chromium:
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The scary part ... and why I posted is what about CCBILL? As I understand it uses one bank for VISA USA.
If anything, anyone reading this board will no longer do business with iBill... so either a sudden or slow death.
Why is CCBILL, which I use, protected from such a future iBill event (besides poor management of funds).
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Yes, I believe CCBill also has a similiar "one banking" relationship - at least for the US.
One thing I would like to know (any answers out there?) - is there some "law" or maybe "rule", imposed by anyone, such as VISA US, that states there should only be one bank involved in processing funds??
Even from a basic common sense business angle, this is total crap. It offers processors very little security, even in their own minds. More relevant, it does not provide security to clients.
I'll harp back to shit I've been spewing for years now:-) The concept of a processor "owning" membership databases is nonsense. I understand why, but that does not make it right, - it's actually very wrong.
The other bit is... processors are holding other people's money. This needs protecting in the event of the demise of the company. Hence, processors "should" be providing some guarantee or security in the hands of a third party, before engaging on any processing for a client.
Clearly this is not without practical problems, not least being the finance available within a third party processing operation. However, there can be some form of insurance indemnity or similar and although this may cost, it can be split 50/50 between the processing company and the client, - if they so wished.
The current attitude of filling in a load of forms and being "approved" and "legal" is bullshit. The onus is actually on the other side and with processors to proove their credibility.
Summary.. frankly, I've never trusted any third party processing company since shit hit the fan a few years back. Processing is not an easy business to operate under the crap from VISA and other card monopolies.
My only suggestion is get global and operate in several banking regions and never give any one processor all your business, especially one operating under VISA US conditions.