Paymonde/MyVirtualCard = The next iBill?
 

And the survey says?

nominated for ibill of the year 2006

ibll all over again...dont worry in 6 months they will open up a porn blog site
={

I guess they will rebill forever

7 voted for yes
and 0 for no....

yes, yes, yes

:stoned :winkwink:

globill, ibill , nexus ... and so on .

so far it's not looking good guys :(

:1orglaugh :1orglaugh :1orglaugh :1orglaugh

I posted this link on Oprano but Ill post it here.

For those of you that are using 3rd party credit card processors you might want to pay attention.

Prior to june 30, 2007, anyone processing credit card payments online
must be compliant with the Visa Cardholder Information Security
Program (CISP). It is based on the PCI data security standards.

Here is a list of those processors that are compliant. Is your processor there?

http://usa.visa.com/download/busines..._Providers.pdf

CCbill and Paycom are both there and seem to have been for a long time.

There are a few others that seem to be "missing"...

Is your processor there? If not you have to ask yourself what will they do June 30th? Is it possibile that they will take my money and run?

nope

they are the next globill

anyone has an idea who runs ibill.com now? Would be fun, when the sponsors don't pay the money to ibill.com site...Then they would know how it feels...

I really wondered what triggered all of this? Did they get in trouble somehow or did they just decided to steal everybody's money? Fuck, you cant trust anybody...

I'll take a stab in the dark and guess that when the Phillipines bank was taken out of the picture, they had no backup in place. They'd been processing previously in the EU region so perhaps no one wanted to take them back there.

Just a guess.

something smelled fishy about the name change

Time will tell on that. Sure.. they have been in trouble for a while and hiding it. Only my :2 cents: (and not just because there are current problems) - these people have no cred whatsoever to be engaged in transacting money on the net.

Got no evidence of any direct theft/fraud, but it's certainly on the table as a possibility and something worth taking up with any liquidator (and checking who exactly appointed the liquidator) - and if there is still dissatifaction, it's time to pass the issue over the law enforcement and dump the liquidator.

Prob a very accurate guess KK. Another guess is that there is good reason there was a problem locating banks which would accept them.

2much have used their services for a few years and never got in any trouble to my knowledge. In my own opinion; I dont think its a total scam built from the beginning; not that I excuse any of this, but I agree with you; it seems like they are having trouble since a while, and once they totally lost control (of what exactly, dont ask me-lol) they just kindof adopted 'we're fucked anyway' kindof attitude?

Here is my take:

Most companies run into the problem of using this weeks money to pay last week's bills. Then it is this weeks money to pay two weeks ago bills, and float the week in the middle... then float two weeks, three weeks, etc... until they are pretty much at the limit, and then they stay there.

Then all of a sudden an interruption in cash flow. For Paymonde, it was the loss of their mastercard accounts. Suddenly they have less money in, the reserves are probably lost at that point (or tied up forever in a philipines pending pile) and they are suddenly very short of funds indeed - doubly so if they have been running as I suggest some companies might in the top paragraph.

They manage to choke a few checks out for a couple of weeks using only the Visa money, but they are falling farther and farther behind, plus thier buisness expenses are built on having visa and mastercard firing, and not mastercard is gone... and some of the accounts are trying to move off to ccbill or paycom or anyone else... you start to lose the volume of transactions to support your state of business...

Then the Visa gets kicked as well - or the Visa people figure out you aren't solvent and get scared about future chargebacks and hold 100% of your funds to "build the reserve".

You are now a dead processor. Done properly, the owners have about enough money in their pockets to up and leave town before people track them down. Another country is good, making it much harder to be able to ever really figure out what happened.

The good news (in theory) is that there are reserve funds out there that will be available to get dispersed one day. The bad news is there will likely be enough chargebacks and bullshit to make all that money go away.

It is only a guess, I have absolutely no facts or insider information to back any of this up, but you can see how easy it is to happen.

Sounds about right.

:Oh crap

the one who voted no is gooddomains for sure:1orglaugh

come on, I am not all evil, I probabbly lost more money with billers going down than you could ever imaginge, the first one was back in 1999 already, after the first 5 I stopped counting

The too are moving forward.

I got a check from them last week didnt know there was a problem time to read the boards more

oh fo sho

didnt they just disappear but ibill is still around doing what I dont know

Wow.. you should hit me up on ICQ....

make sure it doesn't bounce

So they've actually just disappeared?

Apparently.

Dear PayMonde Merchants,

PayMonde is going out of business. We'd first like to assure you that we are currently working with our processor to ensure that we receive your money in order to pay you out. Unfortunately, there will be some delays, but we are working to resolve this as quickly as possible. We'd like to take this moment to thank you for your patience, to thank you for your support throughout the years, and to wish you luck and fortune in the future.

The Management
PISO
U12 Gamma Commercial Complex
CBD Subic Bay Metropolitan Authority
Subic Bay Freeport, Olongapo City, Philippines

https://www.paymonde.com/Merchants/

I guess that's that, then.