Monday, April 21, 2008

The Color of the Day Is...Money...

Money is...that green stuff that seems to make the world go 'round...the root of all evil...that thing we need if we want groceries...something that burns a hole in our pocket....that one item we never seem to have enough of. I know I don't :)

Over the weekend, I did some browsing through the forum threads. I found a forum for a new payment service called Revolution Money Exchange, or as my fellow Etsians call it, RME. They have a sign up special from now until May 15th. You get $25 bucks for signing up, and I get $10 for everyone who signs up using the link I have at the top of the right column over there>>>>>>>

RME is quite similar to PayPal, with a few exceptions. I would like to put on my sales person's hat and tell you the pros and cons of this new way of paying for things, and let you decide. (I never could get the pushy sales man act down pat) So read through this post, and if you want to check it out and sign up....make me a little spending money and get yourself some of it while it lasts (because once you sign up, you get referral bonuses too!!), use the link I mentioned in the above paragraph.

Pro #1:
You get $25 bonus when you sign up! This one is legitimate. I signed up and got $25 was a snap.
Con #1:
I have read in the forum thread that you have to spend the $25 before you get any type of referral bonuses, or you lose the $25 sign up bonus. I haven't seen in any of the site's Terms and Conditions where it says this, but I haven't gotten a referral yet to see if it's true.

Pro #2:
You get $10 bonus for each new account holder that you refer to RME.
Con #2:
You can only earn up to $500 in any bonus program per year. Which means that if you refer 50 people to sign up, yes, you get $500 bucks, but you are ineligible for any future bonus programs, say, in July.

Pro #3:
Accounts are free. Transactions between other accountholders is free. Free to get money, free to send money, free to sign up, free to transfer to and from your bank account.
Con #3:
The transaction is only free if it is between you and another person with an RME account. It says that right on the site, but doesn't say if there can even BE transactions between an accountholder and non-accountholder, or what the fee is if you can have such a transaction, so it may be a moot point. There are fees, such as a stop payment fee, insufficient funds fee, and the usual bank fees that you have even with a free checking account. So make sure that the person you want to deal with signs up too...the transactions are free for both parties, and you could get bonuses, depending on the current special at the site.

Pro #4:
The site appears to be very secure. It is much like PayPal, only it is run by an actual bank in South Dakota and backed by FDIC. This is just like a non-interest earning account.
Con #4:
The site is extremely slow. Now, I have dial-up, and last nite the site moved so slowly that I just gave up. Today was slow, but much better. The home page has the word 'beta' on it, so you know it's going to be slow as they work the kinks out of it. Of course, I'm a patient person, so it doesn't bother me TOO much to have to wait on wasn't any slower today than my DirecTV website, which just CRAWLSSSS because of all the fancy buttons they just have to have.

Pro #5:
Several, and I mean SEVERAL, Etsy shops have started accepting RME as a payment method. You can spend your sign up bonus on Etsy and others can do the same at your shop!
Con #5:
Not everyone on Etsy takes RME, so you have to go to this forum thread

and you want to go to the last page of the thread to find the most recently updated list of Etsy shops that accept RME.

So far, I've found more good things than bad about RME, so go ahead, sign up for it...the most you'll be out if you don't like it is time spent.

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