Lawrence Kiminski, The New York Daily Times staff reporter, writes:
Remember Enron? Fade to black. Now think iBill, that is, Internet Billing Company, the world’s largest online credit card processor, and apparently one of the largest purveyors of false promises mixed with alleged criminal theft on a massive scale.
iBill processes online credit card orders for thousands of websites around the world. These are generally small businesses that cannot generally afford to obtain their own merchant account, or businesses operating in a high risk online market, who have hired iBill to process their orders. In return iBill takes up to nearly 20 percent off the top for themselves, plus another 10 percent for reserves, for a whopping 30 percent that iBill removes from the customer. And for what? The process takes only a minute and a third of the gross sale is gone, eaten up by iBill. Okay, that leaves around 70 percent for the small business to operate. Right?
Wrong. How about ZERO percent? iBill is now taking all of the money, including that 70 percent, for a total of 100% and giving the starving client, the business which earned all of the money from their own customers, zilch, nothing. Oh, iBill promises to pay but those promises have been empty for months. iBill breaks those same promises weekly, daily, without shame and without any believable explanation. iBill’s clients have no choice but to sit and wait to be evicted from their shots, or from their home in the case of the mom and pop home business, or find another processor. Unfortunately, that change can take up to four months and the prospects are dim. iBill knows this and is cashing in at the expense of the unsophisticated website business. From what we have learned, iBill has an incredible distaste for any small businesses. They take their hard earned bucks and leave them out in the cold. Yes, I know this sounds inflated, but it is not. As far as trust goes, iBill is the epitome of evil in the online processing market.
iBill was told early in 2004 by First Data (the company which controls iBill’s account) that iBill’s merchant with First Data would soon be terminated and that they, iBill, should make plans to find another relationship with another bank. iBill ignored the warning from First Data until it was too late. iBill lied to their customers about what had happened and ended up with little or no money to pay their website businesses (webmasters), mostly small businesses where their online sales account for 100 percent of their income which is no zero. iBill is forcing an incredible number of businesses into financial ruin and bankruptcy.
iBill is not paying clients, and they are now under investigation by the US Justice Department. iBill has always refused to take responsibility. However, there is overwhelming evidence to the contrary. An Appellate Court has, in essence, indicated the problem was iBill’s alone. There is really no doubt that iBill is the guilty party here, responsible for thousands of their clients going unpaid, lying to them, secretly planning to coax these same clients to hand over more of their money but with no plan but promises to replay them. There’s a word for this. THEFT. Felony theft. If iBill is not stopped, they will undoubtedly continue to lie and steal from their customers, from their clients, and from their stock investors. But the equally important problem is that iBill refused to communicate with their client in any meaningful manner. That problem also continues.
Initially respected, iBill has become one of the most reviled, despised, mistrusted, and suspicious companies on the Internet, with business practices reminiscent of Nazi Germany.