Monday, May 26, 2008
This evening I was shopping for a new technology cordless phone (DECT 6.0) and came across a sweet deal at Buy.com. When I went to check out, they were offering eBillme as a payment alternative. Since it is mandatory that I try every new payment method, I gave it a shot. I was pretty impressed. For those of you not familiar, this is a Push payment. You shop, choose eBillme, then are given instructions to log in to your bank's bill payment site and set eBillme up as a payee and make a payment. That part was easy since eBillme was pre-registered within Wells Fargo's bill pay service. All I had to do was cut and paste the Account number I was assigned, fill in the amount and I was done. Within the next 2 days or so, eBillme will get paid by Wells and then I imagine it is another 1-2 days and the merchant will get paid. I am guessing, the fee is less than credit card and it is a guaranteed payment. In theory, I believe there could still be fraud if someone takes over your online banking account, but the consumer would be protected by RegE. Welcome any feedback!