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jjj525
Joined: 08 Apr 2009
Posts: 354
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| Posted: Thu Nov 19, 2009 1:43 pm Post subject: American Express to Acquire Revolution Money Exchange |
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American Express Company is acquiring Revolution Money, which was launched by AOL co-founder Steve Case's Revolution LLC in 2007. Revolution Money is an online person-to-person payment whose accounts are FDIC insured and targeted at social and instant messaging networks. It also offers a prepaid card linked to those accounts that can be used for offline payments or to withdraw cash from ATMs throughout the United States............ |
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Gonzo
Joined: 11 May 2007
Posts: 92
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| Posted: Thu Jan 14, 2010 2:21 am Post subject: Re: American Express to Acquire Revolution Money Exchange |
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| That company was a bust the moment I saw it. They required SSNs from the BUYERS willing to use it in addition to the sellers. What bozo thought that up? |
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jjj525
Joined: 08 Apr 2009
Posts: 354
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| Posted: Thu Jan 14, 2010 8:39 am Post subject: Re: American Express to Acquire Revolution Money Exchange |
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GCO also require you to verify SSN.paypal also someones to remove account limits.
So why you think RME is different ?
Verifying SSN prevent a lot of scammer buyers.
A lot of sellers including me are using it.
Their retail version is called RM Credit card is very secure than Visa or Mastercard and need a pin number to complete transaction which reduce fraud by 90%.To the merchants the transaction fee is only 0.5 % and lot of retailers now accept it. |
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DaLizardsLair
Joined: 15 Feb 2009
Posts: 4782
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| Posted: Thu Jan 14, 2010 10:34 am Post subject: |
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All banks require your social security number. It's one of those pesky little government requirements, designed to help prevent things like money laundering.
Up until recently, RME was a gamble for a buyer. Since they only accepted balance transfers, the buyer had zero recourse should they not get the item(s) they paid for, or if the item(s) arrived damaged.
Any online payment method that doesn't allow the use of a credit card, should be avoided. Buyers needs that secondary method of getting their money back, should the transaction go bad.
As far as their low fee, remember that GCO was FREE when it started, then they had lower fees than Paypal. Now they are identical in fees to Paypal.
I believe that RME will soon have the same fee structure or possibly a higher one, since American Express charges retailers the highest discount rate amoung major credit cards. |
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