Layoffs at IBill

A new circular has been issued by iBill to all iBill US merchants about a program of ?secured? funds being settled through an electronic stored value card provider.

No matter how much you hate iBill, you have to feel bad for the people being laid off and their families. Most of the people there are good, hard working people who had nothing to do with the mess created by the people at Penthouse and IBD.

A new circular has been issued by iBill to all iBill US merchants about a program of ?secured? funds being settled through an electronic stored value card provider.

To all iBill EU merchants currently signed up for the Inteca program to receive funds direct from the acquiring bank on their accounts.
This is the first update since you signed up. The progress so far:
1. We now have a high percentage of the merchants signed up, at least in dollar terms. This has been a time-consuming affair, and I appreciate all the very long hours of the small Inteca staff to get this accomplished.

2. We have received written approval from the acquiring bank with the approval of the payment method and the amount of the intended first tranche to be paid. The subsequent tranches will follow rapidly; we want to ensure the system runs smoothly before paying out over $10 million in total. It is important you know that Inteca does not have any access to your funds throughout the process. The funds go directly from the acquiring bank to your bank.

3. The release document should be available tomorrow. This document will need to be signed by all merchants who want to use this program. As stated before, if the total due to you is less than $1,000, we can accept your electronic signature; for larger amounts we will need a fax, PDF or letter, signed by the authorized person. The release document will include all remittance instructions.

Do not sign the release at that stage. It will only be due for signing when we have shown the full amounts due to you in our records. These amounts will be split between the amounts due now, and the total amount of funds due to you in the future. These amounts will be available on this site and at iBill as soon as possible.
If there are any questions, please email to [email protected] <mailto:[email protected]> and I will try to make sure we answer them promptly. We may display some answers on this board, if we get multiple questions of the same type.

4. Along with the Release Document, we will include a bank transfer data form for you to complete. We would appreciate this being done even if you are using the same bank data as at iBill at the moment, in order for us to have a complete file in Inteca?s records for distribution to the acquiring bank and the paying agent. You will see the name, Trancentrix, as part of the legal contract; this company manages the payment flow on behalf of Inteca. After the initial releases, you will be able to maintain this information on the IntECA web site should you need to change your beneficiary information in the future.
Please include the currency of your bank account on the form. If your account is in a currency other than US dollars, we may be able to reduce your wire transfer cost by making a local, domestic payment but this has to be made in the local currency

5. There is a shortfall in the amount due to you versus the amount available from the acquiring bank, based on money already settled to iBill. Inteca has had assurances from iBill they will make up this difference. We will keep you up to date in this regard, but I believe we are correct to keep moving forward as:
a. Many of you are very anxious to get funds that are extremely late as soon as possible.
b. The amount we do have at the acquiring bank represents between 80 and 90% of the relevant sum for distribution.

6. A new circular has been issued by iBill to all iBill US merchants about a program of ?secured? funds being settled through an electronic stored value card provider. This program has nothing to do with IntECA and should not be confused with it. (We do not express any opinion as to the worth or comparison value nor can we answer any enquiries regarding this new iBill program.)

7. We did want to get the account data to you by today, but the issues with iBill demand we delay for about two days. I am sorry that is happening, but hopefully it will not delay the process to any great extent.

8. I must ask that this information be kept confidential. We are trying to get you paid as fast as we can, but it is part of a negotiation involving both the acquiring bank and iBill. I should stress that if you find the terms of the release, or any other terms, unacceptable, you are fully entitled to withdraw from this program and try to recover your funds from iBill directly.