TheEnforcer
01-25-2005, 10:52 PM
Saw this article posted on another board and thought it might be of interest to people here! Full article by clicking on the link.
http://www.newyorkdailytimes.com/home.htm?m=ibill
Internet Billing Company
iBill: Sex, Lies, and Credit Cards
Opinion by Lawrence Kiminski
Oregon Herald staff reporter
Portland, Oregon, January 19, 2005
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?
http://www.newyorkdailytimes.com/home.htm?m=ibill
Internet Billing Company
iBill: Sex, Lies, and Credit Cards
Opinion by Lawrence Kiminski
Oregon Herald staff reporter
Portland, Oregon, January 19, 2005
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?