iBill Update
 

We just posted this on CMI:

September 29, 2004 iBill Clients: Please know that paying our clients is our highest priority. iBill is continuing to negotiate the release of settlement funds being withheld by First Data in order to pay our clients. In addition to our continued negotiations with First Data, we are working on freeing up additional capital to speed up the remittance of past due payments to our clients.

As you all know, we have been working through the difficult issue of transitioning our domestic IPSP business to our new domestic merchant bank at a pace that was faster than what was initially proposed or had been planned. In order to ensure proper compliance for our US sponsored merchants we will not be accepting Visa transactions until each US sponsored merchant has completed their new iBill merchant agreement with our new domestic bank. All US clients will continue to have the ability to offer MasterCard, Discover, JCB, American Express, Online checks, Web 900 and WebPhone. iBill account managers will have agreements available on Friday, October 1st. Planned implementation is scheduled for as early as Friday, October 8th.

To further clarify, iBill EU clients are not affected by this and will continue to process Visa without interruption.

Going forward, iBill will continue to operate under three business models:

1) iBill Direct US. iBill has an agreement with a domestic association-registered party. This involves processing and settling with a domestic bank. In this model, iBill will sponsor and accept the risk on behalf of our clients. Not only will clients have the ability to take advantage of the iBill products and services that they know today ? 24X7 customer service, risk management, RevShare affiliate program, and password management ? but, they will now be funded directly by the bank and will have the option to be funded daily. We are extremely excited about this program and feel that it puts us steps ahead of our competition.

2) iBill EU. iBill will continue its current processing relationship in the EU. The program services remain the same and will continue to be expanded. We are also moving forward with establishing a direct merchant relationship with our EU processor and bank. This option will be similar to iBill Direct US, which allows for direct funding from the bank.

3) Asia-Pacific Merchant. iBill has established a merchant relationship in the Asia-Pacific region. More details to follow next week.

We appreciate all of the support that our clients have given us over the last few days. We know how serious this matter is to you. Please be assured that everyone here at iBill is working diligently to correct these matters so that we can all return to business as usual.

Sincerely,
Your iBill Team

For more information regarding iBill US Direct please contact our sales team at [email protected]

Hi Mark,

thank you for your statement. As IBill EU isn't affected by the things going on with First Bank, when will the overdue payouts for Ibill EU be made....

Thanks
Eisbaer

Listing AMEX was a typo right? Nothing has changed there since they left adult in 2001?

:)

So is there *any* sort of time frame for when payments will be made? Within one week, two weeks, the next month, two months, etc?

Glad everything else seems to be going okay.

so does that mean youll be sending wires on the 1st? you didnt have problems until the 15th or later, so the money due on the 1st, u should already have collected from 1-15 of sept... unless ibill doesnt keep the money it is suppose to have on hand to pay its customers.

whats' the url to sign up for an ibill account?

WOAH WTF!!!*!@*!@*)!@

No VISA transactions until October 8th???

Ok, this is all well and good, BUT....

Am I going to be fucked for another $750 VISA fee because it's a new bank??

The money is not the issue, it's the principle...

P.S. Until this shit is all cleared up, IBill has been officially removed from our cascade...

- Rick

where does it say the 8th?

Can someone pleassssse help me understand something???

we use Ibill (IbillEU) as secondary, I noticed that my sales today are down by about 90%. I ICQ'd my Ibill contact and ask if there was a problem with joins today. I was told Ibill is in "stand in" today, and "stand in" is done once a month.

I pretty clear on what stand in is BUT can someone please tell me wtf happend to my joins today? Does stand in mean they will appear once they clear? WTF does it mean??

Ray

Yes it's gonna be a painful transition. A week without Visa is not a worst case scenario. Thanks Mark for the update.

true...

no no no no no...

It's a week before they get you the application... God only knows how long it will tkae the "new bank" to approve the application once it's received..

You could be looking at a LOT longer than 1 week without VISA

The applications come on the first of October. The transition is expected to take until the 8th.

Read the second paragraph again - and there is no real guarantee there that it will only be a week.

Ahhh my bad, I saw the 8th, not the 1st....

I woudl still like to know about the possibility of the $750 Visa fee, since it's a new bank, tho...

I saw the writing on the wall - I just applied for my visa processing since my redezra.com site was new so I cancelled it after the fallout of first data - I guess I did good huh?

Yes I know. But if it is two weeks, it beats the alternative that I was afraid might happen.

Anyone know how long its been since they stopped processing Visa?

??

My guess is midnight last night. Not sure though.

First you withold my payments, now you stop processing visa.

FUCK YOU IBILL :321GFY

Gotta love how they post an announcement, then leave, not taking the time to even answer a single question...

Now THAT'S Top Notch client support....:321GFY

It is important that Ibill stay in the game. Bad shit happened, Visa has shitty restrictions. I know they have your money, but until they say your aren't getting it, shouldn't we do our best to make sure we keep them in the game?

I can't blame him for not doing a Q and A. Can you imagine the flames that he would be inviting?

they won't answer anything on the phone either, Only we don't have any further information look for updates in the CMI.

wow you actually got someone on the phone?

im impressed.

They probably picked up the phone by mistake

:glugglug

What about rebills?

I agree 100% that it's important for them to stay in the game, and I wish them the best in that respect.

I understand that they are going to hold payments until they get paid, and I respect that also, I know how processing banks can be.

But damn, sticking around and answering a few questions, or having SOME information for your sales / support team for their clients, would be nice.

The "Check the CMI for updates" is not what I expect from EVERYONE that I talk to at IBill, from my account rep of 4 years, from his manager. For the kind of money they make / made off of my account, I expect a little more openness....

They will not process ANY Visa transaction, new or rebill until the change over is complete.

I believe this situation is fluid, and things are in the works that can not be discussed until they are resolved. The questions would be "when do we get paid?" etc. I think if the answer is I don't know yet, then the discussion is futile.

kept hearing about this for a while - dont say anyone wasnt warned

Hope things work out for you :)

Hi Rick,

No, it does not appear you will have to pay the VISA fee again. There will be more communication coming about the details of iBill Direct US in the next few days.

Our #1 priority is payouts. This course of action regarding VISA is very painful in the short-term for iBill and our US clients, but for the long-term, is being done in the best interest of iBill's clients and the adult online community as a whole.

More info will follow in the coming days.

Adam

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."

There we go... THAT'S what I'm talking about... Someone answering questions...

Thank you Adam for clearning that up, it's greatly appreciated...:thumbsup

More info:

All non-VISA rebills will be processing normally. VISA rebills are being held until implementation of the iBill Direct US account.

iBill account managers are forecast to have agreements available on Friday, October 1st. Planned implementation is scheduled for as early as Friday, October 8th.

Thank you.

How long is the approval process going to take once I get the application??

Wow, that's progressive. It's good to see IBill thinking ahead. :thumbsup

I would like an answer to that as well. If Ibill EU isn´t affected why haven´t we been paid yet ???

The 9/19/2004 payment isn´t even shown in the CMI - I would like to know when we can expect payment. Also will we get the 9/30/2004 reserve payout ?

A quick "I don´t know yet" is better than no reply - Hope to hear from you IBill

Micky,

As an existing iBill client the approval process will be less than a day. Technical integration on our side may take longer than that. We are attempting to make the technical transition as smooth as possible for clients.

Adam

Thank you for the reply.

As frustrated as I am with your company I am grateful you all are finally proving some answers to peoples questions.

Claude,

When a company encounters a business issue such as we did with First Data, all monies are held. iBillUS and iBillEu are one entity and as such everything affects everything else.

Our priority is to get our EU clients and those clients past due, payouts asap. This is our absolute #1 priority.

More info regarding payouts will come as soon as possible.

Adam

OK, thank you for the answer...

"iBill Direct US. iBill has an agreement with a domestic association-registered party. This involves processing and settling with a domestic bank. In this model, iBill will sponsor and accept the risk on behalf of our clients. Not only will clients have the ability to take advantage of the iBill products and services that they know today ? 24X7 customer service, risk management, RevShare affiliate program, and password management ? but, they will now be funded directly by the bank and will have the option to be funded daily. We are extremely excited about this program and feel that it puts us steps ahead of our competition."

Sounds like a Merchant Account.

Thanks for the updates:)

ok, ill ask again....

how does the ibill payout work exactly?

the payout due this friday is for processing the -15 of september... which was before FD cut you guys off. ibill has said that FD is only holding funds for one week, starting the 16th i believe. so it seems like youd have those funds from the first half of the month already. same with EU clients...

so where is all that money?

Is the CMI working today? I am not seeing any results across 5 accounts.