A possible new way to tranfer money or pay bills

Posted by mcbuffalo on February 3, 2009, 10:07 am

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I am studying the market for bill pay services to determine if there
is room for a service that uses direct deposit to pay bills or
transfer funds between accounts for about the same price and in about
the same number of banking days as writing and mailing a check.

Once one has the capability of transfering money between accounts,
there are several interesting things that can be done. For instance
if you have a reloadable Mastercard or Visa card and know the
underlying bank account info, you can use such a service to load the
card and then use the card to obtain local currency from an ATM
anywhere in the world. Possible a good application for immigrants who
send money to the folks back home.

Such a service could be accessed thru QuickBooks to pay vendors with a
little cooperation from its makers. Or it could be accessed directly
on the web.

Anyway, the short survey is at
http://tinyurl.com/MoneyTransferSurvey
and I will be grateful for all those who take it.

Paul