IntECA News Release
iBill has signed an agreement with IntECA to provide a third party audit function to identify client funds and to facilitate the release of these funds to (you) their EU sponsored merchants. All client funds will be maintained in a segregated account held by the European acquiring bank until the time of payout.
The information available to you on this site is confidential between IntECA and (you) the iBill EU sponsored merchant, however iBill may have access to some data and the EU acquiring bank and the processor may have access to all data.
We want to begin the iBill EU payout process as soon as possible. To move forward, we need the clients to view and sign a release document that comes into effect as payments are made.
iBill has provided IntECA with data outlining funds owed to clients up to February 28th, 2005. IntECA has completed an independent third party audit function validating the funds owed to clients. To date, there are several hundred merchants that have signed up for the program and we have received communications from many others. Please understand we are doing our best to respond accordingly.
For your information; below are the next steps that you will need to complete in order to receive your iBill EU payments from IntECA. The documents and information necessary to complete these steps will be made available to you here on this web site soon.
∙ Read the Release Document (when available) and decide if you wish to participate.
∙ The Release Document will confirm your desire to participate in the program as well as your validation of funds owed. This Release, and the payments to be made under it, is solely in respect to credit card transactions processed by the European bank and processor. IntECA has not reached agreement with iBill on the distribution of funds due to merchants from other payment methods, such as on-line checks, stored value cards and Web900. In addition, a portion of the MasterCard transactions have been processed by a Philippine bank. iBill is also responsible for payment of these MasterCard transactions. This may or may not be covered. If not, you would have a continuing claim against iBill directly for any such funds owed.
∙ The release document signature process will be divided into two parts. If the total amount due to you is less than $1,000, we will be able to accept an electronic confirmation to the agreement. However, if it is greater than that, we will need a signed form, which can be delivered by facsimile (fax number will be provided on the release document), or PDF over email to iBillEU@Inteca.org. This is a requirement of our European bank.
∙ All payments need to be made by ACH or Wire transfer. As such, we will need details of your beneficiary bank account to process these payments. iBill has provided all EU sponsored merchants banking information to IntECA. You will need to confirm that this information is correct. If you are currently being paid by check, it will be necessary to provide bank details to be paid. A mechanism for providing this information will be made available on the IntECA site soon. The bank account should be in the name of the company or designated owner of the merchant agreement. If the currency of the account is other than US dollars, you should inform us, so the conversion can take place in order to lower transfer costs by making domestic transfer where possible.
Within the next two days, the balances owed to you will be available for review. This information will also be available on the iBill.com merchant information area. This data is not shared with any other merchant.
Finally, if there is any aspect of this structure you do not find acceptable, we should stress that you can withdraw from it at any time. You will continue to have claims against iBill in that case.
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