This is a copy of the email I got this morning from Zombaio’s VP. My processing with Zombaio is very small and I do not pay close attention regarding the timing it takes to receive payments from them. I think it takes more than a month per payout. The good thing is that they use ACH, which is a cheap and defective way to receive money. I hope they stay in business…
A PM from our VP 09/09/2014
I write with reference to our recent troubles, which I again apologize for and to share a little better news with you.
As you are aware, it was necessary a few months back for us to change our terms of business to ensure that we could continue operating the business on a day to day basis while important work was done behind the scenes to improve the bigger picture. This was always planned to be a temporary situation, and I very much appreciate the support of every single merchant that has stayed with us during this period while at the same time fully understanding why the delays and uncertainty made the situation completely unmanageable for others.
I do not want to bore you with the details of how hard we have worked in these past couple of months, but I am happy to say that the corporate restructure that our consultants believed necessary is now virtually completed, and we have already managed to secure better settlement terms from our acquiring partners on the back of this which will mean a return to more competitive settlement periods for our merchants with no increase to our current rates.
The exact details are still being finalized and an official announcement will be made in around 2 weeks from now, with new terms of business, on-time settlements and historic arrears catch up payments coming into effect starting from 1st October.
I appreciate that you probably have a number of questions about specific accounts that you want answered, but as there is not really much more that I can say at this time, I would ask that you please hold these questions until you have read the official announcement in two weeks, at which time most things should become clear, and if they are not, I will attempt to clarify them for you personally.
VP. Mr T Anderson