CARLSBAD, Calif. -- In a Thursday announcement, Carlsbad-based iPayOne -- the company known for the name behind the Sports Arena, the iPayOne Center -- said it might shut down, 10News reported.

iPayOne announced it would no longer accept real estate listings.

The CEO said the company simply ran out of cash.

The company known for its 1 percent commission rate might be going out of business, according to a release the CEO sent to shareholders.

“It’s technically not a Chapter 11, but still the creditors are in charge to try to pay off as much as they could to the creditors,” said AIG financial advisor Dennis Brewster.

iPayOne bypasses real estate agents and charges only 1 percent for its services.

However, the recent downturn in the real estate and mortgage markets hit the company hard.

Brewster said, "The bottom line is the real estate market is turned down, so the transactions are down and that's how they're getting paid. The mortgage market has also gone down so they're getting it from both ends."

Analysts said the lack of volume and overall market volatility was to blame.

Right now, the company’s CEO said iPayOne won’t file for bankruptcy and won’t completely shut down.

Instead, he said the company would split its mortgage and real estate divisions.

A representative for the Sports Arena was unavailable for comment on the possibility of a name change.