UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                Date of report (Date of earliest event reported):
                                October 10, 2005 (October 6, 2005)

                               Pipeline Data Inc.


             (Exact name of registrant as specified in its charter)


            DELAWARE                  333-79831                13-3953764

State or other jurisdiction of   (Registration No.)          (IRS Employer
 incorporation or organization                            Identification No.)


             1599 Washington Street, Braintree, Massachusetts 02184
                    (Address of principal executive offices)

                                 (800) 932-5708
                         (Registrant's telephone number,
                              including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     ___ Written  communications  pursuant to Rule 425 under the  Securities Act
(17 CFR 230.425)

     ___ Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     ___  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
Exchange Act (17 CFR 240.14d-2(b))

     ___  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
Exchange Act (17 CFR 240.13e-4(c))
<PAGE>

Item 1.01. Entry into a Material Definitive Agreement.

     On  September  30, 2005,  Pipeline  Data Inc.  ("Pipeline")  entered into a
financing  arrangement with CAMOFI Master LDC, an affiliate of Centrecourt Asset
Management  LLC.  Under the  arrangement,  Pipeline  issued  CAMOFI Master LDC a
$2,000,000  convertible  note  that will  mature  on  September  30,  2008.  The
convertible  note bears  interest at an adjustable  rate of Wall Street  Journal
Prime Rate plus two and one-half  percent (2.5%).  The note is convertible  into
registered  shares of  Pipeline's  common stock at a fixed  conversion  price of
$8.80 per  share.  Pipeline  granted  to  CAMOFI  Master  LDC a second  priority
security  interest in our assets after the Laurus Fund to secure the obligations
under the note  pursuant  to a security  agreement  dated  September  30,  2005.
Pursuant  to the  financing  arrangement,  Pipeline  issued  CAMOFI  Master  LDC
warrants to purchase 87,500 shares of our common stock. The warrants have a five
year term and have an exercise price of $8.80 per share.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished  pursuant to Item 1.01 "Entry  into a Material  Definitive  Agreement"
shall not be deemed to be "filed" for  purposes of Section 18 of the  Securities
Exchange Act of 1934, as amended (the "Exchange  Act"), or otherwise  subject to
the liability of that section,  and shall not be  incorporated by reference into
any  registration  statement or other document filed under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.


Item 2.03. Creation of Direct Financial Obligation.

   On  September  30, 2005,  Pipeline  Data Inc.  ("Pipeline")  entered into a
financing  arrangement with CAMOFI Master LDC, an affiliate of Centrecourt Asset
Management  LLC.  Under the  arrangement,  Pipeline  issued  CAMOFI Master LDC a
$2,000,000  convertible  note  that will  mature  on  September  30,  2008.  The
convertible  note bears  interest at an adjustable  rate of Wall Street  Journal
Prime Rate plus two and one-half  percent (2.5%).  The note is convertible  into
registered  shares of  Pipeline's  common stock at a fixed  conversion  price of
$8.80 per  share.  Pipeline  granted  to  CAMOFI  Master  LDC a second  priority
security  interest in our assets after the Laurus Fund to secure the obligations
under the note  pursuant  to a security  agreement  dated  September  30,  2005.
Pursuant  to the  financing  arrangement,  Pipeline  issued  CAMOFI  Master  LDC
warrants to purchase 87,500 shares of our common stock. The warrants have a five
year term and have an exercise price of $8.80 per share.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished pursuant to Item 2.03 "Creation of Direct Financial  Obligation" shall
not be deemed  to be  "filed"  for  purposes  of  Section  18 of the  Securities
Exchange Act of 1934, as amended (the "Exchange  Act"), or otherwise  subject to
the liability of that section,  and shall not be  incorporated by reference into
any  registration  statement or other document filed under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.



Item 7.01  REGULATION FD DISCLOSURE

     On October 6, 2005, Pipeline Data Inc. announced its financing  arrangement
with CAMOFI Master LDC, an affiliate of Centrecourt  Asset  Management  LLC. The
full  text of the  press  release  is set  forth in  Exhibit  99.1  hereto.  The
information in this report,  including the exhibit hereto, is deemed not "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished  pursuant to Item 7.01 "Regulation FD Disclosure"  shall not be deemed
to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Exchange  Act"), or otherwise  subject to the liability of that
section,  and shall  not be  incorporated  by  reference  into any  registration
statement or other  document filed under the Securities Act of 1933, as amended,
or the  Exchange  Act,  except  as  shall be  expressly  set  forth by  specific
reference in such filing.

<PAGE>


                                    SIGNATURE


     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  Registrant  has  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                             Pipeline Data Inc,

Dated: October 10, 2005                       By: /s/ MacAllister Smith

                                             ------------------------
                                             MacAllister Smith
                                             Chief Executive Officer
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{"company-data": {"conformed-name": "PIPELINE DATA INC", "cik": "0001086533", "assigned-sic": "7389", "irs-number": "133953764"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50611", "film-number": "051130836"}, "business-address": {"street1": "1599 WASHINGTON STREET", "street2": "SUITE 1D", "city": "BRAINTREE", "state": "MA", "zip": "02184", "phone": "781 843 3812"}, "mail-address": {"street1": "1599 WASHINGTON STREET", "street2": "SUITE 1D", "city": "BRAINTREE", "state": "MA", "zip": "02184"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                Date of report (Date of earliest event reported):
                                October 10, 2005 (October 6, 2005)

                               Pipeline Data Inc.

             (Exact name of registrant as specified in its charter)

            DELAWARE                  333-79831                13-3953764

State or other jurisdiction of   (Registration No.)          (IRS Employer
 incorporation or organization                            Identification No.)

             1599 Washington Street, Braintree, Massachusetts 02184
                    (Address of principal executive offices)

                                 (800) 932-5708
                         (Registrant's telephone number,
                              including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     ___ Written  communications  pursuant to Rule 425 under the  Securities Act
(17 CFR 230.425)

     ___ Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     ___  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
Exchange Act (17 CFR 240.14d-2(b))

     ___  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.

     On  September  30, 2005,  Pipeline  Data Inc.  ("Pipeline")  entered into a
financing  arrangement with CAMOFI Master LDC, an affiliate of Centrecourt Asset
Management  LLC.  Under the  arrangement,  Pipeline  issued  CAMOFI Master LDC a
$2,000,000  convertible  note  that will  mature  on  September  30,  2008.  The
convertible  note bears  interest at an adjustable  rate of Wall Street  Journal
Prime Rate plus two and one-half  percent (2.5%).  The note is convertible  into
registered  shares of  Pipeline's  common stock at a fixed  conversion  price of
$8.80 per  share.  Pipeline  granted  to  CAMOFI  Master  LDC a second  priority
security  interest in our assets after the Laurus Fund to secure the obligations
under the note  pursuant  to a security  agreement  dated  September  30,  2005.
Pursuant  to the  financing  arrangement,  Pipeline  issued  CAMOFI  Master  LDC
warrants to purchase 87,500 shares of our common stock. The warrants have a five
year term and have an exercise price of $8.80 per share.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished  pursuant to Item 1.01 "Entry  into a Material  Definitive  Agreement"
shall not be deemed to be "filed" for  purposes of Section 18 of the  Securities
Exchange Act of 1934, as amended (the "Exchange  Act"), or otherwise  subject to
the liability of that section,  and shall not be  incorporated by reference into
any  registration  statement or other document filed under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.

Item 2.03. Creation of Direct Financial Obligation.

   On  September  30, 2005,  Pipeline  Data Inc.  ("Pipeline")  entered into a
financing  arrangement with CAMOFI Master LDC, an affiliate of Centrecourt Asset
Management  LLC.  Under the  arrangement,  Pipeline  issued  CAMOFI Master LDC a
$2,000,000  convertible  note  that will  mature  on  September  30,  2008.  The
convertible  note bears  interest at an adjustable  rate of Wall Street  Journal
Prime Rate plus two and one-half  percent (2.5%).  The note is convertible  into
registered  shares of  Pipeline's  common stock at a fixed  conversion  price of
$8.80 per  share.  Pipeline  granted  to  CAMOFI  Master  LDC a second  priority
security  interest in our assets after the Laurus Fund to secure the obligations
under the note  pursuant  to a security  agreement  dated  September  30,  2005.
Pursuant  to the  financing  arrangement,  Pipeline  issued  CAMOFI  Master  LDC
warrants to purchase 87,500 shares of our common stock. The warrants have a five
year term and have an exercise price of $8.80 per share.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished pursuant to Item 2.03 "Creation of Direct Financial  Obligation" shall
not be deemed  to be  "filed"  for  purposes  of  Section  18 of the  Securities
Exchange Act of 1934, as amended (the "Exchange  Act"), or otherwise  subject to
the liability of that section,  and shall not be  incorporated by reference into
any  registration  statement or other document filed under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.

Item 7.01  REGULATION FD DISCLOSURE

     On October 6, 2005, Pipeline Data Inc. announced its financing  arrangement
with CAMOFI Master LDC, an affiliate of Centrecourt  Asset  Management  LLC. The
full  text of the  press  release  is set  forth in  Exhibit  99.1  hereto.  The
information in this report,  including the exhibit hereto, is deemed not "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

     The  information  in this  Form  8-K  and the  attached  Exhibit  is  being
furnished  pursuant to Item 7.01 "Regulation FD Disclosure"  shall not be deemed
to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Exchange  Act"), or otherwise  subject to the liability of that
section,  and shall  not be  incorporated  by  reference  into any  registration
statement or other  document filed under the Securities Act of 1933, as amended,
or the  Exchange  Act,  except  as  shall be  expressly  set  forth by  specific
reference in such filing.
SIGNATURE

     Pursuant to the  requirements  of the  Securities and Exchange Act of 1934,
the  Registrant  has  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                             Pipeline Data Inc,

Dated: October 10, 2005                       By: /s/ MacAllister Smith

                                             ------------------------
                                             MacAllister Smith
                                             Chief Executive Officer