IBill News

[Nickatilynx]

A brief interruption from "Gungho!"



a .19% bump and a flat c/b?



Dear Valued Merchant,

At iBill, we are committed to providing our merchants with superior processing services at a competitive value. In a constantly changing environment, we are sometimes required to re-examine our increasing cost infrastructure and adjust our client service fees accordingly. This notification outlines the application of chargeback fees, adjustments to client service fees and the migration to an electronic payout process for our clients.

Chargeback Implementation
iBill believes it is important to work with each and every merchant to monitor and minimize chargeback and refund activity within mandated association compliance guidelines. We do this in a number of ways including fraud protection mechanisms, automated email receipts, online customer service, reporting and 24*7 billing customer service.

At this time, we are implementing a new fee structure allows iBill to more accurately apply chargeback and refund related costs at the merchant level. As an iBill merchant, you benefit from a fee structure that reflects your individual processing costs rather than a fee structure which subsidizes overall chargeback and refund costs across the entire iBill merchant base.

Chargeback Fees

The following fees will apply to all clients of iBill:

A $15.00 flat fee for all credit card chargeback transactions presented against your account for all credit card types (Visa, Master Card, American Express, Discover and JC. The excess chargeback fee of 2.5% of total credit card sale transaction volume threshold will no longer apply.
Collection of Fees

The collection of fees will appear on your CMI statement in the first payout following May 15th.

Processing Fee Pass-Through

Effective May 15, 2003 iBill service fees will be adjusted by 19 basis points or 0.19%. This increase is strictly a pass-through cost and reflects the rate increase imposed on iBill by our processor. The following matrix outlines the adjusted service fees for iBill merchants beginning May 15, 2003.

Total Revenues for billing period
Service Fee

$0 - $9,999
15.19%

$10,000 - $24,999
14.19%

$25,000 - $49,999
13.19%

$50,000 and above
12.19%


Payout: Check Conversion

iBill understands the importance of accurate and timely payouts to our merchants. In an effort to lead the industry and continue to improve our payout process, iBill is migrating to an electronic payout process. As a leader in the processing industry, iBill will now offer its clients payment by ACH at no charge. Electronic payments eliminate the risks associated with paper-based payments such as lost checks, postal delays and check clearing issues. You will benefit from expedited funds availability and the option to receive payout in your preferred currency.

In order to complete the payout conversion process, please update your banking information in the "merchant information form" online at "https://www.ibill.com/merchantinfo/login/login.cfm?" by May 15, 2003. The migration to electronic payment will take effect on June 1, 2003. iBill clients will not be charged for ACH payout, wire payout will incur an applicable $20 wire fee. Clients will be responsible for additional fees if electronic payments are rejected by their financial institution. iBill clients who prefer to continue receiving a manual check will incur a $5 fee per check.

We appreciate the opportunity to accommodate your processing needs so you can focus on your business. For more information, please contact your iBill account manager or our client service team at 866.424.5557(US) or 954-363-4931(International).

Thank you for your business,

iBill



Last edited by Nickatilynx at Apr 15 2003, 04:34 PM

[*KK*]

Appears to me that the inmates are no longer in charge of the asylum and that Perry intends to run the place like a typical corporate structure...

[wig]

In an effort to lead the industry and continue to improve our payout process, iBill is migrating to an electronic payout process.

What???

I almost fell out of my chair laughing at that line.

[kath]

Originally posted by *KK*@Apr 15 2003, 03:11 PM
Appears to me that the inmates are no longer in charge of the asylum and that Perry intends to run the place like a typical corporate structure...

Always a good thing....we could all use a little more structure.

[cj]

Originally posted by kath+Apr 15 2003, 06:36 PM-->