Internet Billing Company LLC (iBill), a wholly owned subsidiary of Interactive Brand Development Inc., will outsource its online payment processing to etelegate.com, an unrelated third-party processor.
etelegate is and international payment processor that specializes in “high-risk” online processing. The company issues offshore merchant accounts and processes online transactions for both Internet and traditional businesses around the globe.
The outsourcing will further iBill’s desire to provide its clients with advances in online payment processing, the companies said.
“iBill’s current payment processing software is eight years old,” said Steve Markley, chief executive officer of IBDI. “This decision should allow our clients to utilize the newest cutting-edge technology with a new interface.”
According to the terms and conditions of the agreement, IBDI will earn a percentage of net revenue generated by all existing iBill accounts and any future referrals. Client services will remain with iBill, while etelegate will handle the actual transaction processing.
The migration to the new system is scheduled to begin this week. Once completed, it will allow IBDI to utilize its resources in more efficient and profitable ways, according to IBDI President Gary Spaniak.
“This change helps us align our operations to our current business plan and enables us to continue building a presence as a sales, marketing, and media company,” Spaniak said.
