Monday, June 16, 2008

Paypal vs RME

We, as a family, have been selling on-line for years now. We have used Paypal for much of that time.

Last night, I recevied an email from someone wishing to purchase an item from our Etsy store, asking if I took RME payments.

RME? What is that.

So, the person gave me a link.

RME stands for Revelution Money Exchange.

From their website:

About Revolution Money
Launched in 2007, a new payment network – Revolution Money – was created to deliver significant value to both consumers and merchants through two products, RevolutionCard and RevolutionMoneyExchange. The RevolutionCard eliminates costly interchange fees for merchants while simultaneously providing consumers with enhanced PIN-based security, identity protection, and periodic merchant discounts and incentives. MoneyExchange offers an easy and secure way to send and receive money online between accountholders for free. The accounts are issued by First Bank & Trust, Brookings, SD, Member FDIC and part of the Fishback Financial Corporation. These products are leading the transformation of the payment industry by providing secure, easy, and instant payment solutions to everyone.

Note the word"free".

There is no charge to...

Register for an account
Add money to your account
To send money
To receive money
To request money
To transfer money to your bank account

The only charges that I can find are to request a paper statement, to withdraw funds via a paper check, overdraft fees and stop payments.

Here's the "downside" to RME.
You do not earn interest. (Not a downside to me, as the interest I have earned with Paypal was always less than the fess they charged!)
Limits - there are limits to the amounts you can add to your account, and number of times you add to your account, and so forth. One example is that you cannot have more than $2500 in your account. (Again, not an issue for us. If we have $2499 in the account, it's getting transfered to our bank account!!!)

I did some research on RME, and cannot find a single negative comment or complaint.

So, for all of you who do online shopping or selling, I recommend you look into RME, do some research on your own, and consider offering it in addition to Paypal.


tanyBUG said...

ive heard a lot of people say RME but i never knew really what it was, thanks for sharing!

Rev Jeanene said...

Your welcome! Since I did not know either, I figured other buyers and sellers may want the information.

So far, I hope they gain in popularity.