Wednesday, September 11

Perfect Money - increase in fees

Hello everyone,

Yesterday Perfect Money shocked it's members by increasing fees for this popular payment processor. Of course this will not affect everyone in field, but for sure it will affect those members who like they data to be private. You can read news bulletin here, but I also have some words to say about this.

When Liberty Reserve went down Perfect Money took its place and now is for sure leading e-currency in HYIP industry. They were advertising that they have lowest fees in their website, but now we do not see that advertising table anymore. What I'm worried - how people will earn, because now Perfect Money with high fees will be almost the same as others. Of course only time will show this. I see this like possibility that payment processor like HD-Money can gain lot of followers because of this. Profit for people is cut down so much if you see fee like this, of course many people will get verified, but this step is worst move for Perfect Money ever. I understand maybe 1% fee, but almost 2% is way too much for anyone.

Maybe it is not that bad as it sounds from first moment. They are increasing fee from 0.5% up to 1.9% for unverified accounts forcing people to get verified or you need to get premium status what is quite ridiculous status, because you must be member at least for 3 months and have to make deposit in to your balance $50000 or more. Of course no one would keep such amount of money in their Perfect Money account because it is not bank where your funds are insured or at least if bank goes down you can get some money back. If Perfect Money will go down then you will get $0 back.

Forcing people to get verified might sound good idea to sort out HYIP admins and maybe in future HYIP will have "we have verified Perfect Money account" like HYIP feature. I think that experienced admins already verify accounts with some random documents, so it will not be big deal for them, but always this will play bad for everyday users - investors.

For verification process there is some downside - since they are not real financial institution I would not be happy to give out my personal documents or passport. This is just speculation, but I and you really do not know what Perfect Money is doing with your documents later and are they used just for verification.

What I think - Perfect Money really do not care about anything, they just want to show out that they are working like good financial organization. Get verified and get 0.5% fee or stay unverified with 1.9% it is up to you. I will stay on 1.9% for now, maybe I will do verification later, but since I'm not sure where goes my data I'm not that sure about this step.

See you around on DavidNews.com later,

David
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