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Originally Posted by Webby
tony404:
Hear ya! :-)
The fact that iBill *may* be using client funds to sustain their biz is exactly the problem. iBill have no rights to even touch client funds, but obviously can do whatever they like with the processing commission fees charged.
That alone is bordering on some serious legal implications. You think you or I would be allowed liberties of accessing client funds in any biz we operated and dispensing them as we see fit - I think we would expect some criminal action :-)
Tho.. who knows, they are probably saving up all funds to make everyone happy in 2005....
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Your kidding right banks do it all the time , so does the government and probably more businesses then I can think of. In theory since they are the third party processors clients its their money and we are owed commissions for our services.
The float is probably how these companies exist that if they just spent their percentage they wouldnt last for long. look at the ones that folded they dropped very quick and no one got paid. If recurring never existed I wonder if third party processors would exist.