Quote:
Originally Posted by iBill
Gerco,
This is not true. The rate you will be processing at will be an agreement between you and us and once payback is complete, we will want to keep you as a customer, so we would offer your a nice rate to try and keep you. As stated in the release, you are not required to stay for any period of time.
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This is NOT what you said on Xbiz
"Brown told XBIZ that relief for the outstanding debts will come in the form of discounts on payment processing until creditors have recouped the outstanding amount owed by iBill Fla., (2002-2007).
With the standard rate for payment processing set at 14.5 percent of all transactions, creditors will be able to negotiate a lower rate, with rates as low as 4.5 percent,
that will run until the debt is settled. The difference between the traditional rate and the debt conversion rate will represent the amount that will be applied to the debt.
For example, if a person or business entity processes $10,000 in transactions each month, and their normal fees would be $1450, and that person or entity is paying a promotional rate of five percent, the remaining $950 will be applied to the outstanding debt."