The New York Daily Times broke this story back in January, but very little has been heard about it since, either on the televised news or on the Web.
” 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.”