The current economic recession and rising costs of gas, and everything else for that matter, has left us Americans looking for places to save even just the smallest amount of money. As you can imagine, I was excited when I heard of a way that I could receive my online payments as quickly as I do with PayPal, but without getting charged the pesky fees.
RME - The new PayPal?
Revolution Money Exchange (RME) was launched in 2007, as a way to exchange money without paying those fees that PayPal charges. Say you run a small online business and receive funds for a sale less than $3000. PayPal will charge the recipient of the funds a 2.9% fee plus an additional 0.30 USD charge. RME will charge nothing for a seller to receive the same amount of money.
RME - The new PayPal?
Revolution Money Exchange (RME) was launched in 2007, as a way to exchange money without paying those fees that PayPal charges. Say you run a small online business and receive funds for a sale less than $3000. PayPal will charge the recipient of the funds a 2.9% fee plus an additional 0.30 USD charge. RME will charge nothing for a seller to receive the same amount of money.
RME provides a money exchange service that is FREE to do the following:
- Sign up for an account
- Send money
- Request money
- Receive money
- Transfer money to and from your bank account.
The few services they do charge fees for are:
- Withdraw money by check - $5.00 per check
- Paper Statement - $5.00 per statement
- Returned ACH Fee - $35.00 per returned ACH
- Overdraft Fee - $35.00 per overdraft
- Stop Payment on a Check - $20.00 per check
You should, however, check with your own bank to see if they have fees associated with using RME.
At this time, RME can only exchange money within the United States, so I don't see it replacing PayPal anytime soon. They do put limitations on how much money you can send and receive in a month as a security measure for protecting against fraud.
Revolution Money Exchange is not only a great tool for small business owners, like myself, but also for shoppers. Part of my cost includes making up for the fees that PayPal charges. I will take off 2.9% automatically when I bill my customers who shop in my online store. If I don't have to pay the fee, why should you?
Still interested? Click the button below and sign up today!
At this time, RME can only exchange money within the United States, so I don't see it replacing PayPal anytime soon. They do put limitations on how much money you can send and receive in a month as a security measure for protecting against fraud.
Revolution Money Exchange is not only a great tool for small business owners, like myself, but also for shoppers. Part of my cost includes making up for the fees that PayPal charges. I will take off 2.9% automatically when I bill my customers who shop in my online store. If I don't have to pay the fee, why should you?
Still interested? Click the button below and sign up today!
4 comments:
It sounds so great - but why are they doing it for free? It makes me nervous for some reason.
I actually had similar concerns, Rosalie, which is why I didn't sign up for it right away. From what I read online and from talking with other users, the operators did not start it with the intention of making money off of RME, but to attract customers to RME with no fees for most services with the hopes that they will sign up for their credit card where they willmake a lot of money. You are NOT required to sign up for a credit card if you sign up for RME, they just hope you will.
Also, the fees that they do charge are high. $5.00 for every paper statement is steep. I don't need paper statements, I don't use them with PayPal.
ohhhhhhhhhhh...that makes more sense. I just needed to know what they were getting out of the deal.
that's fine!
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