WebSitebilling bites the dust...

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FROM http://www.websitebilling.co.uk

Dear Valued Clients:

We regret to inform you that WebsiteBilling.com Ltd (WebsiteBilling.co.uk), despite our very best efforts, will have no choice but to cease operations on Friday, May 23, 2003. We were recently informed by our European Acquiring Bank (one of the largest banks in Europe and one of the last that was willing to work with Aggregators and "IPSP's") that the Aggregators and IPSP's they work with are being closed due to the pressure and administrative requirements passed down by Visa/MC. By losing this merchant relationship, we have no practical way to maintain our current client database.

In the past few months, we have unfortunately dealt with arbitrary fines imposed by card associations, foreign banks and agents taking weeks worth of deposits, and general harassment as the associations have taken very clear aim at the IPSP business model. (see Paycom's current lawsuit as well as WebsiteBilling.com, Inc's. lawsuit from 2001). We have operated with the best of intentions in trying to fighting through these issues and regaining strength, but there is unfortunately nowhere else to turn when our current and primary bank chose to exit the business.

We are very proud of the service that we have offered and are grateful to have had the opportunity to work with many terrific individuals. We are very hopeful that the lawsuit mentioned above will bring meaningful change in the way that card associations deal with merchants in our space, but it appears that in the meantime, they have claimed another casualty.

We wish you the very best of luck and may be in touch if further information becomes available.

Sincerely,

Evin Daly
Managing Director
WebsiteBilling.com Ltd.
London