An alternative to PayPal

[Knothaid]

Just a note on how they are making their money.....Pay Pal will pay MM interest on money with them, but for that you MUST give them your SSN. I did not give PP my SSN until I was getting interest. They have to report it in some cases.

 

This site is paying 0% interest and they state that up front on the very first page. No doubt they decided to make their money totally off the float. The float is the time they have YOUR money before they really have to pay it out. PP also makes money on this with the transfers coming out of your account into theirs until the transaction is complete.

 

I sure don't see why they need your SSN unless that is a banking rule, could be.

[BigShell]

I didn't see where they take credit cards like PayPal does... but I might have missed something. That would mean no credit card fees to absorb or pass on.

 

As others have said, it looks a lot like an online checking account for doing online transactions. My bank doesn't charge any transaction fees on my checking account but does impose other fees for behavior they want you to avoid... a lot like this place. Doesn't mean I'm ready to trust them yet though. The only reason I would feel ok about doing business with a new brick and mortar bank is because of the FDIC insurance.

 

One place I do trust (at least I trust it as much as I do PayPal) is Google Checkout and they do charge the seller less. PP is 2.9% + $.30 per transaction. Google Checkout is 2.0% + $.20 per transaction. That can add up to significant dollars.

[cncdude]

I have been trying to find info on Steve Case and Jason Hogg concerning Revolutionmoney.com. Here is some data below if your as skeptical as I am. I am still not completely sold yet with using them.

 

 

 

http://tampabay.bizjournals.com/tampabay/related_content.html?topic=Revolution%20LLC

[cmiles3]

All financial institutions make their money by "loaning" your deposits to other businesses; corporations, businessmen, governments... They earn a lot more in interest & dividends than they pay depositors interest- what is it these days, 1% or 2%? If they're not earning 10% or better, they won't stay in business long.

 

As a startup, they need big money to make big money. So, they get investors to front some money for the startup, to pay depositors bonuses, until their brand catches on and they don't have to pay bonuses.

 

With any startup business, there's risk. With a bank, you could lose the money you have deposited. Some banks are insured, some aren't. Is yours? If you don't want to risk much, don't deposit much.

 

Your SS# is a requirement for all bank accounts. If you don't want to use it online, stick with the brick & mortar banks, but don't think they haven't posted your SS# digitally for all "businesses" to access for a fee. Several big banks have been scammed recently; they didn't do anything wrong, but the system is pretty weak & doesn't protect your identity the way it should. They sell lists of depositors & their financial information to other businesses; it's another way they make money. Credit cards, other banks, investment companies, credit bureaus, debt collectors... your ID is floating around out there for everyone to see, digitally. Yeah, they use "secure" systems, and require "confidentiality" agreements, but it's only as good as the intentions of both parties.

 

I'll give it a try.

[Freebird]

For those of you who have taken advantage of this offer, remember that you have to go back and "ACCPEPT" the $25.00 payment before it is credited. You should get an email telling you that the payment has been made. Just go back and click on the "Accept" link beside the payment.

[Guest royal46]

OK folks, this was brought to my attention by Cinderella. Many of us use PayPal but they have pretty much been the only player in the market and in my opinion, have continued increasing their fees to the point that it is getting a bit crazy. There is a new online payment processor named "Revolution Money Exchange". It was originally founded by Steve Case. If you join up now, they will pay you $25.00 for doing so. This is not a scam and if you search for "Revolution Money Exchange" you will find a lot of information about it. I just joined up and within minutes they had deposited the $25.00 into my account. So why is it better than PayPal? They charge NO fees for sending or receiving money.

 

Here's another good thing. If you join you will get $25.00. If you join through the link that I am providing, they will also donate $10.00 to my account to be used to support VentureRider. It's a no loose situation. You get $25.00 and you also donate $10.00 to the site and it costs you NOTHING. Check it out. If you don't feel comfortable with it, that is fine but I feel good about it or I can assure you that I would not have signed up. I certainly plan to start trying it on any of my Ebay auction and etc. and to use it as an optional choice here for donations. PayPal will still be available for those who wish to use it. So, check it out if you wish. Please click on and use THIS link to ensure that the $10.00 goes to VentureRider.org

• FREE to register for an account
  
• FREE to add money from your bank account
  
• FREE to send money
  
• FREE to receive money
  
• FREE to request money
  
• FREE to transfer money to your bank account

 

 

Cool for you guys! But this not for Canadian resident it's only for US resident.

 

Keep the sky up

Réal

[Tartan Terror]

It sounds good but if its all the same I will wait a while until I see Ebay is using it and I see that everyone else is having no trouble. I just dont throw around my info especially until I see they are secure. Not that I wont but Im not a huge ebayer so Im really not paying much as it is.

[Cinderella]

the only way you will ever see it being used thru ebay is if individual sellers start saying they accept it......ebay will never impliment a payment system that is competition to Paypal since they own paypal.......never can i see them offering that choice in their options for sellers to choose in their listings.

[Geezrr]

I have a checking account that I use only for the internet, paypal mostly, but have a credit/debit card for that account. Do not keep much in the account, but transfer $$ in as needed. That way if someone tries to rip off $$ from the account, they won't get much.

 

ID theft is another concern, but I do watch credit reports closely. At least Montana quit using SSN for drivers license numbers a few years ago.

[calperin]

For those of you who have taken advantage of this offer, remember that you have to go back and "ACCPEPT" the $25.00 payment before it is credited. You should get an email telling you that the payment has been made. Just go back and click on the "Accept" link beside the payment.

Don,

 

You are totally right. I receive that e-mail on less than a minute after setup my account.

 

For those that have concerned on the SS#, the transaction is encrypted. So it is so secure as any other bank transaction, and they don't asked for my bank account. They put credit of 25$ on the new account. So, so far the only risk it will be the chance that they sell this info, in such case we know who they are.

 

Regards

[Eck]

Just some info:

 

http://prosperlending.blogspot.com/2008/02/why-does-revolution-money-require-my.html

[Guest baggerdan]

1-800-956-9540

[Guest baggerdan]

The only draw back I see is they only do cash transactions. NO CREDIT CARDS!

[sailplaner]

Back in the day, PayPal was free. Of course, they were just starting out and needed to break into the market. I remember when they started charging for transactions and people complained. I guess we got used to the convenience. Any money transfer company will have to charge fees to make money and I doubt Revolution Money Exchange will be different.

 

I have the PayPal credit card which works like a debit card or secured credit card. You can only spend as much as you have in the account but they also return 1% (maybe 1.5%) on purchases. I transfer money to the account from checking (when I'm ready to spend $1000.00) and it helps to offset what they take on money transfers in other areas like eBay.

 

If you-all think PayPal is greedy, take a look at the alternatives like Western Union and BillPay (these may be the same). I don't see how it can be legal the amount they charge.

 

If RME makes headway in the market, eBay will offer them some ridiculous amount of money (which they will take) and the business will go away.

 

Just my 2 cents.

 

Mark P.

..

[scooter45]

I had my SS number & my bank account stolen by paypal, We had $1000 in cellphone bills from NY we live in MN.

[nelsonrl]

Ebay may never use this service. Keep in mind ebay owns paypal.

[Dragracer]

I just signed up!

[Dragracer]

So far, all is well. I signed up using Freebirds link, accepted the $25.00. I then hooked up my internet bank account, and it was verified just like Paypal does. I then transfered the $25.00 to my checking account. it's there as of this morning. So far, it looks legit! I at least got $25.00 out of this deal! I hope others start to use it, as Paypal didn't like my firearms activity!

[Cinderella]

..well i took advantage of their sign up money.......twice over !!

 

I signed up and then sent an invitation to the hubby at his yahoo email........signed him...so I got my $25........then got $10 for him signing up.......and of course he got $25 for signing.......

 

I linked my banking to my account........and then Dale sent me a payment of $25 ( his free money) for services rendered..:rotfl:.

...... which made my balance $60.......which I in turn sent to my bank account.....was there the next day after I transfered it......

 

 

$60 bucks for doing pretty much nothing!!!!

[Guest byts]

Doesn't seem that bad,after researching.

But can't get it here eh!!!

 

Is this offer still valid as it says on its terms page that the offer expires may 15 08?

[Freebird]

Yes, still valid but unfortunately they are USA only at this time.

[rjmalizia]

Well I Never said i was quick. Better late than never...etc.

 

Well here's another one for "King and Country".

 

Their site looks legit and what i found on them...but boy was it tough sending my SSN, address and DOB. I sure hope that wasn't a mistake!

 

 

[Crash]

Has anyone withdrawn money from their account yet?

[Hummingbird]

Has anybody tried to buy and PAY for anything using this system ??

[Freebird]

I've drawn the money out of mine but have not used it to pay for anything online. Doesn't seem to be catching on because I don't see it listed as an option anywhere.