Searching for a John Donahoe quote this morning I came across these comments in an April article on Barrons “eBay: Prepare For More De-Megification“. Click image to embiggen and make clearer.
You made me laugh out loud. Thanks guys!
Y’all come back!
Prominent (and modest) UK public relations firm Fishburn Hedges
“A bespoke team is put together for each client, creating something genuinely different. The result is powerful: fully-integrated communications programmes based on clear insight and deep experience.”
issued a press release on behalf of their client MoneyBookers February 5th. It trumpets
“The Moneybookers partnership is part of eBay’s efforts towards making its own online checkout process a more consistent and secure experience, providing a better choice to its sellers and buyers. A system like Moneybookers directly integrated on eBay.com will allow for a more efficient and reliable service, increasing the safety of both buyers and sellers in every single transaction as well as ensuring the best possible conversion rates during the checkout process.”
I realize that Fishburn Hedges job is to make MoneyBookers look good but guys, that just is not the most diplomatic language to use about eBay or their payment service PayPal.
To be fair PayPal is relatively efficient and a good system for sellers just as long as it is not being used on eBay. Fishburn Hedges spinners should know right now that Paypal is the only safe way for buyers to pay on eBay. I know that this is true because eBay tells me so, ad nauseam.
Unfortunately either the ‘fully-integrated communications programme’ is suffering from a strategic lack of communication somewhere along the line, or, there is no intention to permit US users to utilize MoneyBookers services. I am beginning to wonder. Might I respectfully suggest that no further trumpets be tootled in the USA until there is something to toot about?
This is the second national level press release on this subject. U.S readers might well assume that the service is available. They would be wrong. The headline says
“eBay.com Integrates Moneybookers as one of its Official Worldwide Accepted Payment Providers”
Maybe eBay has integrated MoneyBookers, however at 7pm London time on Friday February 6th the MoneyBookers website is still returning this message:
click image to enlarge
The questions are:
Some tidbits about Fishburn Hedges:
Fishburn Hedges is owned by Abbott Mead Vickers, the UK’s largest advertising agency, which is in turn ultimately owned by the global communications group Omnicom.
Fishburn Hedges was the organizer of the tobacco industry front group Associates for Research into the Science of Enjoyment, or ARISE
Isn’t that interesting? As Auntie May would say “Lie down with dogs, get fleas”
Y’all come back!
Adding to the line up of eBay approved payment processors, Dinesh Lathi, VP Seller Experience announced yesterday that Moneybookers UK will join ProPay USA and Paymate AU to become the third uncompetitive alternative to PayPal. The link provided by eBay leads to an informative blank page saying “coming soon”.
Why am I talking about beards? ProPay, Moneybookers and Paymate are the beard (One who serves to divert suspicion or attention from another - American Heritage Dictionary) eBay suits have donned in hopes of avoiding lawsuits or deflecting charges of violating the Sherman Antitrust Act, Sec.5 of the Federal Trade Commission Act, and Sec.7 of the Clayton Act which regulates exclusive dealing contracts, tying agreements, or requirement contracts. Think of it as a prophylactic (def.5) and you won’t go wrong.
Yet another relatively unknown service provider to US sellers, London based Moneybookers is well established in the highly regulated European Economic Community. A characteristic shared with PayPal is its incredible popularity with the phishing set, but I digress.
Note: All rate conversions quoted here are at today’s rate and are subject to change daily. It is quite possible that Moneybookers will eventually offer a different rate to those currently shown on their website for eBay related transactions, and also that those eBay rates may be limited to Power Sellers.
In brief
Moneybookers is not a bank; does not pay interest on any balances in the Customer account & accounts are not insured by any government agency. Having more than one Moneybookers account is strictly prohibited. You may have up to five email addresses. Moneybookers offers an escrow service which carries a 1% (minimum 2 euro or $2.70 at today’s rate of exchange) fee paid by the buyer.
I strongly recommend you read every word of the Terms of Service. Pay particular attention to Section 5.2, Section 7.4, and Section 11 - Termination.
At first glance Moneybookers appears to be more convenient than PayMate, however the buyer pays to send money (0.5 EUR or $US 0.68) which has never appealed to the US buyer. From their website:
How it works
Personal account:
Moneybookers is very different to PayPal. First, you ‘fund your account’ by ‘uploading money’, to upload money by direct transfer from your bank account is free, to upload money from your credit card will cost you 1.9%. I suspect debit cards may be treated like credit cards but I could be wrong. As mentioned above there is a fee of 1% to a maximum EUR 0.5 ($US 0.68) to send money. Moneybookers really doesn’t want you to withdraw money, that costs EUR 1.80 (($2.42)) for direct bank transfer and a whopping EUR 3.50 ($4.73) by check.
Merchant Account:
Section 12.8 of the Terms of Service would seriously concern me as a merchant, it appears to authorize a EUR 25 charge ($33.58) for refunds or chargebacks. On eBay that would be like adding glue to the screw.
12.8. A bank transfer, direct debit, credit card or any other payment first received by Moneybookers or a merchant of Moneybookers from a Customer and then returned to the originator for any reason - whether upon his own request or by request of his bank or payment provider - will incur an administration/chargeback fee of up to EUR 25 per transaction.
As is increasingly standard in the industry transaction rates vary according to monthly volume, scaled from 1.9% for volume under EUR 1500.00 ($2015) to 0.9% for volume exceeding EUR 100,000 ($1,343,363.78); there is an additional EUR 0.29 ($0.39) per transaction fee.
It appears Merchant accounts also pay a flat rate EUR 1.80 ($2.42) fee per bank transfer withdrawal. Interestingly Moneybookers offers a ‘chargeback insurance’ rate at a cost to the merchant of a mere 6.9% to 7.9% per transaction. Nice truck!
Moneybookers has an affiliate program which could provide an additional income stream for sellers.
Y’all come back!
Go Figure - UPDATE January 10th 2009
An announcement is made on eBay.com, the USA site, that Moneybookers is now an approved payment processing provider. A US resident registering with the service receives the message shown on the left. Please click the image to enlarge.
