UseMyBank provides a secure online instant payment method using the buyer's own financial institution. It's similar to paying bills online with one's bank, but better. This is how it works: A buyer goes to the online checkout, clicks the UseMyBank button for payment and enters his e-mail address and telephone number. He then selects which bank account he would like to pay from.
UseMyBank processes the payment and informs the seller. Once the payment is made, the seller is notified of the buyer's e-mail address only. No personal information is shared with the seller about the buyer and both the buyer and seller receive a receipt of payments. Buyers do not have to sign up with UseMyBank to make payments.
Online and phone payments can take at least two to seven days, or more, to be deposited in the merchant's account. With UseMyBank, the fund transfer is instant. This allows the merchant to deliver the product or service right away.
In essence, the buyer makes an immediate online payment with the funds being directly debited from their account. Summary and detailed reporting and management tools are also provided.
Buyers and affiliates are not charged to use UseMyBank. For merchants, a discount rate is applied to the purchase with a minimum transaction fee. The buy rate is 1.5-3.5% and a $1.00 (Canadian) electronic signature fee to activate an account. According to Iuso the average is 2.5%, with a $1.50 minimum per transaction. While UseMyBank is similar to online banking, it differs from credit card transactions. Traditionally, payments by credit card require merchant accounts and contact with financial institutions or service providers.
These transactions also require the buyer to enter their credit card, bank account number or other form of personal traceable markers. Payments with UseMyBank do not. Merchants don't need a credit card merchant account, nor a rolling reserve or major set up fees. Additionally, UseMyBank does not store any personal information in its system.
The seller also benefits from direct payments, no chargebacks, no merchant account, quick direct transfer of funds and the ability to serve more customers. The benefits to the consumer include control of payments, no fee for payments and no need to sign up, and since UseMyBank does not store any of the buyer's personal information, it's private and anonymous. *www.greensheet.com
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