Update on Payments
I know it has been very annoying about the delays in payment. I wanted to give you the scoop on what has been the issue.
1) Overclock's business structure changed a few months back (notice how it says Enthusiast Inc. in the footer now?). This caused the initial delay, as a result of having to setup new bank accounts and credit cards - and then fund the bank accounts accordingly.
2) A new PayPal account was also needed. A Canadian account (in CAN $) was easily attached. A Canadian account (in US $) had issues being connected - but finally was (we received PayPal's confirmation deposits in our account).
3) The initial transfer of US $ from the Canadian account was attempted and failed. After calling PayPal, they said it failed on the banks end. After calling the bank, I was told it was a "regulatory issue" with PayPal. It is possible to send US $ from PayPal to a Canadian US $ bank account. But you can't do the opposite. After Googling it, it is indeed the case, no Canadian banks will allow for this transaction to happen.
Our only current option is to do the following:
- Convert USD to CAN to send to PayPal = 3% fee
- Send CAN funds to PayPal
- Convert CAN to USD to pay for Ultimate Rig Prizes = another 3% fee
This is obviously not ideal. Six percent is a lot of money to pay in fees for nothing - especially on sizable amounts like this.
I am working with our banks to see what other options we have. In the past, I had a bank account physically located in the US where I could make these transfers from in order to bypass this issue. This is no longer possible with our current structure.
As of right now:
- I bit the bullet on the oldest winner who had not yet been paid. The transfer in CAN $ is in process (after being converted for 3%) to PayPal now. Once it has arrived (5-7 business days), I will convert it to US $ (3%) and pay the oldest winner. They will receive the full $2500 USD (no PayPal fees).
- If I do not find a solution within the next week with my bank, I will do the exact same as above for the other two outstanding winners.
Again, this sucks for all involved! If I have to spend another minute on the phone talking to banks/paypal, I am going to go nuts :)
I sincerely appreciate how patient the winners have been. If the winners need anything at all, feel free to contact me directly (admin @ overclock.net).
Edited by admin - 9/17/13 at 11:32am