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Yes it's YOUR merchant account, and it's your risk, yet it's NOT your merchant account per se...
Yes, you assume the risk, you are the personal guarantor. According to my rep this morning, you can NOT move the "Merchant account from them to another gateway ( i.e. Netbilling ) you will NOT have access to customer information ( i.e. CC info and other info ) which you WOULD have access too, with a REAL merchant account... So in essence, you have ALL the risk of a real merchant account, but no benefits of a real merchant account.. The IBill fees are NOT going to change, so you'r estill going to be paying the 15% or whatever high rate you pay, there will STILL be a reserve. So please tell me where the benefit is... ANYONE who even has basic risk management skills, can see, this is a risky proposition, at best... |
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If you feel that IBill has crossed the line legally now and want to take action... then read on
Aside form the aforementioned problems they are having, they have not released the September 30th reserve payouts, which is money they are supposed to have been holding for their clients from February '04. Their contract is very clear when it comes to reserves. 10% of all sales are held in reserve for 6 months to protect against chargebacks. They do not have the legal right to spend that money held "in reserve", if they do not have it, that is a misappropriation of funds, AKA, embezzlement. If you want to send a clear message to the dolts at I-bill then the person to contact is: Marcos Daniel Jiménez United States Attorney for the Southern District of Florida 99 N.E. 4th Street Miami, FL 33132 (305) 961-9001 Give them a call this week and tell them that you have cause to believe that Internet Billing Co. of Ft. Lauderdale has misappropriated funds supposedly being held in reserve for their clients. |
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What happened to the $750 to be able to process Visa earlier this year? Isn't that a breach of contract, cause it hasn't been a full year yet since that $750 was paid out to take Visa? |
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Everyday is a new story, either for the amount due or for the model of processing.... They owe me $$$ for my sites and $$$ for the Visa fee I already paid. Even an idiot like you can understand that, unless you are not a " PERFECT " idiot...:1orglaugh Why the hell would I get a " half-breed " merchant account with them ??? Meanwhile, were are official updates from them ???? http://www.ibillsucks.info |
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I'll have to dig up my IBill contract and look at it again... |
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Ibill didn't pay me reserves from April 2003 to this day. About month ago I thought that they forgot about it so I asked them about this amount. But they told me that bank is holding these reserves all the time :feels-hot Reserves holded for 18 months :feels-hot |
Still no update from them.
What a fucking surprise. |
iBill News
Last Updated: Tuesday 5 October 2004 at 11:20 AM U.S. Eastern Time |
They promised another update at 4pm est giving more info on payments.
Still nothing. |
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still waiting |
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. |
Let's see if they follow thru and pay EU ppl tomorrow, still, I'm not signing up for a merchant account with them...
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well, that's sort of good news. they currently owe me 3 wires, looks like i might get one of them tomorrow :)
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target date of Oct. 31 to be completely caught up and back on schedule with our normal payout cycle.
Think i will die before then. |
What about the $1500, was that all just BS? I wouldn't doubt it for a second if that was disinformation.
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hmmmm.
nice that they finally made some specific date commitments, sortof. lol |
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just kidding :) |
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the $1500 is a application fee for the ibill direct program (your own merchant account) nothing has changed about that. If you want to process immediately with visa you must signup for this.
ibill complete (third party billing) status is still unknown. Maybe a couple of weeks, who knows? |
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the rep i spoke with today said so far he's been told the fee is $1500, i asked what about them eating some of the cost since we already paid visa this year and he said they would be discussing it in a meeting later today.
I truely hope there is no fee. I wouldnt be so mad if we got a free merchant account out of this deal. Also The monies they are using to pay us isn't from first data but from new credit lines they just opened. If payouts go out tommorow to both EU and revshare clients I will feel a small bit of relief. |
Bottom line.. They are not getting any fuckin application for shit UNTIL they pay me for the cash they owe me from fucking August sales and reserves. Do they seriously think that people are going to sign a 10 page fuckin application when they are owed boat loads of cash? ...And why the fuck would I want to pay 15% for gateway processing? These people must be on crack .. and buying it with OUR FUCKING MONEY... PAY UP YOU FUCKERS!
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and if you process via eu, there shouldn't be any issues at all. they've been paid out for all of that money. but i'm guessing ibill is out of cash (in general), so can not make the eu payments. would be nice to see one tomorrow, but really they still are behind for 2 more wire payments assuming they do send out one tomorrow.
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Let me know if you get paid out tomorrow quiet.
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Ok, fine... I'll post #349.
Now, do I hear tree fiddy? |
350 Ibill updates..
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thanks for keeping us posted!:thumbsup
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same here. |
Here is something to think about...
If you plan on running your "old" rebills through your new personal merchant account from Ibill, you may have some serious problems since they will throw up a red flag with Visa/MC because there is no corresponding "new" charge to associate it with from your account. You cannot run it through as a "new" charge since you have to put in CVV2 with all new charges. Ibill probably does not have the CVV2 information stored since it would be a gross violation of the Visa/MC regs and they could be penalized harshly if they were to have stored that data. At the very least I would get a clarification from Ibill on this situation before you make any move. |
Forbes.com;
http://www.forbes.com/technology/eb..._0927ibill.html Financial Internet Porn Gets A New Banker Seth Lubove, 09.27.04, 2:00 PM ET LOS ANGELES - South Jordan, Utah, just south of Salt Lake City, is an otherwise forgettable suburb. Other than the fact that it's the home of the Jordan River Utah Temple, which boasts the largest capacity of any Mormon church in the world, there isn't much else going on. South Jordan has another claim to fame the Chamber of Commerce is probably less eager to boast about : It's the hometown of what has likely become the largest U.S. processor of credit cards used to purchase Internet porn. That dubious distinction comes courtesy of a little-noticed lawsuit filed Sept. 17 by Internet Billing against First Data (nyse: FDC - news - people ). IBill acts as a middleman between 4,000 small, mostly porn, sites and the banks that are critical to any credit card transaction. In iBill's case, the bank was an obscure unit of First Data, a financial services giant that expects 2004 sales of $10 billion. But apparently fed up with the connection to the controversial business, First Data finally got out of porn on Sept. 15 when its contract with iBill expired, leaving iBill in the lurch (but still holding $14.5 million of iBill's deposits). For now, at least. iBill has another bank lined up to process its $300 million or so in annual credit card purchases. But the name of the bank may raise eyebrows amongst the tee totaling, clean-cut Mormons of South Jordan, as well as the heathens on Wall Street: Merrick Bank, a $500 million-asset bank whose parent company, credit card-servicer CardWorks, is partly owned by a fund controlled by Lewis Ranieri, the bond trading legend immortalized by Michael Lewis' Liar's Poker who is now chairman of Computer Associates (nyse: CA - news - people ). It turns out Merrick, which says it "believes in bettering the community in which it operates," knows a thing or two about porn. The company is already processing credit cards for CCBill, a big aggregator like iBill of credit card purchases for Internet porn. CCBill handles sites that include Soundpunishment.com, GothicSluts.com, and Threepillows.com. Not surprisingly, the bankers who handle porn don't advertise the fact. First Data, for instance, managed to avoid any connection with porn until it was revealed in public filings as the company that owned the bank that handled iBill's porn processing. Merrick's name popped up for the first time in iBill's lawsuit against First Data, in which iBill blamed First Data for reneging on a deal to process its credit card accounts until it gets set up at Merrick in November. The court denied iBill's request for a preliminary injunction on Wednesday, Sept. 22. "We have determined that processing payments of the adult entertainment marketplace is inconsistent with our core values," sniffs a First Data spokesman. He adds that the company warned iBill with "multiple notices" that its contract would not be extended after its expiration. In a written statement, Merrick would not comment on whether it also processes credit cards for CCBill, and claims it is "not now processing credit card transactions for iBill," and "has no signed agreement to process credit card transactions for iBill." But in iBill's lawsuit against First Data, iBill claims Merrick sent a "commitment letter" to First Data on Sept. 15 in which Merrick states that its board of directors has "approved" iBill as a "merchant" account. Christopher Steele, the attorney for Ranieri & Co., would only say that Merrick's affairs are "handled much more from CardWorks perspective. I can't give you a comment on that." iBill still managed to find other ways to handle its accounts in the interim. But news of the lawsuit, and the apocalyptic language of "catastrophic consequences" iBill used to argue for a temporary restraining order, has set the gossipy porn industry into a full lather. "Industry Watching iBill, Hoping For The Best," trumpeted industry trade Adult Video News. "This would be devastating," wailed a poster on a porn business bulletin board. Adding insult to injury, the closing of a deal for iBill to be sold to Care Concepts I (amex: IBD - news - people ) in exchange for 20% of Care's stock was rescinded Friday. The company said the American Stock Exchange threatened to delist its stock, in part because the acquisition of iBill "raises public interest concerns." The statement is a cryptic reference to a section of the exchange's policies that allows it to delist a company if it does anything that is "contrary to the public interest." Care said it will work with the Amex to resolve the exchange's issues and acquire iBill after that. But perhaps proving that the temptations of the flesh are hard to resist, Care said it will go ahead with the deal even if the Amex disapproves, and take its stock elsewhere. |
Metro you're just a troll, you've posted that article 50 times already, enough!
Anyone heard anything new today? Im waiting to see if the Revshare payouts actually go out like promised. |
Metroinc hasn't posted anything worth a damn yet, I don't think he is about to break from tradition any time soon. This is a guy who thinks that 900 something posts in 3 years means I spend my life posting on GFY. He's not very well informed on alot of things.
MickeyG the word coming from Deerfield seems to be that money is arriving. It's unconfirmed, but we heard this morning they got a sizable wire and they are getting ready to pay out the EU. Cross your fingers and let's see what happens. |
Any word on what is happening with our Visa rebills at the moment? Any word on whether your rebills will be ported to the new Ibill Direct account?
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