| Webby |
01-14-2005 02:07 PM |
iBill EU Webmaster Update.
iBill CMI Update:
Quote:
Update: EU Payout Check Date 12/19/04
We are continuing to work though the delay in a large portion of the 12/19/04 EU Payout. (Please see below for details.) As previously communicated, a significant amount of settlement funds are in the process of being remitted to iBill and we still expect that process to be complete by mid next week. Once those fees are received we will fund the remainder of the 12/19 payout. As Monday is a banking holiday in the US, we will provide you a further update on past due EU amounts on Tuesday January 18th.
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Please be advised there is a problem with a large portion of our EU payments. iBill had recently been committed a significant credit facility to help fund operational issues as well as meet our payout commitment date. Unfortunately, a portion of the funding has been delayed which has impacted our ability to completely fund the 12/19 EU semi monthly payout. In addition, we were required to establish a new European operational bank account. This requirement forced our EU processing funds to be held for several weeks making it extremely difficult to meet all of our EU payouts. This account is now open; however the initial process to receive the funds will take several days to fund to the final iBill account. We are expecting a significant amount of processing funds to be remitted to iBill by mid next week. We will provide you an update on Friday, January 14th.
The 01/05/05 EU payout and past due EU reserves will be funded in January; an update on these payout dates will be provided on January 19, 2005
As iBill has regrouped, we have had to establish a number of new business relationships. As a result, there have been several set backs and challenges. We hope to have these all behind us and continue to thank all of you for your support.
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