boobmaster

On the CMI, they are saying they will TRY to be caught up by Oct 31.

By then, I WILL BE LONG GONE. I am starting to lose patience.

The current situation with First Data has forced iBill to seek funds from additional resources. We have received initial funding today and will resume payout for past due amounts. We plan to complete the 9/21 EU Payout and the 9/22 RevShare payout on Wednesday, October 6th. We will continue to remit payments of past due amounts as funding becomes available. We have a target date of Oct. 31 to be completely caught up and back on schedule with our normal payout cycle.

wyldblyss

Wow, that is a long wait. I guess they should get credit for at least trying to payout what they can.

MickeyG

they're saying eu and us revshare payments should go out tommorow. i sure as fuck hope so.

CC

iBill obviously could care less about my business and my few thousand monthly rebilling customers; I've been phasing them out for the past several months and am now a devout believer in CCBill iBill will not receive another penny from me, even if it causes me to lose some rebills.

Drake

Have you switched processors in the interim? Won't change rebills but at least new sales will be coming in.

Veterans Day

IBill rocks

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lacorporacione

Need a merchant account? Same day setup. You control everything!

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abadfish

Until the same thing happens to your merch acc.

sweetcuties

Bottom line... you shouldn't have been processing with ibill period!! Thank god I only used them for web900, then I pulled them when ccbill did 900

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SpeakEasy

Moron

tony286

they are keeping you posted being honest and you condemn them. you cry when they give no info, they give you real info not bullshit and its still a problem. I am confused lol.
This is adult and third party processor model , all of those companies are only as strong as Visa and the Bank lets them think they are. These people that say they should have reserves for this , these companies only get 10-15% of the sale. No the people getting the bulk of the money should plan for this because believe me if you think this could never happen to your processor you are living in a fools paradise.

stocktrader23

You act like 10 to 15% of the sale, across millions of dollars a month for years isn't enough for them to have a reserve. Funny how other processors manage to do it at only a few percentage points.

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tony286

First off if you are talking about a few percentage points you are talking about a merchant account, then you are dealing with a bank and you are funded daily big difference then a third party processor. Millions of dollars, do you think 24 hr customer service, upgrading software technology, sales people, back office staff, buildings , those big parties and all those ads we see everywhere are free? You are a funny guy lol

Sosa

would be nice to get the fucking checks already

CC

If I had wanted a merchant account, I wouldn't have gotten an account with iBill in the first place

TheLegacy

interesting that if the tables were reversed, IBill would be adding interest on any money owed by you to them...

someone should really calculate the interest accumulated here

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tony286

How do you know that?

METROINC

Forbes.com;

http://www.forbes.com/technology/ebu...0927ibill.html

Financial
Internet Porn Gets A New Banker
Seth Lubove, 09.27.04, 2:00 PM ET

LOS ANGELES - South Jordan, Utah, just south of Salt Lake City, is an otherwise forgettable suburb. Other than the fact that it's the home of the Jordan River Utah Temple, which boasts the largest capacity of any Mormon church in the world, there isn't much else going on.


South Jordan has another claim to fame the Chamber of Commerce is probably less eager to boast about: It's the hometown of what has likely become the largest U.S. processor of credit cards used to purchase Internet porn.

That dubious distinction comes courtesy of a little-noticed lawsuit filed Sept. 17 by Internet Billing against First Data (nyse: FDC - news - people ). IBill acts as a middleman between 4,000 small, mostly porn, sites and the banks that are critical to any credit card transaction. In iBill's case, the bank was an obscure unit of First Data, a financial services giant that expects 2004 sales of $10 billion. But apparently fed up with the connection to the controversial business, First Data finally got out of porn on Sept. 15 when its contract with iBill expired, leaving iBill in the lurch (but still holding $14.5 million of iBill's deposits).

For now, at least. iBill has another bank lined up to process its $300 million or so in annual credit card purchases. But the name of the bank may raise eyebrows amongst the tee totaling, clean-cut Mormons of South Jordan, as well as the heathens on Wall Street: Merrick Bank, a $500 million-asset bank whose parent company, credit card-servicer CardWorks, is partly owned by a fund controlled by Lewis Ranieri, the bond trading legend immortalized by Michael Lewis' Liar's Poker who is now chairman of Computer Associates (nyse: CA - news - people ).

It turns out Merrick, which says it "believes in bettering the community in which it operates," knows a thing or two about porn. The company is already processing credit cards for CCBill, a big aggregator like iBill of credit card purchases for Internet porn. CCBill handles sites that include Soundpunishment.com, GothicSluts.com, and Threepillows.com.

Not surprisingly, the bankers who handle porn don't advertise the fact. First Data, for instance, managed to avoid any connection with porn until it was revealed in public filings as the company that owned the bank that handled iBill's porn processing. Merrick's name popped up for the first time in iBill's lawsuit against First Data, in which iBill blamed First Data for reneging on a deal to process its credit card accounts until it gets set up at Merrick in November. The court denied iBill's request for a preliminary injunction on Wednesday, Sept. 22.

"We have determined that processing payments of the adult entertainment marketplace is inconsistent with our core values," sniffs a First Data spokesman. He adds that the company warned iBill with "multiple notices" that its contract would not be extended after its expiration.

In a written statement, Merrick would not comment on whether it also processes credit cards for CCBill, and claims it is "not now processing credit card transactions for iBill," and "has no signed agreement to process credit card transactions for iBill." But in iBill's lawsuit against First Data, iBill claims Merrick sent a "commitment letter" to First Data on Sept. 15 in which Merrick states that its board of directors has "approved" iBill as a "merchant" account.

Christopher Steele, the attorney for Ranieri & Co., would only say that Merrick's affairs are "handled much more from CardWorks perspective. I can't give you a comment on that."

iBill still managed to find other ways to handle its accounts in the interim. But news of the lawsuit, and the apocalyptic language of "catastrophic consequences" iBill used to argue for a temporary restraining order, has set the gossipy porn industry into a full lather.

"Industry Watching iBill, Hoping For The Best," trumpeted industry trade Adult Video News. "This would be devastating," wailed a poster on a porn business bulletin board.

Adding insult to injury, the closing of a deal for iBill to be sold to Care Concepts I (amex: IBD - news - people ) in exchange for 20% of Care's stock was rescinded Friday. The company said the American Stock Exchange threatened to delist its stock, in part because the acquisition of iBill "raises public interest concerns." The statement is a cryptic reference to a section of the exchange's policies that allows it to delist a company if it does anything that is "contrary to the public interest."

Care said it will work with the Amex to resolve the exchange's issues and acquire iBill after that. But perhaps proving that the temptations of the flesh are hard to resist, Care said it will go ahead with the deal even if the Amex disapproves, and take its stock elsewhere.

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DUH

Holly

"...has set the gossipy porn industry into a full lather."

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