10/18/09 – The online payments processor with a unique business model, PIC Club, has severed its business relationship with the Merge online poker network for undisclosed reasons.
The seperation surfaced when players reported receiving advisory emails from PIC informing that its arrangements with Merge will terminate on October 18th. Fortunately for players, it appears that PIC chief exec Chuck Kidd is trying to complete the exercise in a fair and responsible manner.
The email explains the process to Merge Network players on some 40 websites, saying: “If you choose to withdraw funds from any Merge Room back to PICClub, they will remain in a pending status, subject to review and approval by Merge management, and if approved will only be released from the pending status when we receive the funds from the Merge Gaming Network to cover your withdrawal.
"We regret the dissolution of this business relationship. However, we believe it is in the best interest of PICClub and our Valued Members," the email concludes.
The email implies that it may be possible for individual websites on the Merge Network to negotiate directly with PIC to use its services.
PIC's unique business model allows players to invest in the company while playing poker at some 130 online poker sites that have signed up to part of the PIC scheme. One dollar is deducted from each player deposit and reserved in a special account representing the player’s investment equity in the club. Players can also deposit bankrolls at the club, enabling them to move money between different sites with speed and convenience.
The club's professional player team includes respected names like Tom McEvoy, Barbara Enright and T.J. Cloutier.
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