IBill Lays Off About 50 Employees, Sources Say - GoFuckYourself.com

METROINC · 10-17-2004, 01:33 AM

DEERFIELD BEACH, Fla. ? Widespread Internet rumblings were confirmed today, indicating that the beleagured payment processor has indeed let go employees from multiple departments and that the firings were caused by iBill's recent financial troubles with its former credit card processor First Data.
Internet payment processor iBill fired about 50 employees yesterday across a wide variety of departments, sources within the company confirmed for XBiz Wednesday.

Included in the layoffs was the woman who posted the Commerce Management Interface updates regarding the current state of delinquent payments caused by iBill?s recent financial woes.

Word of the firings began to spread around adult webmaster forums on Tuesday evening.

One user, who said he was one of the iBill employees that was let go, posted on GoFuckYourself.com that about 50 people had been let go from the company and that severance pay and retirement benefits for the former employees was in question.

?Please understand that there are only 45 employees left,? wrote the poster. ?The customer service [department] is mainly temps.?

?Yes, we are concerned about the 401k money that was not paid since July,? the poster wrote. ?And, yes, we are concerned if a paycheck is coming in the mail (?In the mail?? how many times was I scripted to say that?) along with untaken vacation pay.?

Calls made by XBiz to iBill officials were not returned and calls made to the sales department were routed to a terminated employee?s voicemail.

The firings come less than a week after a risk-assessment analyst posted on the XBiz boards regarding the poor management conditions that may have led to iBill?s current problems.

?It appears indeed that iBill was relying on future sales to pay previous obligations, such as webmaster payouts, while current webmaster revenue was used for operating costs,? posted Grant L. Hutchison, chief security officer for Militis Intelligence Corp, suggesting that iBill was effectively living ?paycheck-to-paycheck? instead of holding funds in reserve.

?[This is] a practice any risk-assessment team would have found inappropriate at best, with reasonable grounds,? Hutchison said. ?It led to iBill defaulting on webmaster payments as early as mid-September.

?It appears indeed that iBill was relying on future sales to pay previous obligations, such as webmaster payouts, while current webmaster revenue was used for operating costs,? posted Grant L. Hutchison, chief security officer for Militis Intelligence Corp, suggesting that iBill was effectively living ?paycheck-to-paycheck? instead of holding funds in reserve. " .... I guess this says it all.......

IBILL USA ONLY CLIENTS ..POST HERE IF AND WHEN YOU HAVE RECEIVED A PAYOUT FROM IBILL AND WHAT THE PAYOUT PERIOD WAS....

stocktrader23 · 10-17-2004, 01:35 AM

Oh shit!

momo · 10-17-2004, 01:36 AM

what's the correct reply for this?

oh right : <timeline image>

BigWebRev · 10-17-2004, 01:37 AM

welcome to last week

stocktrader23 · 10-17-2004, 01:37 AM

Quote:

Originally posted by momo

what's the correct reply for this?

oh right : <timeline image>

This must be the 1200 to 1250th employee they've laid off this week alone!!!

DeadFidel · 10-17-2004, 01:41 AM

The news is over a week old.

They owe me nice money, but I am not counting on it. I have also switched to ccbill after losing all of my rebills. I don't think there is a thing they could do to ever be trusted again.

acctman · 10-17-2004, 01:42 AM

outsource to india

10-17-2004, 01:33 AM	#1
METROINC Registered User Join Date: May 2003 Posts: 48	IBill Lays Off About 50 Employees, Sources Say DEERFIELD BEACH, Fla. ? Widespread Internet rumblings were confirmed today, indicating that the beleagured payment processor has indeed let go employees from multiple departments and that the firings were caused by iBill's recent financial troubles with its former credit card processor First Data. Internet payment processor iBill fired about 50 employees yesterday across a wide variety of departments, sources within the company confirmed for XBiz Wednesday. Included in the layoffs was the woman who posted the Commerce Management Interface updates regarding the current state of delinquent payments caused by iBill?s recent financial woes. Word of the firings began to spread around adult webmaster forums on Tuesday evening. One user, who said he was one of the iBill employees that was let go, posted on GoFuckYourself.com that about 50 people had been let go from the company and that severance pay and retirement benefits for the former employees was in question. ?Please understand that there are only 45 employees left,? wrote the poster. ?The customer service [department] is mainly temps.? ?Yes, we are concerned about the 401k money that was not paid since July,? the poster wrote. ?And, yes, we are concerned if a paycheck is coming in the mail (?In the mail?? how many times was I scripted to say that?) along with untaken vacation pay.? Calls made by XBiz to iBill officials were not returned and calls made to the sales department were routed to a terminated employee?s voicemail. The firings come less than a week after a risk-assessment analyst posted on the XBiz boards regarding the poor management conditions that may have led to iBill?s current problems. ?It appears indeed that iBill was relying on future sales to pay previous obligations, such as webmaster payouts, while current webmaster revenue was used for operating costs,? posted Grant L. Hutchison, chief security officer for Militis Intelligence Corp, suggesting that iBill was effectively living ?paycheck-to-paycheck? instead of holding funds in reserve. ?[This is] a practice any risk-assessment team would have found inappropriate at best, with reasonable grounds,? Hutchison said. ?It led to iBill defaulting on webmaster payments as early as mid-September. ?It appears indeed that iBill was relying on future sales to pay previous obligations, such as webmaster payouts, while current webmaster revenue was used for operating costs,? posted Grant L. Hutchison, chief security officer for Militis Intelligence Corp, suggesting that iBill was effectively living ?paycheck-to-paycheck? instead of holding funds in reserve. " .... I guess this says it all....... IBILL USA ONLY CLIENTS ..POST HERE IF AND WHEN YOU HAVE RECEIVED A PAYOUT FROM IBILL AND WHAT THE PAYOUT PERIOD WAS.... __________________ DUH

10-17-2004, 01:35 AM	#2
stocktrader23 Let's do some business. Industry Role: Join Date: Jan 2003 Location: The dirty south. Posts: 18,781	Oh shit! __________________ Hands Free Adult - Join Once, Earn For Life "I try to make a habit of bouncing my eyes up to the face of a beautiful woman, and often repeat “not mine” in my head or even verbally. She’s not mine. God has her set aside. She’s not mine. She’s His little girl, and she needs me to fight for her by keeping my eyes where they should be."

10-17-2004, 01:37 AM	#4
BigWebRev Confirmed User Join Date: Aug 2004 Location: L A Posts: 1,631	welcome to last week Last edited by BigWebRev; 10-17-2004 at 01:39 AM..

10-17-2004, 01:36 AM	#3
momo Confirmed User Join Date: Aug 2003 Location: Western Hemisphere Posts: 245	what's the correct reply for this? oh right : <timeline image>

10-17-2004, 01:41 AM	#6
DeadFidel Confirmed User Join Date: Jul 2003 Location: This was my wife circa 2002 Posts: 6,760	The news is over a week old. They owe me nice money, but I am not counting on it. I have also switched to ccbill after losing all of my rebills. I don't think there is a thing they could do to ever be trusted again.

10-17-2004, 01:42 AM	#7
acctman Confirmed User Join Date: Oct 2003 Location: Atlanta Posts: 2,840	outsource to india