Layoffs at IBill

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I'll start a thread about this, if none has started:


iBill News
Last Updated: Friday 11 March 2005 at 10:17 AM U.S. Eastern Time

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iBill US Update

Dear iBill US Clients,
iBill is excited to announce the launch of gkard Secured, a service of M2 Secure. gkard Secured has been established to create an additional measure of assurance that client funds will be paid to merchants on time.

gkard Secured is part of a series of steps that iBill?s new management is taking to address legitimate concerns in the billing industry and as to iBill specifically.

gkard Secured highlights are:
gkard Secured payments are NOT touched by iBill;
gkard Secured controls settlement and payout files end-to-end for gkard Secured;
gkard Secured is operated by an independent payment services company NOT affiliated with iBill;
gkard Secured uses its own merchant account for gkard Loads, not the iBill merchant account;
Real-time transaction data will remain accessible on iBill CMI;
Secured payouts are available on gkard Secured only;
For more information on gkard Secured, please go to http://www.gkbill.com and access the SECURE PAYMENT tab.

The gkard Secured payout program specifics are listed below:
gkard Secured officially launches with the March 15, 2005 payout.
The March 15 payout will be for all gkard transactions that occurred from February 16, 2005 through February 28, 2005.
All accounts will maintain their current payout cycle with the amounts based upon iBill?s client agreements and the payout information provided to M2 Secure by iBill.
Funds will be sent via wire transfer and ACH only (for your convenience, gkard Secured will use the existing merchant banking information on file at iBill).
Any gkard, online check and web900 transactions PRIOR to February 16, 2005 will be paid out directly from iBill to the clients and will be the sole responsibility of iBill.

For FAQ's on gkard Secured, please go to http://www.ibill.com/support/securedpayoutFAQ.cfm

Please note: If you are currently being paid via ACH or Wire, there is nothing that you will need to do to receive your payout. However, if you are currently being paid via check, you will need to update your account with valid banking information by no later than March 10, 2005. This will ensure that you will get paid on March 15, 2005.

For help on updating your banking information, please log in to the Merchant Info website at http://www.ibill.com/merchantinfo/login/login.cfm, click on Update Banking Information. The Update Banking Help link is located towards the top right section of the banking information screen.

Over the next several weeks, there will be new features and benefits added to the gkard Secured payout program. As iBill and M2 Secure have more updated information regarding these future enhancements, news will be posted.

Thank you.
iBill and M2 Secure

So they did lose their merchant account.

You are completely, 100% wrong. There were maybe a handful of people at iBill that knew what was going on. You have obviously never worked for a decent sized corporation.

Do you really think the grunts on the front lines are involved in the decision making process at a large company? Of the almost 300 people that were there at it's peak, maybe a dozen or so really knew the inner workings. Especially at that level. Those dozen people took the food from their employee's kid's mouths too.

The employees got sold the same bill of goods you did, and they got hurt just like you did.

actually i did. I worked for cdnow.com before and during the whole shut down process. We knew more than we told the customers but we were not allowed.

...

well maybe one of them will go on the shooting spree and save us the trouble.

I guess they just forgot about the revshares too..

Well the people at iBill didn't. Everyone there kept being told not to worry, there was a merchant account.