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iBILL SET TO COVER MERCHANT DEBTS FROM FORMER OWNERS
By: Paul Golberg, Staff Writer - 03-01-10 - 12:00 a.m. PDT

Email PaulG@JRLChartsonline.com

iBill, one of the first merchant credit card processors of the late 90's, announced over the weekend that they plan to honor all promissory notes issued by the former owners of ibill who carried the name.

The new board of directors of the new ibill credit card processing firm also said that it would release a new iBill payment processin program, iBill 2.0 which is said to include a payback option for former iBill merchants.


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“I know there are a lot of honest people out there who have waited far too long for this day,“ said Jonas Brown, iBill’s president and CEO. “I’ve received numerous phone calls from former merchants who lost their sites as well as their only source of income. They were forced to turn to friends and family to pay rent and car payments while they waited on payment from iBill.

Jonas Brown continued..“These people deserve the money they earned and I’m proud to say we now have a solution to honor those debts,” he said. “Until now, there was no recourse, but earlier today our board approved payback to all merchants who have a valid iBill promissory note.”


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Jonas told the press that the new iBill 2.0. payment processing system will be up and running on April 7, 2010 and if you were to visit www.ibill.net you would see the countdown to the new iBill with more details about the program, including a tour. More features of their programs will be revealed April 2 in a series of web conferences.

Over the past three quarters, the Aurora, Colorado based processor, has been working very hard to distance itself from to the defunct Deerfield, Florida company with the same name that left scores of online adult companies unpaid and hundreds of legal claims unresolved. Needless to say, when you ever mentioned the word iBill, red flags would run up everywhere.


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Now that seems to have changed and it's a new era for iBill.

Brown stated in an interview with XBIZ last year, that investors swallowed up iBill’s trademark after the defunct company let the name expire and then completed an acquisition for the iBill.net domain. “It is important that we rebuild our image and establish trust with those who utilize our services,” he said. “This solution will go a long way toward that goal and benefit all parties involved.” said Brown.