RefPay Feedback

[bainsey]

Thanks for the feedback. I'm meeting with our board's president this week to go over our options, and present them at our semi-annual business meeting this weekend.

It sounds to me like RefPay has similarities to PayPal. That is, if you sell something on eBay, it credits your PayPal account, and you can decide where to move the money (typically, to your account). My question is, do some vendors accept RefPay for payment (like PayPal)?

Camron, thanks for the heads up about RefTown. We'll check that out, too. Any other RefTown users?

[Sharpshooternes]

Originally Posted by BadNewsRef

Never said it wasn't simple. Still, the money is not in your bank account when you are paid as could be inferred by certain comments in this thread.

No but it can be momentarily. It really is easy and a good system. Do you like it or not?

[Sharpshooternes]

Originally Posted by Adam

Picking on the diction doesn't change the fact that there's an important distinction here. The money isn't guaranteed. Not that it's really in danger, but I still move it asap.

That is why we said it is like a bank account as in similar, not it "is" a bank account. And your check that is supposed to come in the mail is way more guaranteed than RefPay.

[Sharpshooternes]

Originally Posted by Camron Rust

Making the transfer costs them money...not anything near $2 but it costs. If they do auto-transfer, they probably incur more transfer fees...one for each payment you receive. But, if you manually transfer the money, they get to lump each payment into one paying only one fee to have the transfer made at the time you log in and make the transfer.

I chose to offer a different payment service on RefTown. It is a true direct deposit contracted out to a 3rd party. The money goes directly from the organization making the payment to the official's account. The money is never in RefTown's accounts and is immediately available to the Referee (after the Bank's normal electronic transfer delays). RefTown just facilitates the transaction. It is also cheaper for the organization than either RefPay or printing and mailing a check and it is free to the official.

Maybe this is a better option.

[Raymond]

Originally Posted by Sharpshooternes

No but it can be momentarily. It really is easy and a good system. Do you like it or not?

I definitely like it. But it doesn't change what BBR said about the money not being insured or what I said about it not being in your bank account until action is taken by the payee.

[DLH17]

I love RefPay's e-mail notification feature. EFT transfers are fee, as well.

[Adam]

Originally Posted by Sharpshooternes

No but it can be momentarily. It really is easy and a good system. Do you like it or not?

For my bank, it takes a full day, so "momentarily" isn't really accurate.

[BktBallRef]

Originally Posted by fiasco

Actually it is "like" a bank account, as in it has similar features. It is not actually a bank account, although I doubt anyone here was confused about that fact.

Maybe you didn't read what I wrote.

It is NOT basically like a bank account in that it is not federally insure like money in a bank is. If they were to go under (bankrupt) and you had money still in your account, you're pretty much screwed. If some unscrupulous person in the company stole all the meny and flew to some far away country, again you're screwed.

BTW, it's also not basically like a bank account because you can't write checks on it, setup a bill pay system with it, nor can you draw any interest from the money.

The only features it has similiar to a bank is that you can transfer money out or have it placed on a prepaid MC. I believe my cons outnumber your pros 4 to 2.

No, it is not basically like a bank account. bainsey asked what are your thoughts on the service? Whether you agree with me or not, these are the things IO learned when we inquired about it. Posters who are not familiar with the service need to know these things before they make a decision regarding it's use.