charly:
Quote:
So GloBill are not going to pay webmasters because Visa are not going to pay GloBill. So simply what is going to happen to the money that has been paid by the customer?
If it is not refunded this is just theft.
Ans what are the procedures for the hold back? I was told by GloBill when we discussed opening an account it was always put into a seperate account that could not be touched by the 3rd party processor. I guess that was a lie and theft as well.
Luckily I could not agree to their rule of giving the client instant access to content after he paid. Guess I'm the honest one.
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This would be a sore point with me tho I am not familiar with the actual situation regarding holdbacks.
No processor has "rights" to touch any holdbacks or reserves of funds. These should be in a reserve account and not within the province of any reciever to disperse as he sees fit should the company liquidate.
If processors cannot be trusted to manage this, - these funds need to be controlled and monitored by a third party.
Frankly I always wondered why the hell I was having *any* holdbacks since a processor is in complete control of any business the client gives them and their "liability" in recurring revenue far exceeds any holdback money.
I think it is time for processors to place "indemnity funds" into the hands of a third party in the event the processor ceases to be!
