misty_dayz:
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I can honestly say that I do hope iBill pulls through. This industry needs as many processors as possible. The future isn't set in stone...they could go under...they could survive. At least they have not given up yet and are still trying.
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Agree Misty! The biz needs as many TPP's as possible, - tho how long that model will last may be another story.
On iBill, the problem was there a long while past. Even when ownership changed the debt was $22million (least the official figure). That was compounded by Penthouse, a corp operating under some Chapter whatever attempting to skin the last flesh off iBill and gain some cred for itself in the process.
The other major problem is that the management "faces" are not folks who should be near money, - especially other people's money. Their track records make people nervious, including banks - and I'm not just talking about First Data.
There is a lot of "face" going on, some in subtle ways (such as naming corps "Penthouse Financial" blah when they have no cash and nada cred!). The announcement of $10.4 million is just more paper-shuffling by these same dubious people - they have just written their own "references".
Who knows.. but I suspect there is little or no problem raising money for iBill if the "management" put their money where there mouth is - some have done enough "deals" on the side to have that kind of money, - tho it may be a matter of "easy come, easy go" or that the funds just can't be shown :-)
With the current management "faces" (not all of em!), I would not trust anything they say and even less with entrusting them with 5 cents. Some of these people are "known" - not just in the US.