Quote:
Originally posted by jayeff
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?
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What I would like to know is why they can't pay us on the MC accounts they have been billing all month. They are rebilling MC clients. Why are they not paying us?
I wonder if any of their actions can be considered criminal. Someone needs to audit their books to determine exactly what kind of financial shape ibill is in.