Power Sellers Unite

elgato · Joined: 24 Feb 2005 Posts: 16923 Location: Texas

It is true that Revolution MoneyExchange does have two distinct advantages: (1) they are FREE to use and (2) they are an actual FDIC bank account:

But Revolution MoneyExchange does not provide any type of buyer protection like PayPal does.

According to the Revolution MoneyExchange terms: “We have no responsibility, and make no warranties of any kind, with respect to goods or services purchased or sold using your Account, including without limitation, the delivery, return, quality, safety, legality or fitness for use of any goods or services. All such disputes should be addressed to the other party or the other parties to the transaction.”

MoneyExchange users are effectively handing over cash to the other party and any disputes would have to be resolved in the courts. Revolution MoneyExchange was created to be the number one social media payment service. It is not really intended to be a payment service for goods and services purchased online.
more.. link to news article

DaLizardsLair · Joined: 15 Feb 2009 Posts: 4782

The fact that they currently are offering their services free is the only draw they have. Transactions won't cost the sellers anything.

But GCO was free when they started as well, then they instituted fees but stayed lower than Paypal. Now look where they are.

And Paypal no longer requires buyers to register or be a member, in order to make use of their services, unlike RME.

So RME's registration requirements combined with ZERO buyer protection...I think RME is as much of a threat to Paypal as Western Union is.

TheBrewsNews · Joined: 07 Aug 2008 Posts: 21

DaLizardsLair, from the beginning GCO said they would offer their services for FREE for only a limited time. It was obvious they would have to charge fees to users because GCO had to pay transaction fees to Visa/MC/AMEX.

On the other hand, Revolution does not pay transaction fees for banking transfers so it is entirely within the realm of possibility that they would keep their MoneyExchange services free in the future. Just think how many brick-and-mortar banks offer free checking / savings accounts.

I'm sure that Revolution is counting on many MoneyExchange users signing up for Revolution credit card services where fees are charged to businesses that accept the card.

I did state that MoneyExchange does not pose a big threat to PayPal today but I think it is very possible that could change in the future. With the new round of funding that Revolution just received, it will be interesting to see how things unfold.

CuFF

They're an actual FDIC bank account which instantly gives them more credibility than PP will ever have. There is protection for all of their customers, not just Buyers.

elgato · Joined: 24 Feb 2005 Posts: 16923 Location: Texas

Here's the link to the post thebrewnews mentions about RME's funding:
http://www.powersellersunite.com/viewtopic.php?t=26253

2BOYSandTOYS · Joined: 14 Mar 2005 Posts: 10095 Location: Kansas

If and when they add the ability to use CC and to send an invoice, there will be more interest/competition. Currently, as it stands - it works well IF a seller can convince a buyer to use it. However, I don't see it as a contender to Paypal without some added features...

Juliartz · Joined: 29 Jan 2007 Posts: 570

2BOYSandTOYS wrote (View Post): › docWrite("quote")If and when they add the ability to use CC and to send an invoice, there will be more interest/competition. Currently, as it stands - it works well IF a seller can convince a buyer to use it. However, I don't see it as a contender to Paypal without some added features...

ahhh, but I just purchased a mod that works very well with zen cart. I have it in my site now. The cost of the mod is minimal (only $25.00). A friend installed it, but the set up is as easy as entering your email address used to sign up with RME. How does it work? To be honest, since my merged site is in progress, it has not been used that way yet. I will however, keep everyone posted once I am done, and have done a test sale with it.

DaLizardsLair · Joined: 15 Feb 2009 Posts: 4782

CuFF wrote (View Post): › docWrite("quote")They're an actual FDIC bank account which instantly gives them more credibility than PP will ever have. There is protection for all of their customers, not just Buyers.

And just what bank are they affiliated with? I had problems finding that out while checking out there site.

Perhaps it's the new Case Manhattan?..... :lol: :roll: :lol:

Credibility?

Until they offer buyer protectection, they have NO credibility.

TheBrewsNews · Joined: 07 Aug 2008 Posts: 21

DaLizardsLair, the information is right on the Revolution HOME PAGE:

"Accounts issued by First Bank & Trust, Brookings, SD, Member FDIC and part of the Fishback Financial Corporation"

I think that gives Revolution 10x the credibility of PayPal which is simply a "pass through" service.

DaLizardsLair · Joined: 15 Feb 2009 Posts: 4782

10 X the credibility?

With ZERO buyer protection?

I don't think so.