Quote:
Originally posted by TheLegacy
had someone say this to me on icq
"if we wanted to be with Netbilling we would have already signed up with Mitch. It sounds like we are going to get our own merchant accounts but have to pay the full Ibill price. Plus, we have to hope we get paid on our old transactions, since the financials from when you were public, show that there are not enough funds to cover your debts to the webmasters."
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Those financials are of Care Concepts, not iBill. I dont believe you can look at the Care Concepts SEC financial disclosures and infer any judgement on iBill's financials from them.
The ISO plan they have for their clients leaves alot of questions like
A) Will clients have to be approved for the merchant acct? iBill has said that they would be underwriting the accounts but can the bank still require some of the basics they usually require for the merchant account setup? For example most banks require that the applicants be USA citizens and they cannot have bad credit.
B) Will the clients be required to have personal guarantees? (thats where you have to sign off for the liabilities of your merchant acct and technically put up your house should the merchant acct get screwed). Its one thing when you get a merchant acct and have the ability to manage it, its another when a third party controls the merchant acct management decisions. I would be very uncomfortable with putting up my house to another's management decisions.
C) Will there be check cutting done by iBill? Those of us who utilize revshare in our affiliate programs would have to begin implementing an upgrade to our accounting staff to make accomodations for checks should we be now required to do this. In most ISO situations the banks directly fund the merchant account holders and therefore the checks are the account holder's responsibility.
Those are three questions right off the top of my head, given some time to think on this some more, I'm sure I'd have alot more to ask.