Quote:
Originally Posted by Zuzana Designs
iBill
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iBill was an internet billing company, founded in 1997 and known in the early 2000's as a top credit card transaction aggregator for adult entertainment websites. It was acquired by InterCept in 2002 and subsequently purchased by Interactive Brand Development in January of 2005.
[edit] Problems
Soon after its acquisition by InterCept, MasterCard fined iBill $5.58 million due to the volume of chargebacks, while VISA raised the cost of processing adult entertainment transactions. In September 2004, iBill's contract with its upstream credit card processor, First Data expired, leaving it scrambling to find a new processor [1]. In April 2005 the iBill offices in Deerfield, Florida were put up for lease, signalling the closure of at least part of the company.[2]
The iBill URL is now parked on a porn site.
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I never knew they were fined. I read somewhere that intercept drained out all the cash before selling including the reserves. So the last owners really never had a chance. I wish the day we needed a processor in 2000, the ccbill ad would of been before the ibill ad in avnonline. We would of been with them from the start and had 13 grand extra in the bank.