Pistol Pay

Pistolpay.com hides their website ownership behind "domains by proxy".

While it may be legit, the entire gunpal fiasco, and the lack of any real assurance that the funds are separately escrowed and not co-mingled with non-customer funds makes this far from a risk-free transaction platform. And then, there is the issue of fraud potential - if PistolPay is defrauded, what indemnification is there to assure that this does not create a funds shortage that prevents legitimate sellers from being paid?

Did those vendors who were told "you'll get paid ... eventually" ever get their money from Gunpal?
 
Yeah this is a failbus waiting to happen unless it is run by a company that already has a (halfway decent) reputation as a financial processor.

Because of the lameness of gunpal nobody will ever trust a startup trying to do it, ever again.

-Mike
 
Aside from the above concerns, I think calling it 'pistolpay' is the wrong angle.

Call it, 'nongetscrewedpay', or freedompay or something related to not paypal instead of focusing so specifically on "guns". IMO.
 
drgrant said:
Yeah this is a failbus waiting to happen unless it is run by a company that already has a (halfway decent) reputation as a financial processor.

Because of the lameness of gunpal nobody will ever trust a startup trying to do it, ever again.

-Mike
Click to expand...

This
 
Gentleman,
I am the VP and one of the owners of Pistolpay and will gladly answer any questions or concerns, we at pistolpay are first and foremost gun owners and shooters like you, I came up with this idea after losing 3 paypal accounts based on suspicion by the paypal staff nothing more. we are a division of www.merchantservicesltd.com which is one of the fastest growing credit card business in the country. We are not some say boiler room operation and no way connected to that dirtbag from Gpay. For those of you who use AR15.com I am along time user there with the screenname IraG2362 and have a pretty decent user rating. I also am a frequent visitor to 1911addicts.com under the same screen name. We are also connected with BB&T who has handled our business from the start of MSLTD. We meet or exceed the highest industry standards of security and get quarterly inspections from both Visa and Mastercard.
We have gone to great lengths to protect our users including ID theft prevention software as well as ways to determine if the card user is the actual owner. I have been in the Gun community both online and off for a while and this business grew out the the lack of a real way to deal with other who shared my interests. I am done with money orders, checks and sneaking around paypal.. so we came up with pistolpay.
feel free to email me at customerservice@pistolpay.com and i will gladly try and answer your questions. have a great day guys..

Ira Goodstadt
VP of Sales and Marketing
 
Pistolpay said:
Gentleman,
I am the VP and one of the owners of Pistolpay and will gladly answer any questions or concerns, we at pistolpay are first and foremost gun owners and shooters like you, I came up with this idea after losing 3 paypal accounts based on suspicion by the paypal staff nothing more. we are a division of www.merchantservicesltd.com which is one of the fastest growing credit card business in the country. We are not some say boiler room operation and no way connected to that dirtbag from Gpay. For those of you who use AR15.com I am along time user there with the screenname IraG2362 and have a pretty decent user rating. I also am a frequent visitor to 1911addicts.com under the same screen name. We are also connected with BB&T who has handled our business from the start of MSLTD. We meet or exceed the highest industry standards of security and get quarterly inspections from both Visa and Mastercard.
We have gone to great lengths to protect our users including ID theft prevention software as well as ways to determine if the card user is the actual owner. I have been in the Gun community both online and off for a while and this business grew out the the lack of a real way to deal with other who shared my interests. I am done with money orders, checks and sneaking around paypal.. so we came up with pistolpay.
feel free to email me at customerservice@pistolpay.com and i will gladly try and answer your questions. have a great day guys..

Ira Goodstadt
VP of Sales and Marketing
Click to expand...

I feel so much more confident in this now [rofl][rofl]
Post looks like a 7 year old wrote it
 
Well I did not come here to fight nor be insulted.. Just to share some information. Sir , be my guest to continue to use money orders or checks or how ever it is you do business online.Of course you are still welcome to use PistolPay if you choose as we do not discriminate against anyone.
 
No someone trying to promote a professional business. Like having a business card with the phone number or persons name hand written.
First impressions mean a lot.
 
Chet0729 said:
No someone trying to promote a professional business. Like having a business card with the phone number or persons name hand written.
First impressions mean a lot.
Click to expand...

He was just introduced himself because of some of the member comparing it to GP. I have no affiliation with them but I believe it will be nice to have the option to use this service.. I just don't get the need to bash people.
 
Chet, let it go. Let's give the guy a break.

Ira, welcome. I'm sorry for the crappy welcome. I think the whole gunpay thing has left a lot of people skeptical.
 
we expected some kick back based on that guys actions, I do remember it well. But we are not him and we are not anything like him or what he ran. To those who gave them, thank you for the warm welcome. We at PistolPay really do hope to help make what most of us enjoy doing which next to shooting them is buying guns a lot easier and more secure. As I have posted please contact me if have questions or suggestions, this is version 1.0 ,and Ver. 2,0 is already in the works with some other exciting plans we have. I hope all have a great weekend even you Chet..


Ira
customerservice@pistolpay.com
 
A couple of quick questions for Pistolpay:

- What is the arrangement for financial auditing (frequency,name of vendor, etc.) to assure that customer funds are never co-mingled with corporate funds?

- What is the backing to assure customers will be paid if, despite your best efforts, fraudsters manage to run bogus charges through PistolPay (what assurance is offered that customers are not buying into the risk of these losses if the pool dries up?)

Most likely, PistolPay is legit but them, I expect gpal was legit, ran into some problems, and most likely started playing the co-mingling game rather than declare bankrupcy when there was still money in the customer escrow account. Well intentioned people could have planned to "have it all work out", however, isn't one of the standard lines embezzlers use is "I was just borrowing the money and planned to return it before anyone noticed".
 
- What is the arrangement for financial auditing (frequency,name of vendor, etc.) to assure that customer funds are never co-mingled with corporate funds?
Our treasury functionalities are controlled by a team of financial professionals, most of whom have CPA licenses. They became intimately familiar with the payment space and the treasury functions during a near decade long stint with Pistol pay’s parent company, Merchant Services LTD. Not only does the treasury department of Pistol Pay have strict internal guidelines to follow, both VISA and Mastercard make annual physical site visits to the facility. 100 plus page reports follow. At Pistol Pay fiduciary responsibility is paramount. Co-mingling funds is not even in the realm of our operational practices. All customer deposits are in segregated holding accounts.


- What is the backing to assure customers will be paid if, despite your best efforts, fraudsters manage to run bogus charges through PistolPay (what assurance is offered that customers are not buying into the risk of these losses if the pool dries up?)
Pistol Pay uses some proprietary fraud scrubbing techniques at the start of every transaction. Once you become a member you will see it. Questions are asked that only the card holder would know, (very detailed questions) and unless they are correctly answered the transaction stops. In addition, our “third party verification system” pretty much stops the fraudster in his tracks.


Most likely, PistolPay is legit but them, I expect gpal was legit, ran into some problems, and most likely started playing the co-mingling game rather than declare bankrupcy when there was still money in the customer escrow account. Well intentioned people could have planned to "have it all work out", however, isn't one of the standard lines embezzlers use is "I was just borrowing the money and planned to return it before anyone noticed".
Gpal? The two entities, are not even comparable. Our parent company processes 14 billion dollars a year has a decade of payment space experience. The principals are very high net worth individuals with a track record of success, and a resume of nearly 17 successful companies over a 20 year span, ZERO have ever declared bankruptcy. In short, the principals have too much at risk to employ the type of businesses practices in which you fear. Try the platform, use it with frequency, and get comfortable. It is here to stay.
 
Pistolpay -

Like said in earlier posts, I feel it might no be best to call it 'pistol'pay... as it sets a target and limits you also.

Maybe you can float an idea of having multiple names... 'pistolpay'.com 'onlinepay'.com for example so one didn't have to associate their purchase with GUNS but not have to deal with PayPal.
 
neEEGuru said:
Pistolpay -

Like said in earlier posts, I feel it might no be best to call it 'pistol'pay... as it sets a target and limits you also.

Maybe you can float an idea of having multiple names... 'pistolpay'.com 'onlinepay'.com for example so one didn't have to associate their purchase with GUNS but not have to deal with PayPal.
Click to expand...

When we move into other areas of items that users may want to sell IE Cars,Boats etc etc. Then we will address it.
 
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Merchants Services LTD is a BBB-backed company, and BB&T bank is a 100+ year old financial institution with $157B in assets. I'd be comfortable doing business with them.
 
Welcome to the forum, Ira. [wave]

I would love an alternative to paypal. I signed up for Gpal when it first became available. I think I used it for two transactions, and it worked fine. When I heard of the problems other folks were having with it, I cancelled my account. I was lucky and didn't get burned.

I realize that your service has no connection to Gpal, and you've explained the differences. I really hope you succeed, since I dislike paypal. For the time being I'm going to take a wait and see position. Please keep us posted going forward.

Best wishes.
 
jbrandenburg11 said:
Merchants Services LTD is a BBB-backed company.
Click to expand...

"Pistol Pay" is not.... (http://boston.bbb.org/Find-Business-Reviews/name/Pistol+Pay)



jbrandenburg11 said:
I'd be comfortable doing business with them.
Click to expand...

According to the FAQ you'd be doing business with a company that has a "strategic partnership" with them. Gpal also had "strategic partnerships" with card processing services and banks, at least until they didn't....

In order to provide the best value to our clients, PISTOLPAY has created strategic partnerships with Merchant Services LTD and BB&T Bank. Merchant Services LTD is an industry-leading credit card processing service provider that provides secure, fast, cost-effective credit card and ACH processing solutions with over a decade of experience and a yearly processing volume approaching 14 billion USD. Merchant Services LTD has a PCI–Compliant (the highest security standard in the financial industry) headquarters in Miami Beach, Florida, and satellite offices across the country, passing physical site visits performed by both Visa and MasterCard’s independent auditors every year to assure complete physical and electronic data security. BB&T Bank acts as the depository for PISTOLPAY users’ funds from the time the buyer sends payment until the time the seller receives the direct deposit into their account. These highly-respected financial institutions historically stay out of the headlines and stay clear of the financial troubles that plague the rest of the industry.
Click to expand...
 
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We will cross that bridge when it comes, that is not our concern right now, how main concern is giving firearm owners a way to do transaction in a safe and secure way.

@Jason We have the same Principle owners and are considered a division of MSLTD, The wording you have quoted is nothing more then semantics. No we do not have a BBB rating as of yet but MSLTD does and it is very good, how could we ?we have not even been online for 2 weeks yet. In the email I sent you I even gave you My partner and Principle owners email and I think My direct line if you had any further questions which i will still welcome by you or anyone else who desires more information.. I hope everyone has a great weekend.
 

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