be immediately verified but not everybody falls into that category or has done enough business that they would need to be verified yet.
Unfortunately there are people walking around with high balances on their cards or multiple cards in multiple names and many of these may not be properly verified.
It wouldn't surpise me (again only guessing) that these negotiations could surround a % initial compliance to re-open either all accounts or just those accounts that are compliant and maybe a time span to get a further % onto compliance etc. Any negotiation will surely involve changes to operating rules and these will have to be acceptable to both parties and from epassporte's position would have to allow them to operate without instantly losing 90% of their customer base.
Anyway, as I have said this is pure speculation on my part, but you don't build a business like epassporte to let it die without a fight and that fight will be won or lost in discussion with banks and not responding to trolls on forums.