Home > News > IBill Issues Statement • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

IBill Issues Statement

IBill Issues Statement
Get XBIZ News
Sep 29, 2004 3:00 PM PDT    Text size: 
FLORIDA — After losing its credit card payment processor earlier this month, iBill issued a statement to its clients Wednesday after first posting it on the company's Commerce Management Interface.

"Please know that paying our clients is our highest priority. iBill is continuing to negotiate the release of settlement funds being withheld by First Data in order to pay our clients. In addition to our continued negotiations with First Data, we are working on freeing up additional capital to speed up the remittance of past due payments to our clients.

As you all know, we have been working through the difficult issue of transitioning our domestic IPSP business to our new domestic merchant bank at a pace that was faster than what was initially proposed or had been planned.

In order to ensure proper compliance for our US sponsored merchants we will not be accepting Visa transactions until each U.S. sponsored merchant has completed their new iBill merchant agreement with our new domestic bank.

All U.S. clients will continue to have the ability to offer MasterCard, Discover, JCB, American Express, Online checks, Web 900 and WebPhone. iBill account managers will have agreements available on Friday, Oct. 1st. Planned implementation is scheduled for as early as Friday, Oct. 8th.

To further clarify, iBill EU clients are not affected by this and will continue to process Visa without interruption.

Going forward, iBill will continue to operate under three business models:

— iBill Direct US. iBill has an agreement with a domestic association-registered party. This involves processing and settling with a domestic bank. In this model, iBill will sponsor and accept the risk on behalf of our clients. Not only will clients have the ability to take advantage of the iBill products and services that they know today – 24X7 customer service, risk management, RevShare affiliate program, and password management – but, they will now be funded directly by the bank and will have the option to be funded daily. We are extremely excited about this program and feel that it puts us steps ahead of our competition.

— iBill EU. iBill will continue its current processing relationship in the EU. The program services remain the same and will continue to be expanded. We are also moving forward with establishing a direct merchant relationship with our EU processor and bank. This option will be similar to iBill Direct US, which allows for direct funding from the bank.

— Asia-Pacific Merchant. iBill has established a merchant relationship in the Asia-Pacific region. More details to follow next week.

We appreciate all of the support that our clients have given us over the last few days. We know how serious this matter is to you. Please be assured that everyone here at iBill is working diligently to correct these matters so that we can all return to business as usual."

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !

BUSINESS ANALYSIS

Retailers Forecast Consumer Trends for 2017

With the New Year barreling down upon us, retailers already are anticipating product categories to grow, and what both vendors and consumers can expect in the coming year. Promotions for 2017 and the release... More »

Sex Toy Manufacturers Offer Predictions for 2017

In 2016, it was evident that the sex toys/pleasure products sector of the adult industry was thriving when Forbes Magazine quoted CalExotics President Susan Colvin as saying that it now “stands as... More »

Execs of 2016: Online Industry Businessmen Reveal Market Drivers

XBIZ World is pleased to present “Execs of 2016: The Year in Review” — a special showcase of the thoughts and strategies of 2016’s most influential and motivational leaders as they... More »
XBIZ NEWSLETTERS
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.






POPULAR PRODUCTS & SERVICES
Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Subscribe to XBIZ Premiere magazine, the industry's leading adult retail trade publications, delivering the most timely and comprehensive business news and information to producers and retailers of adult products.

UPCOMING EVENTS

Everything To Do With Sex Show

Jan 20 - Jan 22
Montreal, Quebec

Everything To Do With Sex Show

Jan 27 - Jan 29
Halifax, Nova Scotia

The European Summit

Mar 04 - Mar 07
Barcelona-Sitges, Spain

The TEA Show

Mar 05 - Mar 06
Hollywood, CA
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!