iBill Update
 

from CMI....

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iBill's Newest Processing Solution

Welcome to the iBill US Direct program, iBill's newest processing solution. iBill Direct US provides our clients with a merchant account guaranteed through iBill?s consumer protection services and technology and a cross-corporate guarantee with a major US bank. These services include iBill?s 24/7 customer service, pay page management, risk management, and proprietary fraud technology. This program provides new features and benefits never offered to our client base. Some of these features and benefits include:

Benefits:



Daily settlement of funds paid directly from the merchant bank.


Elimination of the MasterCard portal.


Immediate Visa activation for new and existing clients on all URLs


Instant approval on your adult merchant account because you are sponsored by iBill.


Initial six month reserve hold, reviewed quarterly for potential adjustment upward or downward (no more rolling reserve).


Your account is backed by an iBill cross corporate guarantee.


The cross corporate guarantee means iBill assumes the risk should the client cease processing. (Ex. Risks associated with trailing chargebacks). iBill also is required to continue to provide consumer protection services and technology such as fraud scrubbing, receipt management, customer service, risk management, etc.).


Continued use of iBill's consumer protection services and technology - 24/7 customer support, fraud screen, etc.





Costs:

$1500 VISA high-risk merchant account fee ? this fee is NOT required up front and your application will be reviewed for approval without payment of the fee. However, if approved, the fee will be required for processing to begin.


iBill fees will be fixed and will be based on the same rate you are currently paying.


Initial six-month reserve, reviewed quarterly for potential adjustment upward or downward (no more rolling reserve).



This application will enable Visa and MasterCard processing under our new domestic bank. All other card types and iBill payment options will be processed through your existing iBill Complete account.

When completing the agreement, please be sure to do the following:

Fill out all sections of the agreement other than those shaded in yellow


Attach a copy of a voided check from a US bank as funds will be deposited directly to your account.


Attach a copy of your driver?s license or Passport.


Attach a copy of most recent Profit & Loss Statement.


Attach a copy of most recent Balance Sheet.


Please sign and fax back to 954-363-4501 and if not available fax to 954-363-4401. Fax to the attention of Niki Dunbar, Financial Specialist.


For our reference, please include one of your iBill Master Account number or Sponsored Merchant ID on the fax cover sheet. Also, please indicate your Account Manager so they can confirm receipt ASAP.





NOTE: If you are a Sole Proprietor, please include a copy of your most recent tax return in place of the Profits & Loss Statement and Balance Sheet.
If you have any additional questions, please contact your sales rep. Please login to merchant info http://www.ibill.com/merchantinfo/login/login.cfm and click ?iBill Direct US Merchant Application?, to begin your application.

Payout Summary Update October 8, 2004

As we?ve previously stated, we are continuing to work through negotiations with First Data.

Please be advised that the 9/21 EU Payout and the 9/22 RevShare Payout did go out on October 6, 2004. More information regarding the other missed payouts will be posted once it becomes available.

Please be assured we are working diligently to resolve this issue in a timely manner and we appreciate your continued support.

Another update message will be posted on Monday, October 11, 2004 at 5:00 p.m. EST.
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alot to read...

looks like they are moving forward:)

Sooooooooooo, this would basically sum up their "New Processing Solution":

You pay the high risk fees associated with a merchant account AND you still pay the inflated fees associated with an ISPS?

The way I see it, if you're looking for an ISPS, go to CCBILL. If you want your own merchant account go to NetBilling. IBill's "New Processing Solution" seems to be a hybrid of an ISPS/Merchant acccount solution that incorporates the "disadvantages" of both options (ISPS VS Merchant Account) and none of the "benefits".

Am I missing something here?

So what happens to the $750 that new paysite owners paid them just before all this shit happened? I hope they give them credit towards the $1500 or they will probably get a few chargebacks.

i guess the only thing this really helps is the small guy who couldnt otherwise get a merchant account... i spoke with a couple of ma providers and you need at least 100k a month and 3 months of processing history, as well as good credit, etc, etc.... someone just starting out might be willing to pay the ridiculous fees in order to have the features of a MA that they otherwise might not be able to get.

So... Basically, all our Visa rebills and sales are on hold unless we pay Ibill $1,500.

$1,500 that we don't have... because Ibill hasn't paid us yet.

Is that what I'm reading?

They'd better come up with a plan where this money can be taken from monies owed, preferrably spread out in 3 or more chunks through the next 2 months or so. If not, even those who have been loyal to Ibill for over 5 years may have no choice but to kiss them goodbye.

Also, why aren't they telling us exactly what precentage this 6 month reserve is? What is the normal reserve for high-risk processing? Is it so bad they can't tell us?

And what about the other fees associated with a merchant account? What about the percentage and per-transaction fees of a merchant account? Is Ibill including those costs in their own percentage take, or are these going to be extra fees we find out about later?

And what if we don't go with this new setup? Do we still get paid the money we are owed? Do we still get paid for check rebills and rebills from cards other than Visa?

Come on Ibiiiilllllll! You got some 'splainin' to do!

Sure, so shouldn't that person go to CCBill where they don't have to shell out the $1,500 (whether upfront or over time) assuming they're going to be charged similar processing rates?

BTW - I know for a fact that NetBilling is working with a bank that will provide MA's for the "smaller guys". I'm pretty sure they even offer MA's for people processing less than 25K/mo (I could be wrong about the number but I'm pretty sure they'll do accounts under 25K/mo).

There was a post in another thread yesterday from a webmaster who had been told by his iBill rep that all rebills were LOST - whether you pay the $1500 or not.

Thats not true rebills are not lost its a database.

Tony the guy quoted his iBill rep who told him that the rebills could not be transferred to the new account - sorry if the word 'lost' was a bit misleading.

As someone pointed out the other day - there may be a need for the CV2 number to appear on credit card charges to the new merchant accounts and iBill may not have those CV2 numbers.

But who knows - for something that involves money and business the amount of disclosure by iBill has not been anything that would encourage me to do business with them.

If that's true, and the rebills are gone, then there is no way we are paying that $1,500, even if they spread it out.

do we know for a fact that guy had a ibill account? I seriously doubt thats true, the third party processor epoch bought.,those people kept their rebills. Unless you hear it directly from ibill ,who as they have had info they shared it with us, people have started to get paid. They are moving forward.

I read there new deal, looks like shit to me!

I am going to use somone else!

i spoke with my rep yesterday and he informed me ibill will have an announcement early next week regarding ibill complete. That the same program we had before, where we will not have to pay the $1500 or get a merchant account, simply agree to some simple terms and we'll be processing in no time.

The ibill direct solution was a temporary fix for those who couldnt wait for them to get ibill complete back up and running.

Im waiting to find out more..