Spinding's launch, offering affiliates participation in $30 to $1890 cycler queues, faced delays due to compliance issues with credit card payment options. Company owner Paul Nash confirmed the setback in an email to affiliates over the weekend.
Nash stated the company received initial approval from a major merchant account provider last Wednesday for an unlimited account. Integration of the payment gateway into Spinding's pages followed for 48 hours. Nash expected to start live transactions and take payments on Friday morning.
The compliance department of the merchant account provider then gave final approval later that day. But, one key person in the department changed the terms of the deal. Spinding is still discussing this with the provider, requesting they adhere to the original terms signed on Wednesday.
The new terms would have significantly delayed commission payouts. Nash explained he rejected these revised terms to prioritize affiliates. He stated the company needs to manage its strategic decisions with affiliates as the top priority.
Instead of addressing the compliance issues in Spinding's six-queue cycler compensation plan, Nash seeks a different processor. He indicated Spinding has multiple merchant account applications in process. He expects approval from additional providers as early as next week.
Payment processor i-Payout has already signed Spinding as a client. This is notable because i-Payout recently claimed a serious approach to compliance. They hired Kevin Thompson to provide updated compliance guidance to their new and existing clients in the Direct Selling and Multi-Level Marketing industry.