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January 30, 2014 12:00 am GMT
Payment company Ribbon, which to date has offered a merchant-facing tool that allows its users to set up a quick-and-easy checkout page on their own sites or share checkout links via social media, is today getting into the business of peer-to-peer payments, too. We first spotted this service while in development last November, when the company had put up a website teasing its forthcoming product as a way to instantly send money to friends over the web. Today, that service has arrived. Explains Ribbon CEO Hany Rashwan, the idea to move into person-to-person payments arose after watching how Ribbon’s current customer base was using the service. To date, the company has seen 10,000 merchants and non-profits sign up for Ribbon, including companies like Target and organizations like the American Cancer Society (Relay for Life), among many other smaller vendors. Not too long ago, Ribbon’s anti-fraud models began alerting the company to the fact that odd payment amounts were being shuffled through the service. “As it turns out, people were using [Ribbon] to do things like collect invoices, collect payments, or as an online cash register – and that’s actually the way that PayPal is predominantly used today,” Rashwan says. In addition, the company found that a lot of users had begun to adopt Ribbon for personal payments, too.”It’s not the Ribbon demographic at all,” he notes, adding that the majority of merchants on the platform were professional sellers – those who made their living selling online. To address the use cases that already existed, Ribbon is today launching its consumer-facing tool. The merchant product will not go away, however. It’s still available at a separate address linked to from the main Ribbon homepage, and will continue to account for the majority of Ribbon revenue – a figure that’s still undisclosed. (Ribbon is also preparing to launch a new embed tool for merchants, which is now being tested). With the new consumer service, Ribbon will step into a crowded space where it competes with other payment options like PayPal, Google Wallet, Venmo (also owned by PayPal), and Square Cash. The difference here, besides not yet being available in a native app format, is that Ribbon works with both debit and credit card users, and will allow you to send payments to others without first having a Ribbon account. The receiver does need a Ribbon account to accept the money, butRashwan says
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/x7lNkMLe4_4/
Ribbon Takes On Square Cash, PayPal & Others With A Peer-To-Peer Payments Service That Lets You Send Money For Free
Payment company Ribbon, which to date has offered a merchant-facing tool that allows its users to set up a quick-and-easy checkout page on their own sites or share checkout links via social media, is today getting into the business of peer-to-peer payments, too. We first spotted this service while in development last November, when the company had put up a website teasing its forthcoming product as a way to instantly send money to friends over the web. Today, that service has arrived. Explains Ribbon CEO Hany Rashwan, the idea to move into person-to-person payments arose after watching how Ribbon’s current customer base was using the service. To date, the company has seen 10,000 merchants and non-profits sign up for Ribbon, including companies like Target and organizations like the American Cancer Society (Relay for Life), among many other smaller vendors. Not too long ago, Ribbon’s anti-fraud models began alerting the company to the fact that odd payment amounts were being shuffled through the service. “As it turns out, people were using [Ribbon] to do things like collect invoices, collect payments, or as an online cash register – and that’s actually the way that PayPal is predominantly used today,” Rashwan says. In addition, the company found that a lot of users had begun to adopt Ribbon for personal payments, too.”It’s not the Ribbon demographic at all,” he notes, adding that the majority of merchants on the platform were professional sellers – those who made their living selling online. To address the use cases that already existed, Ribbon is today launching its consumer-facing tool. The merchant product will not go away, however. It’s still available at a separate address linked to from the main Ribbon homepage, and will continue to account for the majority of Ribbon revenue – a figure that’s still undisclosed. (Ribbon is also preparing to launch a new embed tool for merchants, which is now being tested). With the new consumer service, Ribbon will step into a crowded space where it competes with other payment options like PayPal, Google Wallet, Venmo (also owned by PayPal), and Square Cash. The difference here, besides not yet being available in a native app format, is that Ribbon works with both debit and credit card users, and will allow you to send payments to others without first having a Ribbon account. The receiver does need a Ribbon account to accept the money, butRashwan saysOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/x7lNkMLe4_4/
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