Revolution MoneyExchange Provides an Alternative to PayPal
February 20, 2008
MoneyExchange is an online money transfer service that allows members to transfer funds among themselves via e-mail. The account balances are held in a FDIC-insured bank, First Bank and Trust in Brookings, South Dakota, that can be linked to other banks accounts. Of course this service is a direct competitor to PayPal, and MoneyExchange even allows users to sell items off their website to other MoneyExchange members similar to the E-Bay/PayPal model.
MoneyExchange Pros:
(1) $25 bonus for signing up
(2) 2-minute sign-up process
(3) free to send money, request money, or receive money
(4) account balances are FDIC-insured
(5) tools to accept MoneyExchange payments off your commerce website
MoneyExchange Cons:
(1) You can only transfer money to other members
(2) $2.50 check withdrawal fee
(3) $35.00 overdraft fee
(4) No immediate withdrawals of funds via wire transfer, both deposits and withdrawals are subject to a delay of a few days
(5) No interest on funds on deposit
(6) Difficulty tracking funds for tax-reporting purposes
MoneyExchange has set-up a great alternative to PayPal with an easier interface and additional features, the question is can you convince your family, friends, or customers to sign-up with you and make this a viable way to transfer funds.
