Friday, October 3, 2008

VC's Take Notice of Alternative Payment Demand

Editor's Note: Both this and the previous post talk about RevolutionMoney and PayPal's P2P Money Transfer platforms. I know I haven't talked a lot about it on the blog, as we're working hard to bring the more secure and thus lower interchange fees of PIN Debit and Credit to the web, but...

HomeATM's Personal Swiping Device can be used to send money to anyone anywhere in the world...more securely and for less money than Western Union, PayPal, (see previous blog post) Visa, MasterCard and (I suspect but have yet to acquire the numbers for) Revolution Money. Frankly, I believe it to be not only the most secure and least cost intensive, but also the easiest way to send money from one party to another. I'll touch about this more in the near future, but with the RM and PP articles being posted back2back I thought I'd talk a little P2P B4 you read the post... JBF

More later on HomeATM's Person to Person Money Transfer service...

Image representing Revolution Money as depicte...Image via CrunchBase
Revolution Money piles up cash to start credit revolution - Tampa Bay Business Journal:
ST. PETERSBURG — Revolution Money Inc. has raised more than $80 million in capital, including $20 million over the summer, as the startup firm strives to make its mark in the payments industry.

The money is funding operations, customer growth and technology development, said Darren Thompson, CFO at Revolution Money, a fast-growing firm that in one year has expanded to more than 100 employees, 85 percent of them at its downtown headquarters.

Revolution Money says its RevolutionCard credit card and MoneyExchange online person-to-person money transfer product cost less and provide greater security than better-known brands such as MasterCard, Visa and PayPal.

Investor interest has been piqued because there’s strong demand for cheaper payment methods in a cost-conscious and credit-crunched economy, said Adil Moussa, an analyst at Aite Group LLC. “I’m not surprised by how they [raised capital] because there is so much demand for alternative payments,” Moussa said.

Editor's Note: Want to see (according to TechCrunch) 50 companies most likely to survive the economic downturn? Then click here. Keep in mind, it's in "money raised" order, which doesn't mean a thing considering that biometric payment processor Pay By Touch...raised enough money to be SECOND on TechCrunchies Top 50 list...(if they were still in existence).

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PayPal Launches Digital Ad Campaign for P2P Money Transfer

Marketing News: PayPal launches digital campaign - Marketing Week
PayPal, the online payment system, is launching a digital ad campaign to attract more customers to its person-to-person money transfer service. It will target men's magazine websites such as FHM, Nuts and Zoo.

The viral campaign called "I'm not a charity" includes email, a microsite and online ads developed by Tullo Marshall Warren (TMW). The ads take a comic approach with headlines such as "£10 means nothing to you, but it could mean the world to little John".

The ads will feature in men's magazine sites and also target younger audiences with emails, encouraging recipients to send funny customized appeals to their indebted friends for a repayment.

The email receivers can upload their images and develop their own campaign addressed to their indebted friend. The online ads are in the form of a poster pasted on a tattered cardboard with bold graphics.

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Just Say No to Double-Dipping!

PayPal Double-Dips with Billing Glitch; eBay Credits Coming?
By Ina Steiner

Some PayPal members discovered the online-payment service had "double-dipped" their accounts. PayPal waited until October 1st to post the problem on its Announcement Board, explaining that some PayPal Debit Card transactions that were initiated on September 26th were debited twice due to a processing error. "We have begun processing the corrections for the duplicate payments and they should appear in your PayPal account in the next few days. We apologize for any inconvenience this may have caused and are working to resolve this issue as soon as possible."

PayPal spokesperson Michael Oldenburg said the company would be communicating with affected customers individually by email and was working to correct the duplicate payments in the next few days. He declined to reveal how many accounts were affected by the glitch.

Meanwhile, sellers have been wondering whether eBay has issued credits yet for a glitch that caused items listed or revised on eBay between September 17 - 19 not to appear eBay Search. eBay announced the credit on its Systems Announcement Board and subsequently removed the post. Some sellers complain that they've been unable to reference it when speaking to eBay customer service representatives, some of whom are reportedly unaware that eBay promised the credits. eBay has not responded to inquiries about the credits.

Meanwhile, eBay Australia announced that buyers are having trouble redeeming vouchers.

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