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Originally Posted by DAVESNOTHERE
8. segpay is essentially ibill without the debt. their prime players over at segpay, namely cathy beardsley, whom your humble author of this post has never met, is in charge over there. she and the others that run that joint are the real crooks that took off with your money. You see, ibill was once huge. but to pay for their huge houses, expensive cars, coke habits etc..they kept borrowing against YOUR money a month in advance. and they kept doing that to pay their humoungus salaries. well, they kept "paying themselves forward" that it finally caught up to them after 6 months to a year, and BOOM-their 43million in debt. there were just simple sales people, not executives or management or anything like that, bringing in $300,000 a year. thats $25,000 a month just to sign your account up. but segpay is this new, honest company! ya right.
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Well I have met Cathy and some of the people over there. You're an idiot for posting what you don't know.
When 1st Data pulled the plug they held a huge sum of money to cover their risk of the next six months of chargebacks and the next few years of risk from the account. Anyone who has had a merchant account terminated will tell you that they freeze your account and the holdback and suck any cash they like into a black hole until they deem their risk diminished. To be in that business you have to have the cash reserves to get over the sticky bits. iBill didn't.
That's not Cathys fault, or any other regular employees fault, it's the owners fault. It still sucks.
I believe that Segpay is owned by a guy who got iBill a merchant account years ago in Europe and did some consulting for them. That's it. Big whoop.
Hate iBill and the people who owned it and did nothing to avoid a huge iceberg called 1st Data, despite it blipping on the radar for months. Do not hate people who still have to work for a living in a small industry.