Quote:
Originally posted by Mike33
It's not so much whether they be able to find another processor, it's will they be able to in time, if in fact, they are only looking into an alternative now. A few days losing $800k every day and it becomes too late because the company is bankrupt and no longer has a need for a processor.
The paper work alone will take days for something this large assuming the paper work only started today or a few days ago.
It's not like multi-million dollar processors haven't gone under before for one reason or another. I can recall at least 5 in the past year and a half. Why didn't they move under a different name, get a new account, start all over again? Because it's not that easy.
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I can't believe that a major billing company like ibill would not have a contingency plan for something like this. If they didn't, that is inexcusable.