Quote:
Originally posted by Cogitator
The reason iBill hasn't paid out recently isn't because they don't have the money. The money is being held in some bank accounts that have been frozen while disputes are settled between iBill and the banks. There is no catching up to do, really. And no, I don't work for iBill. Merchant agreements work this way. They can freeze your money if there is a dispute.
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The only money which should have been affected by the problems with iBill's processing arrangements were, the holdbacks and "current" sales made immediately before the split.
So iBill failing to pay out on time means that the company has zero reserves (or is unwilling to dip into them) and is unwilling or unable to raise money to meet its committments. If it is true that there are no funds to deal with contingencies, that is grossly unprofessional at the very least. Whether the payments could be made or not, this is the second time in the past couple of years that iBill have screwed up and passed the full impact of its own problems straight along to its clients.
Whether iBill recovers or not, pays out eventually or not, surely no one is going to do business with them in future?