Comments on: Revolution Money Raises Another $42 Million For Alternative Payment Service Nobody Is Using

By: ace

ace — Thu, 18 Jun 2009 08:18:48 +0000

I use RME. I never had a problem with them yet. You can use RME with the Abundant Living System providing the inviter accepts RME. I love RME despite the 2500 monthly limit. It’s not a bad thing to actually have a limit in place, as I have heard horror stories from those who had been fxxked from using paypal and how some people had thousands of dollars stolen from paypal via false complaints from buyers on sites like ebay and such.

By: LA

LA — Wed, 03 Jun 2009 14:38:39 +0000

Larry Summers was involved with this company. Lots of money came in from some big banks that got bailout money. Front?

By: Is Larry Summers Taking Kickbacks From the Banks He’s Bailing Out? « TriStar Research’s Blog

Sat, 30 May 2009 12:50:19 +0000

[...] Larry Summers taking kickbacks from the banks he’s bailing out? TechCrunch points out that this company has zero traction in the marketplace- so why are banks throwing money at [...]

By: Skeptic

Skeptic — Tue, 28 Apr 2009 20:48:40 +0000

How can the card “run on the existing merchant rails” if they don’t use Interchange? What network do they use to check the account balance when someone goes to a store to make a purchase?

By: Izak

Izak — Tue, 07 Apr 2009 17:00:01 +0000

Do you think its gonna successful?

By: Robert

Robert — Tue, 07 Apr 2009 13:20:41 +0000

I understand that Leonsis’ big marketing plan is to send out millions of CDs which give users a trial membership to the service. Seriously, this guy was running a little company in Florida (Redbook?), got bought out, ascended the ranks and then took on the position as head of innovation at AOL. That was a joke – the wrong man for the job who was dismissive of ideas which utilized too much bandwidth. Let’s home Ted and Steve Case can crack the code on this latest startup. They both ran AOL into the ground, even though part of it was the stiff collars at Time Warner who would not play ball to marry their high speed cable properties with AOL’s critical need to migrate customers to high speed Internet.

By: techfile 7.04.09 @Special News Bureau

techfile 7.04.09 @Special News Bureau — Tue, 07 Apr 2009 10:28:00 +0000

[...] Revolution Money, the credit card company founded by former AOL chief executive Steve Case, raised an additional $42m. The company, which already has $50m in backing, also operates Revolution MoneyExchange, an online payment system meant to rival Ebay’s PayPal. Yet despite this generous funding, Revolution is struggling to attract customers. [...]

By: cyber2200 » Revolution Money מגייסת עוד 42 מיליון דולר

cyber2200 » Revolution Money מגייסת עוד 42 מיליון דולר — Tue, 07 Apr 2009 09:50:28 +0000

[...] שלפי טק קראנצ’ אף אחד לא משתמש במוצר שלה, פיתחה מערכת תשלומים ואשראי [...]

By: Trade Jim News » Blog Archive » techfile 7.04.09

Trade Jim News » Blog Archive » techfile 7.04.09 — Tue, 07 Apr 2009 05:12:04 +0000

[...] Revolution Money, the credit card company founded by former AOL chief executive Steve Case, raised an additional m. The company, which already has m in backing, also operates Revolution MoneyExchange, an online payment system meant to rival Ebay’s PayPal. Yet despite this generous funding, Revolution is struggling to attract customers. [...]

By: FT.com | Tech Blog | techfile 7.04.09

FT.com | Tech Blog | techfile 7.04.09 — Tue, 07 Apr 2009 05:06:12 +0000

By: Wayne

Wayne — Tue, 07 Apr 2009 04:39:40 +0000

I’m not surprised they’re having problems. There doesn’t appear to be any way to apply for the card on their website. If there is, it’s not displayed right up front where you can find it. Horrible design.

By: Former RM

Former RM — Tue, 07 Apr 2009 03:07:38 +0000

I’m a former “Revolutionary”. On one hand, I’m glad to see that got some more funding – there are some good people there doing some good things.

On the other hand, they should have never been in this position. They threw away a bunch of money creating a new technology direction when their old one was working fine, spent countless hours on the AIM plugin no one could use, and in general acted more like a company that had money to burn then a lean organization looking to grow and survive.

Knowing how many people they’ve laid off now (I’ve heard 70-100 people over the past year) hopefully that changes their direction and has made them a leaner organization that they’ll be able to take this money and run. Run to growth that is.

As far as signing up – Money Exchange was always the route to bring people in. It’s no different than Paypal – get them exchanging money online, and then why not have a credit card too. But the chicken and egg problem was an issue – it was big news everytime we got a power seller to use Money Exchange on Ebay. But I never used the thing – and I worked there!

Regarding the costs – for the most part, the cards run on the existing merchant rails, so there was not a lot of costs for the merchants. For securing data – they are a credit card company, and are under the same regulations as the other credit card companies for privacy and securing of data.

And regarding customer discounts – that was always the plan. The merchants had a built in marketing budget because of the money they were saving on fees.

Anyway, I wish them the best – it will be interesting to see how they choose their next strategy with the economy.

By: Dat To

Dat To — Tue, 07 Apr 2009 02:28:01 +0000

If they can make it work with 1/5% fee, then all the power to them. With all those big name investors, how will they make their money back and when?

How are they securing people’s data? What protection is there for the consumer using the card against identity theft, etc? How easy is it to deal with them when a Business Owner has a challenge? How much will it cost to swipe these new types of cards for a Business Owner? New hardware, new costs.

By: Kevin Fleming

Tue, 07 Apr 2009 00:18:40 +0000

Steve Case (who is also involved with this) was on CNBC today talking about Revolution Money, and although it’s a good idea he hit the nail on the head when said outright that they’ve run into the classic chicken and egg problem. In their case – you can’t get merchants to accept a form of payment their customers don’t use, and their cusomers won’t use it if the merchants don’t accept it.

By: lemonobrien@yahoo.com

lemonobrien@yahoo.com — Mon, 06 Apr 2009 23:42:48 +0000

there so good at signing up merchants i’ve never heard of them; i’m a merchant and process credit cards.

this is a another good-ol-boys pissing money away cause they know each other; and if it doesn’t work, who cares, it’s the banks money.

i’ve been in the business for 20 years and anytime gold sach, citi, morgan, etc try to create some financial payment system to change/rule the world… it fails, just dies in silence.

i wonder if any TARP money was involved?

By: Matthew Small

Matthew Small — Mon, 06 Apr 2009 23:04:25 +0000

Because Goldman Sachs, Citigroup, Morgan Stanley and others are known for their excellent investment sense recently.

By: Armin D. Sykes

Mon, 06 Apr 2009 23:04:05 +0000

I signed up with Revolution Money Exchange when they were doing the free money promotion. However, I was unable to *transfer* that money to anybody else on the service–it gave me an error ever time I tried. I sent a help request, got a response *days later* that promised someone would get back to me within 2-3 *more* days, and then *never* heard from them again. I attempted to follow up twice more, but to this day have never received another response from them (although I get the Generated Monthly Statements.

Terrible customer service, terrible responsiveness.

By: jd

jd — Mon, 06 Apr 2009 22:45:20 +0000

It may surprise you but people do try to steal money.

By: jd

jd — Mon, 06 Apr 2009 22:44:26 +0000

True. Lower processing fees may sound nice but really don’t drive adoption. New payment methods only thrive if they can increase incremental sales or open up new places to pay.

By: Revolution Money、誰もサービスを利用していない中で$42Mを追加調達

Revolution Money、誰もサービスを利用していない中で$42Mを追加調達 — Mon, 06 Apr 2009 21:55:06 +0000

[...] ［原文へ］ [...]

By: Revolution Money

Revolution Money — Mon, 06 Apr 2009 20:56:33 +0000

[...] Revolution Money Raises Another $42 Million For Alternative … (techcrunch.com) – April 06, 2009Steve Case’s startup Revolution Money announced a series C funding today of $42 million led by Goldman Sachs. Case and other existing investors … [...]

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Are URL Shorteners A Necessary Evil, Or Just Evil? — Mon, 06 Apr 2009 20:50:41 +0000

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By: Yohanes

Yohanes — Mon, 06 Apr 2009 19:32:14 +0000

Revolution Money should encourage merchant to give customer discounts for adopting their card. It is basically sharing the cash savings from the lower transaction fee. Once customer adopt the card they can begin to wee customers off the discounts.

By: Prostate Cancer Condition Symptoms

Prostate Cancer Condition Symptoms — Mon, 06 Apr 2009 19:25:15 +0000

What’s really interesting to me is that the MONEY is still there – for the right kinds of investments. 42 million dollars is a lot of money – but of course, for the right service.

By: Matt

Matt — Mon, 06 Apr 2009 19:03:44 +0000

Payment processing is more like a service that should be charged on a monthly basis. All a payment processor does it subtract a number from one account and add the number on another. That shouldn’t cost a lot, let alone charging a percentage of each transaction.

I think a fair pricing would be a monthly charge of $20/mo.

Someone needs to come in to break this market up. Make paypal bleed for money.