The payment provider Crypto-ML uses has announced they will no longer support any companies with operations related to cryptocurrency. This includes Crypto-ML.
Unfortunately for our customers, this means Crypto-ML needs to move everyone using the credit card payment system (excluding PayPal) to a new gateway.
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Stripe is the credit card payment processor Crypto-ML has used from the start. We have successfully processed thousands of transactions with them.
During this time, we haven’t had a single dispute or chargeback. We have customer-friendly practices, offer free trials, and allow customers to change their subscription level (including canceling) at any time by themselves.
Despite our practices and spotless record, Stripe is shutting down our account. They have provided this statement as the reason:
“We cannot process payments for businesses that are related to cryptocurrency.”
Stripe shared this information on Friday and gave a 5-day notice period before the account terminates. That means effective April 10, memberships paid through Stripe will be unable to renew.
This means that anyone who purchased using the “Credit Card” payment option will need to change their account to continue on.
Talk about a real-world use case for a secure, private, peer-to-peer payment system!
New payment gateway
Fortunately, we were able to apply for a merchant account with Authorize.net. They expedited our underwriting and have approved us.
Authorize.net is owned by Visa. It’s a large, trustworthy solution. They support global purchases and many payment types. We are pleased to have an even better, more robust solution in place now. The may be still a few days until this system is available for use on our site, but work is underway.
Additionally, we continue to support payments through PayPal (including credit cards).
Is your account affected?
Whether or not your membership used Stripe in the background should be fairly transparent, so you may not know if your account is impacted. If your payment is set up through Stripe, you will receive direct email communication explaining the situation and what steps you need to take in order to continue service.
What this means for you
If you are affected, it means when your next renewal comes up, the payment will fail and your subscription will be put on hold until you update your payment information and reauthorize through the new system.
This has a ripple effect across our systems and means you won’t receive trade alerts. Given the bullish market, we certainly don’t want you to miss out, so we will reach out to you individually and ensure you can continue service if you so wish.
Prior to your “Next Billing” date, you will want to update your payment method. To view your Next Billing date, go to Account > Subscriptions.
And as noted, we will follow-up with each of you to ensure you’re able to transition properly.
Steps to retain your membership
Unfortunately, there is not a clean way to change payment gateways as a user or as an admin. Instead, you will need to cancel your existing membership and then purchase the membership again.
As your expiration date comes up, we will notify you and provide exact instructions on how to make the change.
The steps are as follows:
- Go to My Account
- Click on Subscriptions
- Once your subscription expires, you can re-enroll in a Trader Membership.
- Optionally, if you don’t want to wait for expiration, you can switch to a Free account and then back to a Trader. This will trigger a prompt for payment information.
- We will send you a coupon code.
- Enter your payment information so it can be in the new system.
We apologize for the impact this has on our customers. There is still a lot of controversy and trust issues within the cryptocurrency industry. We do our best to overcome this by adhering to high ethical standards. But such restrictions in banking and advertising are certainly holding back a lot of great work that can be done in the cryptocurrency space. We will continue to push the envelope and push for openness and acceptance.
While it may be a way out, we are pursuing a cryptocurrency-based payment solution. It’s time for us to put this technology into action.