Here's an extract from Intercept's (iBill's owner) latest report:
"Additionally, we are not able to acquire transactions on behalf of foreign
sponsored merchants, unless the transaction is from an acquirer within the
sponsored merchant's region. We have established relationships with a
foreign bank to serve as iBill's acquiring bank. If we fail to comply with
the new Visa rule, Visa may fine our acquiring bank, which will in turn
seek indemnification from us. We were notified on Wednesday, May 14, 2003
that our acquiring bank plans to suspend our Visa account on Friday, May
16, allegedly due to our failure to comply with applicable Visa rules. We
believe we are in compliance with those Visa rules. This action, if it
occurs, will effectively terminate our ability to process Visa transactions
in Europe. Those transactions contribute approximately 4-6% of our
aggregate merchant processing revenues. We have urged representatives of
the bank to withdraw this threat. Although we intend to pursue all
available legal remedies for this action, we cannot as a practical matter
replace the acquiring bank in this time frame, and we could lose a
majority, if not all, of the revenues from our Visa transactions in Europe
if the bank follows through with its threatened action."
http://biz.yahoo.com/e/030515/icpt10-q.html#
- it's mostly cover-their-ass statements about possible future
doom and gloom, but the one above looks pretty concrete.
I hate to be an opportunist everyone, but if you need a solution to this problem contact me at [email protected]
"Additionally, we are not able to acquire transactions on behalf of foreign
sponsored merchants, unless the transaction is from an acquirer within the
sponsored merchant's region. We have established relationships with a
foreign bank to serve as iBill's acquiring bank. If we fail to comply with
the new Visa rule, Visa may fine our acquiring bank, which will in turn
seek indemnification from us. We were notified on Wednesday, May 14, 2003
that our acquiring bank plans to suspend our Visa account on Friday, May
16, allegedly due to our failure to comply with applicable Visa rules. We
believe we are in compliance with those Visa rules. This action, if it
occurs, will effectively terminate our ability to process Visa transactions
in Europe. Those transactions contribute approximately 4-6% of our
aggregate merchant processing revenues. We have urged representatives of
the bank to withdraw this threat. Although we intend to pursue all
available legal remedies for this action, we cannot as a practical matter
replace the acquiring bank in this time frame, and we could lose a
majority, if not all, of the revenues from our Visa transactions in Europe
if the bank follows through with its threatened action."
http://biz.yahoo.com/e/030515/icpt10-q.html#
- it's mostly cover-their-ass statements about possible future
doom and gloom, but the one above looks pretty concrete.
I hate to be an opportunist everyone, but if you need a solution to this problem contact me at [email protected]
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