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Mar 26
2010
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UseMyBank say NO to $1 Million dollars from Dragons DenPosted by: Dave on Mar 26, 2010 Tagged in: UseMyServices , UseMyBank , payment processing , online payments , multiple payment options , ireland
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UseMyBank, who provide alternative online payment methods were recently featured on the Canadian version of the 'Dragons Den' venture capital investment TV series. The two founders, Joseph Iuso and Brian Crozier were seeking for $1 million dollars (CAD) in return for a 5% stake in their company, valuing the fledgling business at $20M (€14.7M). After their pitch the dragons collectively counter-offered an investment of $1 million dollars in return for a 40% stake in the company, an offer which values the company at $2.5M (€1.8M). After some intense discussion Iuso and Crozier rejected the offer, something that had not happened in the history of Dragons Den.
Since their appearance on Dragons Den, UseMyBank have re-branded their company as UseMyServices, they have launched a new website and expanded their operations to Mexico and Australia. The core service - discussed in their pitch on Dragons Den, is an alternative form of online payment. It allows a customer to pay for the goods or services directly from their online banking. UseMyBank not only verifies that the funds are available in the customers account but it also moves the funds in real-time. Unlike traditional forms of online payment there is no settlement period and thus no waiting for the funds to clear.
At present UseMyBank is available to 1.6 billion online banking customers with 45 banks in 9 countries. Unfortunately there are currently no Irish banks supported, four of the major UK banks are however. UseMyServices are currently expanding in Europe and are expected to begin supporting Irish banks in the near future, which we will be reporting on in due course.
Dave
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written by Roberto Coyleo , March 26, 2010
Do you think this spells trouble for the Extorti... ahemm... Credit Card industry? You think the banks would throw up all kinds of blocks against this.
written by website design ireland , March 29, 2010
hi rob, i doubt this service will pose a threat to the CC companies, they have too much swing, even with the likes of Realex here in ireland and netbanx/worldpay in the uk offering maestro/direct debit payments a lot of people still like the added insurance and peace of mind that credit cards can offer when buying online.
