I presume iBill is going to pay interest on overdue payments?

I seriously doubt it however!
iBill or “Internet Billing” is a secure online payments provider that promises to simplify the process of payments processing for small businesses that don’t want the hassle of setting up their own merchant account or deploying their own online credit-card payment system. Sounds like a good idea & it is. However, iBill charge an absolutely staggering 30% of gross sales for this service. 20% processing charge and an additional 10% for “reserves”. “That’s amoral” I hear you say.. NO, this is amoral. It turns out that iBill haven’t been paying their customers for months. With a wait of around 4 months for customers to find a new payment processor iBill can afford to make empty promises for quite a while, god knows where the money is going. According to the NYTimes article the company is currently under investigation by the US Dept of Justice & a class action lawsuit by disgruntled clients is reportedly on the way.
Interestingly enough I asked around & several friends thought that iBill was associated with Apple in some shape or form. the lower case i is very reminiscent of Apple’s product nomenclature. Apple take note!