Question Regarding Glo-Bill Funds
 

As one of many unfortunate victims of today's Glo-Bill BULLSHIT, I am wondering about the "reserve" (mine was currently almost $1900) which Glo-Bill retained from each pay period. What was the purpose of holding back a certain percentage of our pay?

And how is it that they are unable to pay us what we have already earned? (which of course, had been earning them interest) Glo-Bill's payment schedule is set up so that the checks received each week, were from 4-5 weeks earlier.

To all webmasters screwed by Glo-Bill: My suggestion is that we try and cash the checks, in spite of the warning posted on their site (which may just be a ploy to keep even more of our money.)Anyway, isn't it illegal to write bad checks?!

Also - I don't know whether to leave the Glo-Bill LOGIN on my sites, so that existing users may continue to have access until their memberships expire (in 30 days or less) or whether I should remove it and encourage them to chargeback? Why should we make it any easier for Glo-Bill?

It looks to me to be extremely unlikely that Globill will have the funds to pay anything, much less your reserve.

They showed their true colors with the low-class way they shut down the operation and fucked all their webmasters.

Write off your reserve, its gone.

I've been through several processor meltdowns, starting with webcash.

You won't see a penny, trust me. Paying you (us, actually as they owe me money too) is the least of their worries.

agreed.

I agree with thesaint. It's gone. Webmasters got fucked like with websitebilling. Time to just move on and try to make money. Diversify is the key. Don't just realy on one biller or even two. Look into getting a merchant account.

And trying to cash the checks is dumb. You will get hit with nsf fees. Companies can put stop-pays on a range of checks. Banks allow you to do that. It is not neccessary illegal. They probably just stopped all their checks the minute visa closed them and visa probably put a hold on their funds or gave themn a mongo fine.

So GloBill are not going to pay webmasters because Visa are not going to pay GloBill. So simply what is going to happen to the money that has been paid by the customer?

If it is not refunded this is just theft.

Ans what are the procedures for the hold back? I was told by GloBill when we discussed opening an account it was always put into a seperate account that could not be touched by the 3rd party processor. I guess that was a lie and theft as well.

Luckily I could not agree to their rule of giving the client instant access to content after he paid. Guess I'm the honest one.

they have my reserves and honestly i dont expect to see any of that money....but i will follow through with writing them in the hopes of getting payment....even though the whole procedure stinks.

Glo-Bill processed sign-ups for my sites which included payments made via MasterCard, Online Checks, Dialers & Phone Billing - not just Visa.

That is proof positive that Glo-Bill is run by thieves - along with the fact that they can not be reached by phone or email.

This is Lancelot Part II.

i guess i don't really know the whole thing around the globill mess, but from what i gather they basically just up and shut down without warning the other day.

IMHO that's really shitty. they knew the day was coming, if that's really the case, they should have warned their clients. totally unclassy and unprofessional.

Its just the way companies in the USA do business. They knew weeks ago about this problem and decided to hang on until the last moment to maximize their income. Then when they had the least outgoing checks and the most rebills they closed blamed Visa and kept all the money, which must amount to many hundreds of thousands of $$$. Seems its not only surfers and webmasters that commit fraud its some processing companies as well. Can Anyone say Web 900 ??

I am wondering why none of the bug guys ever sued iBill for their web900 "policy".

Better off figuring out how to restore your income going forward than waste time on a lost cause. Its business. Shit happens. People get fucked. Everyone points the finger at someone else that its there fault.

Just like a board game, not every roll of the dice is going to make you money in your business. More times than not you lose. The idea is to make enough big hits to cover your losers and still be profitable.

My list of money I've been fucked out of in one way or another since I started in business twenty years ago is in the mid 7 figures. Imagine how that feels.

You are right and it's actually encouraging to see that you have managed to persevere in spite of your losses.

I try no to dwell on it, but after being screwed twice in the past year - first by Lance, now by Glo-Bill. (for a combined total of just under $10,000) I just don't understand how either company managed to rob us blind, making off with literally hundreds of thousands of dollars - and without any consequences. If someone were to walk into 7-11 and steal a couple of magazines and a candy bar, they would be apprehended - Yet third party billing companies seem to have a license to steal. Are they above the law?

How on God's green earth is this possible?!

What about a Globill check dated 7/18 prior to the Globill fiasco?
Is it ok to cash that one or should I frame it on the hall for a souvenir??

Frame it and look into getting your own merchant account. That's what I'm doing.

:2 cents:

If you read their notes inside the secured area of Globill.
GloBill has stated,

All GloBill clients who are owed funds will be responded to in writing by our corporate office in St. Kitts. In order to receive our settlement documentation and other pertinent information, you must send us a letter detailing your payee name, contact information and all site IDs that you held under GloBill by Monday, September 15, 2003. Please ensure your letter includes the following information at the TOP of your letter:

Your full name, the full name of your company, complete mailing address, telephone number with area codes and/or country codes and email address;
Your main payee name under GloBill; and
Your GloBill Site IDs.
Letters should be mailed directly to our office in St. Kitts by Monday, September 15, 2003 to be factored into the settlement process. You may also send the letter to our mail-forwarding address in the United States on or before the same date, as all mail sent to this address will be forwarded to our St. Kitts' headquarters.



Given the volume of mail we anticipate receiving, please allow 6-8 weeks for ZMA Industries, Inc. to respond to your correspondence. Please do not phone, fax or email because these methods of contact have now been automated. ZMA Industries, Inc. will only respond to written communications that contain the information set forth above.



In order to receive your settlement package, please send your inquiry letter at your immediate convenience and no later than Monday, September 15, 2003 to:

All GloBill clients who are owed funds will be responded to in writing by our corporate office in St. Kitts. In order to receive our settlement documentation and other pertinent information, you must send us a letter detailing your payee name, contact information and all site IDs that you held under GloBill by Monday, September 15, 2003. Please ensure your letter includes the following information at the TOP of your letter:

we are owed 1000s 10s of 1000s. Buisness has to move on and you have to bite this bitter fucking pill. Our problem now is we have users who cant login, and we cant re-add or check account status as contary to what globill say in there final letter, there base fucntions are starting to fuck up.
We have now to inform the customer to go for a refund, this sucks all round.

I have personal tlf numbers of some of the main people involved as well as email accounts, these will be used to good effect.

Best of all, all customer qs n bullshit is being redirected by us to the bank in question.

I await Monday morning when they see aroun 400 emails for irrate users.

Other than that its biz as usual....

Fuck im so tired of this shit.

:mad:

Does this apply to affiliates too, or paysite owners only?

I would deposit the checks, knowing they are no good. At least you can write them off on your taxes if you do that.

As to reserves and monies, my guess is that Globill's banks have that money locked up tight for 6 months, regardless of when it was actually processed. This is a common happenstance in this type of situation.

The only money that Globill's owners have is what they got out with prior to their accounts being frozen... which generally comes without warning... I'm not saying they didn't know they were at tremendous risk, but Visa or the bank did not tell them they were getting ready to hammer them, since that would have allowed Globill to drain as much as possible from the accounts instead of having it held.

charly:

This would be a sore point with me tho I am not familiar with the actual situation regarding holdbacks.

No processor has "rights" to touch any holdbacks or reserves of funds. These should be in a reserve account and not within the province of any reciever to disperse as he sees fit should the company liquidate.

If processors cannot be trusted to manage this, - these funds need to be controlled and monitored by a third party.

Frankly I always wondered why the hell I was having *any* holdbacks since a processor is in complete control of any business the client gives them and their "liability" in recurring revenue far exceeds any holdback money.

I think it is time for processors to place "indemnity funds" into the hands of a third party in the event the processor ceases to be!
:winkwink:

Did you mean NOT deposit the check? It's crazy to deposit checks that you know will bounce because your bank will hit your account with NSF fees. If you are in europe those fees can sometime be ridiculously huge, though in the US it's around $5-$25. Either way i woujld think u csan still write off the unpaid checks

It's bullshit that we are unable to access our stats - considering that they are holding 4 weeks worth of checks plus our reserve.

Another vexing observation - My users list shows sign-ups to my sites which were processed less than one hour before Glo-Bill closed shop. They hung in there until the very last minute in order to wring out as much of our money as possible.

Another vexing observation - My users list shows sign-ups to my sites which were processed less than one hour before Glo-Bill closed shop. They hung in there until the very last minute in order to wring out as much of our money as possible


Shows what a bunch of hahahahas they where

this is the first time i've been nailed for over 100 bux in 5 years. i've been pretty careful with who i dealt with. fuckin sux

Now they are not even expiring the user names/passwords of expired members!

Globill fucked me
Dibill fucked me
Visionbill fucked me
ACPAY fucked my
Globosale fucked

Now that's a lot of fucking, my ass hurts now

STOP IT:helpme