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.

© Donna for DazzlinDonna, 2008. | Permalink | 7 comments | Add to del.icio.us
Post 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
This feed is for personal non-commercial use only. If you are not reading this in your news aggregator/reader or on DazzlinDonna, then the site you are looking at is probably infringing upon my copyright.