Ibill might be dead.. - GoFuckYourself.com

DatingGold · 09-21-2004, 05:20 PM

Sorry if this was already posted..

IBill, First Data in Contract Dispute
By Gretchen Gallen
Tuesday, September 21, 2004

NEW YORK ? Third-party payment processor iBill filed a complaint against First Data Merchant Services Corp. alleging that the company is costing iBill $800,000 per day because it failed to make good on the promise to help transition its accounts to another credit card processor after the expiration of a contract dating back to 1998.
In legal documents obtained by XBiz, iBill contends that it could go out of business by as early as next week if the Court does not issue a temporary restraining order against First Data.

In papers filed in New York Supreme Court, iBill alleges that First Data's failure to fulfill its promise to work with the third-party processor as it moved customer accounts over to New York-based Merrick Bank could cause "irreparable harm" to its business and customer base.

IBill has been using First Data Merchant Service and First Bank Financial, collectively known as First Data, as the processor for its credit card receipts for the past six years. IBill's contract with First Data technically expired on Sept. 15.

The plaintiff, iBill, had expected the transition to be completed by Nov. 15, but now claims that First Data reneged on the promise and put iBill and its business process in jeopardy and could possibly result in iBill's closure.

IBill claims that by noon on Sept. 16, the day after its official contract with First Data expired, the credit card processor would no longer process iBill's credit card transactions, leaving iBill in the lurch and unable to continue to service its customer base of more than 4,000 Internet-based clients.

IBill had been in negotiations with Merrick Bank since mid-August to replace First Data as its processor.

IBill is asking for the court's intervention to maintain status quo and "avoid the catastrophic consequences of First Data's threatened action."

"Any termination by defendants would result in immediate, irreparable harm to plaintiff and its customer bases," the complaint said. "Cancellation of its credit card support arrangements would effectively put plaintiff's customers out of business, depriving them of any ability to function. Absent a temporary restraining order, plaintiff and many of its customers may be forced to close their doors."

Deerfield Beach, Fla.-based iBill, which is short for Internet Billing Company Ltd., is one of the leading third-party credit card processors for the online adult industry. The company is publicly traded on the Nasdaq exchange.

Nearly 78 percent of iBill?s revenues are from adult entertainment content. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330 million in gross transactions.

In July, Care Concepts I, Inc. agreed to acquire Media Billing LLC and Internet Billing Co., collectively known as iBill, from Penthouse International for $55 million in an all-stock deal.

Representatives for iBill and First Data could not be reached for comment.

KMR Stitch · 09-21-2004, 05:22 PM

popcorn?

SEObot · 09-21-2004, 05:23 PM

Repost!

Lycanthrope · 09-21-2004, 05:24 PM

Foly Huck

tony286 · 09-21-2004, 05:24 PM

I highly doubt it , they have another merchant account already. So maybe a lapse but not gone.

Mutt · 09-21-2004, 05:39 PM

Quote:

Originally posted by tony404
I highly doubt it , they have another merchant account already. So maybe a lapse but not gone.

then what you are saying is IBILL has lied to the court in representing that "Any termination by defendants would result in immediate, irreparable harm to plaintiff and its customer bases,". In a criminal court that is perjury, not sure in a civil court what it is.

tony286 · 09-21-2004, 05:41 PM

Quote:

Originally posted by Mutt
then what you are saying is IBILL has lied to the court in representing that "Any termination by defendants would result in immediate, irreparable harm to plaintiff and its customer bases,". In a criminal court that is perjury, not sure in a civil court what it is.

Its not perjury in civil court its lawyers doing their job. If they dont paint terrible pictures how are they going to get what they need ?

stocktrader23 · 09-21-2004, 05:44 PM

Quote:

Originally posted by tony404
Its not perjury in civil court its lawyers doing their job. If they dont paint terrible pictures how are they going to get what they need ?

You are an optimistic person.

uchase/webpry · 09-21-2004, 05:45 PM

yes, it's the end of ibill ... send your traffic to us, we don't depend on ibill.

non adult rules !!!!!!!!!!

09-21-2004, 05:20 PM	#1
DatingGold $6 PER EMAIL JOiN Industry Role: Join Date: Feb 2003 Location: California Posts: 13,185	Ibill might be dead.. Sorry if this was already posted.. IBill, First Data in Contract Dispute By Gretchen Gallen Tuesday, September 21, 2004 NEW YORK ? Third-party payment processor iBill filed a complaint against First Data Merchant Services Corp. alleging that the company is costing iBill $800,000 per day because it failed to make good on the promise to help transition its accounts to another credit card processor after the expiration of a contract dating back to 1998. In legal documents obtained by XBiz, iBill contends that it could go out of business by as early as next week if the Court does not issue a temporary restraining order against First Data. In papers filed in New York Supreme Court, iBill alleges that First Data's failure to fulfill its promise to work with the third-party processor as it moved customer accounts over to New York-based Merrick Bank could cause "irreparable harm" to its business and customer base. IBill has been using First Data Merchant Service and First Bank Financial, collectively known as First Data, as the processor for its credit card receipts for the past six years. IBill's contract with First Data technically expired on Sept. 15. The plaintiff, iBill, had expected the transition to be completed by Nov. 15, but now claims that First Data reneged on the promise and put iBill and its business process in jeopardy and could possibly result in iBill's closure. IBill claims that by noon on Sept. 16, the day after its official contract with First Data expired, the credit card processor would no longer process iBill's credit card transactions, leaving iBill in the lurch and unable to continue to service its customer base of more than 4,000 Internet-based clients. IBill had been in negotiations with Merrick Bank since mid-August to replace First Data as its processor. IBill is asking for the court's intervention to maintain status quo and "avoid the catastrophic consequences of First Data's threatened action." "Any termination by defendants would result in immediate, irreparable harm to plaintiff and its customer bases," the complaint said. "Cancellation of its credit card support arrangements would effectively put plaintiff's customers out of business, depriving them of any ability to function. Absent a temporary restraining order, plaintiff and many of its customers may be forced to close their doors." Deerfield Beach, Fla.-based iBill, which is short for Internet Billing Company Ltd., is one of the leading third-party credit card processors for the online adult industry. The company is publicly traded on the Nasdaq exchange. Nearly 78 percent of iBill?s revenues are from adult entertainment content. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330 million in gross transactions. In July, Care Concepts I, Inc. agreed to acquire Media Billing LLC and Internet Billing Co., collectively known as iBill, from Penthouse International for $55 million in an all-stock deal. Representatives for iBill and First Data could not be reached for comment. __________________ 9 Years of SOLID payouts and conversions! ADULT DATING - $100 PPS LIVE CAMS - $214 PPS WWW.DATINGGOLD.COM ICQ: 27442303

09-21-2004, 05:24 PM	#4
Lycanthrope Confirmed User Industry Role: Join Date: Jan 2004 Location: Wisconsin Posts: 4,517	Foly Huck __________________

09-21-2004, 05:22 PM	#2
KMR Stitch I am cool Join Date: Jul 2003 Posts: 14,494	popcorn?

09-21-2004, 05:23 PM	#3
SEObot So Fucking Banned Join Date: Sep 2004 Location: Texas Posts: 223	Repost!

09-21-2004, 05:24 PM	#5
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	I highly doubt it , they have another merchant account already. So maybe a lapse but not gone.

09-21-2004, 05:45 PM	#9
uchase/webpry So Fucking Banned Join Date: Aug 2004 Location: Do you use sex.com's XML feed, try ours and make double the money. Posts: 2,085	yes, it's the end of ibill ... send your traffic to us, we don't depend on ibill. non adult rules !!!!!!!!!!