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FaberX · 10-05-2004, 02:39 PM

This just posted at CMI:

Payout Summary October 5, 2004

We have continued to receive and field the numerous calls from you regarding our situation with First Data, the move to our new processor, as well as delayed payments. Below is an update on each of the following:

First Data
iBill ceased processing with First Data on Wednesday, September 22. First Data holds approximately $11M in reserves on iBill and $4M in settlements. Of the $11M in reserve, approximately half of it is your reserves. We are continuing our efforts to negotiate with First Data to develop a formal release schedule of your reserves as well as the overall iBill funds that are being held. We have offered First Data the option of paying our merchants directly if it helps expedite the process.

iBill US Direct
Merchant agreements are available through your account manager for our new iBill Direct account. With 100% backing by iBill, you now have the ability to establish a direct relationship with an acquiring bank. Under the iBill Direct business model, you will benefit from the following:

* Daily settlement of Visa and MasterCard paid directly from the merchant bank

* Elimination of the MasterCard portal

* Immediate Visa activation for new and existing clients on all URLs

* Instant approval on your adult merchant account because you are sponsored by iBill

* Initial six month reserve hold, reviewed quarterly for potential adjustment upward or downward (no more rolling reserve)

* Your account is backed by an iBill cross corporate guarantee

For current clients, setup is simple-there is nothing to change on your end. Please contact [email protected] for more information.

Delayed Payouts
The current situation with First Data has forced iBill to seek funds from additional resources. We have received initial funding today and will resume payout for past due amounts. We plan to complete the 9/21 EU Payout and the 9/22 RevShare payout on Wednesday, October 6th. We will continue to remit payments of past due amounts as funding becomes available. We have a target date of Oct. 31 to be completely caught up and back on schedule with our normal payout cycle.

10-05-2004, 02:39 PM
FaberX Confirmed User Join Date: Sep 2003 Location: Miami Beach Posts: 181	This just posted at CMI: Payout Summary October 5, 2004 We have continued to receive and field the numerous calls from you regarding our situation with First Data, the move to our new processor, as well as delayed payments. Below is an update on each of the following: First Data iBill ceased processing with First Data on Wednesday, September 22. First Data holds approximately $11M in reserves on iBill and $4M in settlements. Of the $11M in reserve, approximately half of it is your reserves. We are continuing our efforts to negotiate with First Data to develop a formal release schedule of your reserves as well as the overall iBill funds that are being held. We have offered First Data the option of paying our merchants directly if it helps expedite the process. iBill US Direct Merchant agreements are available through your account manager for our new iBill Direct account. With 100% backing by iBill, you now have the ability to establish a direct relationship with an acquiring bank. Under the iBill Direct business model, you will benefit from the following: * Daily settlement of Visa and MasterCard paid directly from the merchant bank * Elimination of the MasterCard portal * Immediate Visa activation for new and existing clients on all URLs * Instant approval on your adult merchant account because you are sponsored by iBill * Initial six month reserve hold, reviewed quarterly for potential adjustment upward or downward (no more rolling reserve) * Your account is backed by an iBill cross corporate guarantee For current clients, setup is simple-there is nothing to change on your end. Please contact [email protected] for more information. Delayed Payouts The current situation with First Data has forced iBill to seek funds from additional resources. We have received initial funding today and will resume payout for past due amounts. We plan to complete the 9/21 EU Payout and the 9/22 RevShare payout on Wednesday, October 6th. We will continue to remit payments of past due amounts as funding becomes available. We have a target date of Oct. 31 to be completely caught up and back on schedule with our normal payout cycle.