Monday, May 26, 2008
eBillme
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!
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Hi Steve
Thank you for reviewing eBillme, much appreciated. You raised some good points in your write up, so I thought I would address.
“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.”
Most payments arrive within one business day at which point we notify the merchant to ship your order, we settle with the merchant one day after.
“I am guessing, the fee is less than credit card and it is a guaranteed payment.”
You are correct, the fee is less than a credit card and the payment is 100% guaranteed because it’s a push model. Also because eBillme is a push model, merchants do not have costs associated with NSF’s chargebacks, etc… Merchant are charged a processing fee ranging from 1 – 2% depending on the volume they process.
“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”
Online banking is one of the most ways of transaction online, and with the roll out of double authentication security is even getting stronger. But in theory yes, consumer accounts can get compromised, and you are correct, RegE protects the consumer 100% from any liability. eBillme also offers customers a buyer protection program that not only guarantees their payment, but also provides a return guarantee, price protection and in-transit protection
Hope this clarifies the points you brought up.
Samer Forzley
eBillme.
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