Revolution Money Is Possible PayPal Replacement That Has Real Merit
UPDATE: Forget what I said below. Later, much later, it’s obvious that this never took off, and in fact it’s being sold to American Express. It won’t exist in this form at all soon. So…never mind.
A new payment network, called Revolution Money, is poised to take PayPal’s place. I personally have never had a problem with PayPal but because they are not a bank, and can’t be regulated like one, the possibility of them freezing your account is very real, and has caused many people to get very upset over the years. They can put a hold on your money for up to 6 months while they investigate what they think might be fraudulent activity.
Some very important people got together to try to give us all a better option, and they just might be able to pull it off. The people behind Revolution Money are Ted Leonsis (Vice-chairman of AOL and owner of Washington Capitals), Steve Case (co-founder of AOL), David Goldman (former vice-chairman of J.P. Morgan), Russell E. Hogg (former President and CEO of Mastercard), David Pottruck (Chairman, Eos Airlines and Former CEO of Charles Schwab), Frank Raines (Former Chairman & CEO of Fannie Mae), Larry Summers (Former Secretary of Treasury and Former President of Harvard University), Jason Hogg (Founder, President and CEO of Revolution Money) and Patrick Graf (Co-Founder and CTO of Revolution Money). That’s an impressive array of people.
The good thing is that Revolution Money is administered by an actual bank (First Bank & Trust in Brookings, South Dakota), and is FDIC-insured, along with your Revolution Money Exchange Account. In addition, unlike PayPal, you can send and receive money to and from other Revolution Money Exchange members with no service charges at all.
The only way that Revolution Money can replace PayPal, however, is for it to get lots of people to sign up. So, to help achieve that, from now until April 15th, everyone who signs up (for free) will automatically get $25 placed into their account. It’s true and it’s real. I tried it. I signed up, and within minutes, $25 was ready and waiting for me.
If you want to be able to use a more secure payment system than PayPal, and you want no charges for doing so, AND YOU WANT $25, all you have to do is click on the button below and go sign up. You will have to give them both your social security number and your bank’s routing and account number, so that your Revolution Money account can be attached to your bank account (just like PayPal does). But don’t worry, it isn’t a scam, and it is safe.
I have a feeling this is going to revolutionize the online payment model.
Tags: actual bank, AOL, bank, bank account, Brookings, CEO, Chairman, Chairman & CEO, Charles Schwab, Co-Founder, Co-Founder and CTO, David Goldman, David Pottruck, Eos Airlines, Fannie Mae, FDIC, First Bank & Trust, Founder, Frank Raines, Harvard University, J.P. Morgan, Jason Hogg, Larry Summers, Mastercard, online payment model, owner, Patrick Graf, payment network, payment system, PayPal, President, President and CEO, revolution money, Revolution Money Exchange, Russell E. Hogg, Secretary of Treasury, Secretary of Treasury and Former President, South Dakota, Steve Case, Ted Leonsis, Vice-chairman, Washington Capitals
| Revolution Money Is Possible PayPal Replacement That Has Real Merit | |
 | A new payment network, called Revolution Money, is poised to take PayPal’s place. I personally have never had a problem with PayPal but because they are not a bank, and can’t be regulated like one, the possibility of them freezing your account is very real, and has caused many people to get very upset over the years. They can put a hold on your money for up to 6 months while they investigate what they think might be fraudulent activity. Some very important people got together to try to give us all a better option, and they just might be able to pull it off. The people behind Revolution Money are Ted Leonsis (Vice-chairman of AOL and owner of Washington Capitals), Steve Case (co-founder of AOL), David Goldman… |
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Hey Donna!
I’m in Australia and we cant sign up over here… apparently its for americans only!
but its a nice post… im tempted to move just to get into this new revolution after your post =]
Revolution Money is going under. They have run out of money. The Board of Directors and Executive Management are to blame. The Board tried to drive accounts with a huge marketing spend. This is typical of AOL where the business model was to drive accounts and not take care of the customer. The online approach mirrored that and the user interface, customer issues and processes were not a priority.
One problem was they didn’t take care of the customer or look for long-term value and the user interface required an overhaul or temporary band-aids. None of which were done. The online interface was actually an AOL-esque application and not a web-based interface.
Online issues were identified early yet there was no course correction. The senior management and directors did not have experience with an immature online business that needed to take care of the customer. Directors and VPs were hired who had little or no online experience. Early hiring strategy was to hire the executive staff, rather than hire workers. Several VPs was upset that they did not have a secretary to manage their schedule.
While the business model was solid, the executive management did not have the expertise to run an integrated online and direct marketing campaign. While their response will be – failure was caused by an economic downturn, this is far from the truth. For example, the executives gold-plated the IT operation, installed it and then saw funds were low and fired all the contractors who helped install this. Worse, the Executives purchased the new Mac Air Notebooks when their PC laptops were just fine. Proven web strategies were ignored in favor of driving accounts. Priorities were ever shifting and became a running joke amongst the staff. Also, the call center was moved in-house from an outside location, which may have redirected IT and other resources from existing priorities.
This failure will be a great study for B-Schools. Also, the lessons of the Internet business in the late nineties and 2000 were ignored.
Um…who are you, and why should we believe you? What you say may be true – but it may not be. We have no way of knowing since you gave us nothing but your word for it, and we don’t even know if you are anyone we should listen to. Everything you’ve said could just as easily be some figment of your imagination. How are we supposed to know when we have no clue where this info is coming from? If you want us to believe you, please – give a us reason to.
Donna, I was signing up for Revolution MoneyExchange and then they wanted my SS #. Probably is nothing to worry about but how do I know that ? With my Social and birthdate (they also asked for) my identity could be stolen. I don’t really know who they are so this made me uncomfortable. How would I go about confirming who they are, that’s what they asre doig to me right ?
Brenda
It’s always good to be careful. Here’s a link to American Express who is or has (not sure if the deal is complete or not) buying out Revolution Money Exchange from the founder of AOL, Steve Case. http://home3.americanexpress.com/corp/pc/2009/rm.asp
Twitter: DonnaFontenot
First of all I want to say superb blog! I had a quick question which I’d like to ask if you don’t mind. I was interested to find out how you center yourself and clear your head prior to writing. I’ve had a difficult time clearing my mind in getting my ideas out there. I do enjoy writing but it just seems like the first 10 to 15 minutes are lost just trying to figure out how to begin. Any ideas or tips? Many thanks!
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I usually begin with a picture. By that, I mean that if I intend to post a photo or graphic image in the post, that’s what gets me focused on starting the post. Usually, the image will be floated next to the opening paragraph, so it is the focus of the beginning. If I don’t have an image, then I just usually “start at the beginning”, meaning I tell the “story” from beginning to end.
Twitter: DonnaFontenot