further details, and it doesn't look good. Traders in US need to start a stink.
Unfortunately, the US government has been making it more and more difficult for US residents to move money abroad, which also prevents US residents from using the global eWallet services of Neteller and Skrill... US regulations forbid those services from allowing USD transfers to account holders based outside of the US, so only domestic transfers are permitted.
In terms of card processing, the excessive rules and regulations that non-US acquiring banks are forced to abide by (coupled with the excessive amount of card fraud by US residents) makes dealing with US residents an unwelcome aspect of business so, over the last two years, we have seen a significant number of non-US acquiring banks simply refuse to handle US transactions, despite being members of the Visa/Mastercard network.
On the occasions that our acquiring bank has made the decision to suspend US transactions, the decision has comes with zero notice to merchants such as ourselves, who then have to go on an emergency hunt for a replacement acquiring bank.
Due to the worsening situation with the US, it is not unusual to find ourselves having to approach 50+ banks (in various countries) to find one willing to handle US transactions, and the volume required to get us fully operational again - a huge waste of time, money and effort as I'm sure you'll appreciate.
At the present time, we are in the final stages of going live with the 3rd acquiring bank since our previous acquirer pulled the plug on US transactions about two months ago - the other two banks both had a last-minute change of heart literally the day before we should have resumed service which wasted weeks of administrative and development time in the process as both other systems had been fully integrated into our back-office :-(
Unfortunately, writing to your representatives is unlikely to make any difference - the only real solution is a total repeal of the Dodd Frank act which was enacted specifically to cause the issues we're now seeing and with the ultimate aim of preventing US residents from trading with non-US firms... and the people who want that outcome are not "the people".
regards, Support
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