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The Intercept iBill experiment looks to have finally been ended. Intercept now just needs to take a huge charge, and settle a sizable docket of lawsuits.
One thing that has always been good with iBill is that they paid out reliably. We never had issues with monies that iBill collected on, including reserves, and this issue was perhaps tops on our list of what we wanted in a processor. All has not be so great though. When iBill was purchased by Intercept, real development of adult went into a complete stall. In particular they havent done anything with Revshare, they havent pushed Next Gen out, they havent expanded their incorporation of alternative billing options.
What we did see with them that was good was that they spent a good amount of their energies on relationship building with the card associations, they cleaned up their portfolio and jettisoned alot of higher chargeback clients making the scrub easier on the remainder. The call center that handles customer inquiries also improved imo.
We will miss the financial transparency as I doubt we will be able to see the level of disclosure as to their financial health as well as their fine status with the card associations. To this day we know what they were fined by Mastercard, but that number is unknown for CCBill/Paycom/Jettis etc.
In taking their company private I would hope that the new management would learn from history as what were some of iBill's shortcomings when they were previously a privately held company. Alot of the issues that emerged when old iBill was sold to Intercept came from lack of oversight and a solid system of checks and balances. In their quest for volume, alot of times poor decisions were made (such as the Babenet fiasco). We want the guys who handle our monies to be taking a more conservative route instead of aggressive moves that can endanger the entire portfolio if improperly executed.
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