I just covered this in my latest post. Although this is usually the sign of a money laundering or tax evasion situation, I truly believe in this case they had to go offshore because none of the principles or the new corporate staff are credit worthy (or are not willing to personally guarantee) the merchant account.

This is a concern, and an even bigger concern because this could cause a few federal agencies to come looking to see what’s going on.

However, agian I think it is because the company doesn’t have any money and the leadership under the new banking regulations do not qualify from a credit standpoint.

Never Give Up,

Troy

Sadly to say I have seen other companies who have great ideas, concepts and heart, fall into the same mess because top leaders in the field promote the company completely different than the founders ever envisioned, which I beleive is what happened at Global Verge.

And that is not to make light the fact Global Verge founders did not seem to have their ear to the field to know what was happening. Rouge websites went up, over hyping the Zer01 technology, the infrastructure of the company was not all in place.

Global Verge has a pretty good strategic partner when it comes to their software partner who has provided their back-office, but because Global Verge did not lay down ground rules to the original field leaders they signed into the company, the whole things have become a frightening nightmare, instead of an Epic Adventure for most of the reps in the field.

I talked to a rep yesterday, who informed me that to date the company still had not charged his card or the credit cards of his frontline reps for their sign-up fees. If a company can’t or doesn’t know who they need to charge, then it does make me wonder how long they can stay in business.

Let’s just hope ALL of their strategic partners will stand by them through this situation or better yet, will pony up seed money for equity and help the company out of this grave for the sake of the field force.

Never Give Up,

Troy