Probilling paying out reserves? Email
Dear proBilling Merchant,
proBilling Inc., under new management, is pleased to announce that it has re-started normal business operations and has been responding to merchant and consumer requests for the past 2 months.
Our first order of business is to pay out all previously unpaid reserve amounts that would have been returned to you as part of the normal 6-month rolling schedule. The amount that you will receive depends on the following factors:
Original date that reserve amount would have been released Scheduled date of payout of released reserve Elapsed time between that date and June 30, 2006
We understand that you have been waiting a long time to recover your money and we are pleased to be able to return your reserves. In order to process the returns in an orderly fashion, the amounts that you are due (according to the calculations outlined below) will be stated on your proBilling merchant login home page. For us to process these payouts to you, you need to login to your proBilling account, review your profile information and ensure that all the information is up to date.
You will see 3 new options on the main page after you login to your merchant account at www.probilling.com.
1. Confirm Company Information
2. Confirm Contact Information
3. Confirm Reserve Details
When you are ready to receive the reserve amounts stated, please go through each confirmation stage and in Step 3 be sure to check the box beside "The reserve and interest information in the above table is acceptable." so that the system can notify us to process your holdback payout.
In order to minimize the potential for lost or mis-directed funds, we will be contacting the person on record via email and asking them to send to us a copy of their ID along with their signature for all reserve payouts exceeding $300.
This restitution project commenced on Monday June 12, 2006.
proBilling will be paying back the unpaid amounts with interest. The simple interest percentage is based on average US T-Bill rates from 2004 and 2005 and is set at 2.5%. Only reserve amounts that were scheduled to be released prior to June 5, 2006 will be counted as eligible for this interest calculation. To illustrate this, here's an example:
$10,000 in billed amount on April 1, 2004
$1,000 in reserve held back
Scheduled payback date of that $1,000: September 1, 2004
Number of days between Sep 1, 2004 and June 30, 2006: 667 days
2.5% interest on $1,000 for 667 days = $1,000 x 2.5% x 667/365 = $45.68
Current Balance (as an example): $85.00
Total reserve+interest+current balance: $1,000 + $45.68 + $85 = $1,130.68
Since reserve amounts are released regularly, as each amount's 6 month period elapses, the above calculation is applied to each amount owed and the interest is calculated for each amount from the date that the reserve amount was due to June 30, 2006.
If you have a negative current balance, that amount is deducted from the amount of reserve+interest calculated above. If your remaining balance is positive and is greater than the minimum amount needed for a payout to occur (default of $100), then a payout will occur as usual on Thursday after the processing date.
Note: proBilling has calculated the interest until June 30, 2006. This is not an error, this is deliberately done to ensure that time to process has no bearing on the amounts paid out. If we process your account first, you are not unfairly treated with respect to another merchant that we end up processing later.
Your proBilling Merchant Support Team
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So you guys think this is for real?
