On Friday, further sources revealed to News Now/The Daily News that Onlyfans’ financial struggles reportedly began several months ago as payment partners and the like largely began jumping ship. Some of those issues reportedly surfaced within the payroll department, who, claims that refunds cannot be processed.
However that appears not to be the case. Sources tell The Daily News/News Now –
“They say that all sales are final and cannot be refunded, but the payroll department definitely does plenty of refunds, which show up as a reversal to the creators. They’re then told that chargebacks aren’t covered, even though there wasn’t actually a chargeback”SOURCE FROM WITHIN ONLYFANS.
In fact issues with payments and fraud go back even further than we initially knew about. The same source confirmed that the following Yahoo News article is indeed accurate, and even further explained exactly what was happening.
“That article is entirely 100% accurate. Accounts are being created; forged, and ultimately sold to the highest bidder (often even from within.) This is why Onlyfans has a number of issues and complaints against them with payment processors. Users have known this for a while and eventually began taking it to their banks; the processors, and those who handle finances. When it came down to Onlyfans just not listening, customers began taking it into their own hands. It all ultimately goes back to the fact that they’re doing that as a way to increase cash flow and fast because they can’t pay their models.”SOURCE FROM WITHIN ONLYFANS ON THAT NOW INFAMOUS YAHOO NEWS ARTICLE
It however gets far worse.
“Allot of the phoney profiles and such that people are seeing aren’t actually real (they’re the profiles people are talking about online.) There are profiles that very obviously go against the very Terms of Service that OF advertises. For example, there is a “spoofing” problem with profiles of young women and some who appear to be underage on the network throughout the United Kingdom. These profiles are using cloned images from outside sources and other profiles allowing people to pretend to be that person for purposes of “verification” and that’s about it. The verification process has to be passed for purposes of the payment processing systems, not because of Onlyfans’ own requirement(s).”
In fact, previous reports suggested that Onlyfans sometime in the past year or so lost a “non-adult” friendly payment processor but at the time of those reports the name of that company was not made public. Sources have told News Now that that company was actually Transferwise. From what we understand, Transferwise was not informed that Onlyfans’ network contained adult content and therefore cut them off “within months” of discovering it.
This actually is what led them to what we’ve discovered to be a reported payment partnership with none other than Inovio Payments. Multiple sources tell us that the Woodland Hills based processing company stepped in after a number of debacles with processors including the one with what we now believe to have been Transferwise.
Note: To further protect the identity of the source in question, and because they’re employee(s) of Onlyfans, we are not providing the documents disclosed to this newspaper.
Inovio from what we understand isn’t a full-service POS type service. In fact, we’ve learned that Onlyfans’ stopped covering chargebacks after they initiated use of the service. This includes chargebacks that otherwise are actually actual cases of fraud.
This feature dramatically reduces the time merchants will spend responding to and disputing chargebacks associated with credit card transactions. Our web-based management platform allows merchants to accept, reject, or submit chargebacks with reduced adjudication timeframes, configurable notifications, and the ability to upload supporting documentation in one centralized location.Inovio Payments – Website
We suspect that Onlyfans itself is the one declining to investigate chargebacks of any friend (whether friendly or not.). Each of the so-called payment processors we have found to have a relationship(s) (current/past) with OF all appear to offer chargeback investigation services. It appears that Onlyfans is making the decision to ban any kind of chargebacks.
We have reached out to Inovio for potential clarification but have reason to suspect due to client privacy they’re not going to confirm or deny whether or not they know Onlyfans’.
This article is published by News Now, a third-party British newswire service hosted by The Daily News. Articles penned by this service aren’t necessarily penned or endorsed by The Daily News itself.