posted on April 18, 2001 08:01:40 PM new
I just listed on eBay thru AMpro and got to look at AW's latest flashing banner while waiting for the upload to finish. The banner was touting Citibank's new freebie service for sellers to receive payments.
I don't know what to think about this service. I would like to believe that I could get a free service for payments to me, but after the PayPal debacle, I just don't know. Any Comments? Here is the link: https://www.c2it.com/bannerT/index.html?referral=Q2GBF0F06W
posted on April 18, 2001 08:04:53 PM new
Read the terms and conditions, I believe after 3 months there'll be fees, and International will have fees when available. Their Privacy policy seems pretty vague as well.
posted on April 18, 2001 08:38:30 PM new
Did I also read something to the affect that you can't get the money sent to a debit card (but that they would let you pay with debit?)
I hit the back button but if I am incorrect please educate me. :0)
TOO GOOD TO BE TRUE...LOL...FEES ARE LISTED AT THE VERY BOTTOM OF AGREEMENT....50 CENTS PER TRANSACTION PLUS %....HIGHER THAN PAYPAL AT THIS POINT BUT I AM SURE MORE REPUTABLE..FEES ARE WAIVED FOR NEW AOL MEMBERS FOR 3 MONTHS...BUT NOT FOR US ESTABLISHED MEMBERS...
SO FAR...PAYPAL IS STILL THE CHEAPEST...
GOOD LUCK
RSM
SORRY FOR THE CAPS...Forgot they were on!!!
[ edited by RSMSPORTSGA on Apr 18, 2001 08:42 PM ]
posted on April 18, 2001 08:52:59 PM new
I have just come across another payment system that promises no fees and no chargebacks called HyperWallet. From the emails I have exchanged with them they transfer funds between the account and a bank account, and there is supposed to be no chance at all of fraud. Funds are available within about 24 hours once they confirm with the buyers bank and after two emails they promise me there are NO fees! If anyone is interested the website address is http://www.hyperwallet.com
posted on April 18, 2001 09:42:47 PM new
I have never used c2it, but I have Citibank credit cards and have attempted to use their online payment system (ClickToPay) for the last few months. It is down more that it is up, and sometimes you just can't tell if it worked at all.
I almost always end up calling them - at least they answer the phone promptly and apologize very professionally.
posted on April 19, 2001 09:37:43 AM new
I started a Hyperwallet thread earlier in the week but it went nowhere.
From what I read is that Hyperwallet does not allow you to pay via credit card but only through your "virtual wallet" which you must transfer funds to via online banking from your real bank account. For this reason there is no chargeback worries nor is their fraudulant credit card worries as they are not used. Basically a money wiring service through the internet.
posted on April 19, 2001 06:21:44 PM new
I didn't realise it wasn't available in the US yet, I think however when it is, and that is supposed to be any time now I will try it out and see how it goes. I like the sound of no chargebacks and a fraud free service. The biggest drawback is you can't use a credit card, everything else seems ok.
posted on April 19, 2001 06:26:21 PM new
Hi Louissa,
I just wanted to point out that charge backs are always a possibility when accepting payments through credit cards and that there is always a risk of a stolen credit card being used.
Charge backs are consumer rights granted by the credit card companies and consumers can file them (the ultimate decision is rendered by the respective bank.) However, they are not as common as one would think and users can make informed decisions about accepting credit card payments (there are countries that have high credit card fraud rates---Indonesia, Russia, Malaysia) and the safest bet is shipping to the billing address of the credit card.
Just an FYI (yes, I do read all threads, but I think the information is helpful, regardless of the service being used.)
posted on April 19, 2001 07:13:27 PM new
I've been banking online with CitiBank for over 4 years now. I have NEVER had a problem.
Will it be free? doubtful. It will, however, be better. Eventually.
The "citiway" will likely end up as the best. why? Mostly common sense with a bit of citibias from my financial backround. Citibank is very good at making money. On-line payment is a virtual goldmine! PayPal has the right strategies implemented to retain sellers funds (that's how banks make bucks). However, the glitch in the PP system is that they are charging sellers without regard to the balance that they hold in their account. big blunder.
Citibank is a "relationship" bank.
For example:
With PP, I have a "savings account" where I earn interest. I also have a debit card. Two incentives for me to let PP keep my money. Good thinking PP. PP does not charge me to transfer funds into my RL bank? Costs them money as well as loses them money. (duh) It's waaay too easy and FREE for me to take my funds out (hello?). Charge me to take it out. I'll leave it there or I'll pay to get it out. I'll debit at the PO, eBay fees, SA fees, business expenses, etc. They'll be holding even more of my money because I will want all of my bidders to pay me through their free service. Why would I need any other on-line service?
If the PTB are wise (which they sometimes are), citi will devise a plan that charges me to withdraw my funds, but will keep it "free" (for both buyer and seller)when payments are added to my account. Add that to Citibank's reputation for service, technological expertise, reputation, size, etc, etc and here's comes the number one on-line payment system.
Two little known facts:
(1)Citibank's technology created the first ATM.
(2)In some way shape or form, Citibank is in one of every seven households in the US.
hmmmm....
a few months from now we'll ask ourselves "what did PP stand for?"
Wake up, PayPal, or you'll end up in a coma!
*jmo*
posted on April 20, 2001 05:43:56 AM new
Because they use cash-only methods (debit cards/EFT) the seller is free of chargebacks. The buyer gets hit with the fees. That might make sellers happy, and if enough sellers join this, and abandon paypal, buyers will have to accept what they can use.
From the sign-up page:
"Citibank may still send you marketing offers by telephone, mail and e-mail. If you do not want to receive such marketing offers, please write to c2it, P.O. Box 44191, Jacksonville, FL 32232 and include your name, address, social security number and tell us you don't want offers by mail and/or phone and/or e-mail."
So they WILL SPAM YOU until you tell them to stop. I feel that if they send ads by email, I should be able to send an email telling them to stop ...
"5. We will always maintain control over the confidentiality of our customer information. We may, however, facilitate relevant offers from reputable companies. These companies are not permitted to retain any customer information unless the customer has specifically expressed interest in their products or services."
So they will spam you on behalf of other companies (and undoubtedly charge a hefty fee for doing this).
"Currently there is a $2.00 Send Cash fee. As of April 30, 2001, the following Domestic fees will be in effect. If you are currently within the first three (3) months of your c2it Membership, your Domestic Send Cash Transaction Fees will remain waived until the three (3) months have expired. International Transaction Fees will not be waived."
And after the three months, here's the fee schedule:
Send Cash from any linked Citibank Credit Card/Debit Card ... 1.0 % of transaction, minimum $.50
Send Cash from any linked Other Credit Card/Debit Card ... 2.2 % of transaction, minimum $.50
Send Cash from any linked Checking or Savings Account ... 1.0 % of transaction, minimum $.50
Request a Check $ 3.00
"If you use a Card Account to Send Cash, the financial institution which issued your Card Account shall determine whether to treat the transaction as a purchase or a cash advance and whether any additional fees will apply. "
So you COULD get hit with cash advance fees from your bank.
EDITED TO ADD:
"Under certain circumstances, the law allows us to use the money from any Citibank Account in your name or that you jointly own with another person to pay any amount you owe to us. This is called the "Right of Setoff." We are not required to give you advance notice of our intent to take such action; if we do take such action, we will notify you afterwards."
So you could have your acounts
posted on April 20, 2001 11:03:18 AM new
I had a meeting with C2it to discuss their service. A lot of good ideas were put on the table. However, none of them have been implemented and therefore I have not yet rated them on my site Payment service ratings. I will accept it if one of my customers asks for it but I have not yet signed up.
They don't move as quickly as some services to implement changes because, being a bank, they are subject to strict rules and everything has to be checked out by a team of attorneys. Then again, because of this, they won't be ask quick to dismiss their customers as certain other services have and I am sure they have far better fraud prevention techniques. Even after the 3 month free period, their rates are lower than some other services and even less so if a Citibank card is used.
Right now, my favorite credit card payment service is Moneyzap. They accept Amex cards and are currently free.
posted on April 20, 2001 01:58:33 PM new
morgantown:
Where have they been?
yisgood hit the nail on the head. Banks are so incredibly over-regulated it will make your head spin. That's one issue.
Next issue, most "cutting edge majors" wait to see the bugs in other people's ideas (unless it is there own technology). That ties into where they've been #3 Would the majors risk their reputation on start up glitches? nope. They've got lotsa R & D cash ~ it's not worth the risk. A product needs to be functional at the time it appears for the public.
Citibank specifically, has been a front-runner with technology. Several years ago they were contracted to help with issues regarding the food stamp program. Citibank created the technology for debit type swipe machines and "atm type" cards that are replenished monthly with food stamps credits. In placing the card reader at test sites, they discovered thousands of "adult clubs" and bars that had been accepting food stamps. Gee, the US Government couldn't do that.
Citibank is also responsible for the first "interest-bearing" checking account.
Citi will spam you until you tell them to stop
I have had a Citibank credit card for 14 years. I asked that I not be contacted once and I haven't been bothered.
Can you say the same of eBay?
The right of setoff
Most banks have had this in their account opening disclosures for several years.
If you owe money on your checking account or credit card for extended periods of time, they reserve the right to access your savings account to pay the debt owed them.
nothing wrong with that. If your kid owes you money and doesn't pay you back per your agreement, you take it out of the penny jar you've been holding to save up for a pet turtle.
edited cuz i canned spel
only ZOOMIN here
[ edited by zoomin on Apr 20, 2001 02:01 PM ]
posted on April 24, 2001 06:13:59 AM new
From today's Newsday:
C2it is revamping their online service. Fees, charged to the buyer, will be 1% for each transaction from a Citibank card with a minimum of 50 cents or 2.2% frm a non-Citi account. Starting next month, consumers will be able to send money to 30 countries using C2it. The company is also testing to see whether C2it can be used to send money through ATMs.
So its advantages over some of the other services:
-it's backed by a real bank, not a bank-wanna-be (or actually dont wanna be, since they want to make up the rules as they go along)
- fees are charged to the buyer, as they should be. Forcing the seller to raise prices for everyone in order to accomodate those that use a payment service that charges fees, is just silly.
- fees are lower than the other service, particularly if a citi card is used
- first three months are free
C2it also has some innovative plans that they should soon be announcing.
Stay tuned for a major announcement from another huge financial institution.
posted on April 24, 2001 01:49:29 PM new
>>Buyers will not use it. Forget about it. Don't even waste your time thinking this scheme will work.
Sellers, you're being penny-wise and pound-foolish. Implement "buyer pays fees" CC technology will GUARANTEE that your bidders will go elsewhere. <<
Buyers will use it for many reasons. 1) it's free for the first 3 months. Most of my buyers are first timers. 2) Most sellers are charging paypal fees, if not openly, then built-in to their handling. I discount my handling if other payment methods are used. I have no problem giving the buyer a 1% discount for using C2it. C2it also pays a referral fee and I would give that to my buyers. 3) Lots of folks already have a citibank account or credit card. C2it will intergrate nicely. 4) With the paypal and paydirect stories floating around, I think many folks would feel safer using a real bank.
The bottom line is that buyers are very foolish if they think they are not paying the fees. When you shop in a store, you are paying their credit card fees even if you use cash. I think it is fairer to charge these fees only to the folks who use these services. But the same folks who think that "9.99" is a much better price than $10, think that they are not paying fees if they are not explicitly stated.
posted on April 24, 2001 02:23:58 PM newyisgoodWith the paypal and paydirect stories floating around, I think many folks would feel safer using a real bank.
Yisgood, I've seen nothing on their site to lead me to believe that any of the funds are FDIC insured. Yes CitiBank is a member of FDIC, but I've never seen mention that C2it funds fall under that protection. In fact C2it doesn't supply some safeguards that others offer.
Citibank will not be liable for any loss resulting from a cause outside of its direct control, including but not limited to failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, "hacking", theft, operator errors, unauthorized access, or environmental conditions.
I agree that placing the fees on the buyers end is a bad business model. MoneyZap's original business model was to have the buyers pay the fees, the abandoned that for a a reason.
posted on April 24, 2001 03:07:39 PM newDo buyers really think that if they don't actually see the fees, that they're not paying them?
Actually I don't think they think about it. If you shove it infront of their face they'll probably had a negative reaction. I know that when I purchase groceries the bag boy is paid from prices I've paid for the groceries. If a store was to tack on 10, 15, or 25 cents as a bagging fee they'd probably find it very unhealthy for their business.
posted on April 24, 2001 04:39:42 PM newI've seen nothing on their site to lead me to believe that any of the funds are FDIC insured. Yes CitiBank is a member of FDIC, but I've never seen mention that C2it funds fall under that protection.
Shouldn't be a big concern. Odds are awfully slim that Citibank will be declared insolvent and shut down by the feds. Also, the feds try to arrange a takeover by another financial institution whenever possible first -- an FDIC insurance payout is a move of last resort.
I covered a number of bank shutdowns back in my reporter days. Not a one of them was a surprise to the local community. Rumors ran rampant for days before a shutdown.
This is the part I don't get. Half the payments I receive in the mail are money orders. I'm quite sure that cost isn't hidden from the buyer, yet they never seem to complain about it. Why is it different with online payments (which may or may not be made by using a cc), the cost of which is much less than an envelope, stamp and money order?
I know that when I purchase groceries the bag boy is paid from prices I've paid for the groceries. If a store was to tack on 10, 15, or 25 cents as a bagging fee they'd probably find it very unhealthy for their business.
I guess we're just coming at this from different directions. At the market I usually go to, they have a whole platoon of bagboys (and girls) who are particularly aggressive in their attempts to take your groceries to your car for you. I prefer not to avail myself of their assistance, but I'm clear on the fact that I am paying for them to be there nonetheless. If they weren't all busy loading groceries into cars in the parking lot, they'd need a lot less bagboys. Given the option, I'd prefer not to pay for all of them, but so far, the market has never offered the choice.
I prefer knowing what I'm paying for, and not having to pay for things I don't want just because it is a convenience for others to not have to think about it, but that's just me...
posted on April 24, 2001 05:15:46 PM new
Loggia -
"Still no one has answered: why can c2it charge fees to buyers when Visa/MasterCard/eBay/PayPal say you cannot add fees for accepting Visa/Mastercard?"
Because they are using DEBIT cards, not credit cards.
posted on April 24, 2001 05:33:12 PM new
"Still no one has answered: why can c2it charge fees to buyers when Visa/MasterCard/eBay/PayPal say you cannot add fees for accepting Visa/Mastercard?"
1) You can not charge a fee for accepting credit cards. You can charge a fee for accepting ALL payments. C2it charges whether you are using a credit card or your bank account. It is also legal (even on ebay) to say "handling fee of 2% added to ALL transactions. Discount of 2% for non credit card payments." It amounts to the same thing as a credit card charge but keeps the whiners from complaining.
2) Citibank has its own credit card which is very widely used. This gives Citibank a little more leeway in interpreting the rules. Have you noticed that the fee is only 1% if a citibank card is used?
posted on April 24, 2001 08:43:52 PM newyisgoodFrom today's Newsday:
C2it is revamping their online service. Fees, charged to the buyer, will be 1% for each transaction from a Citibank card with a minimum of 50 cents or 2.2% frm a non-Citi account. Starting next month, consumers will be able to send money to 30 countries using C2it. The company is also testing to see whether C2it can be used to send money through ATMs.
Yisgood,
Were there two articles in Newsday about C2it or did you edit this article?
Newsday 04/24/01
Citigroup is revamping one of its newest products, an online payment system, which some industry observers say has floundered since its inception six months ago.complete article
If you saw another Newsday article my apologies, but if this is the article then I think you're obliged to supply the URL and let people see the complete article.
[ edited by zoomin on Apr 20, 2001 02:01 PM ]