RefPay Feedback

[BktBallRef]

Originally Posted by Sharpshooternes

It is really good. It is basically like a bank account. They deposit the funds into your account, usually same day. I then can have it direct deposited right into my bank account. no more social security numbers or worrying about if the proper paperwork got done.

No, it is not basically like a bank account. If these people go under and they still have your money, it's gone. It is not federally insured like a bank is.

[Sharpshooternes]

Originally Posted by BktBallRef

No, it is not like a bank account. If these people go under and they still have your money, it's gone. It is not federally insured like a bank is.

Works similarly minus the insurance. Not like any of us do it for the money anyway or will be broke if it did go under.

[Raymond]

Originally Posted by Sharpshooternes

Works similarly minus the insurance. Not like any of us do it for the money anyway or will be broke if it did go under.

So it wouldn't bother you if you lost 1, 2, or 3 thousand dollars b/c you don't do it for the money? I know many officials who only do it for the money.

And the money is deposited originally to your RefPay account. It doesn't make it to your personal bank account until action is taken.

[jTheUmp]

Originally Posted by BadNewsRef

So it wouldn't bother you if you lost 1, 2, or 3 thousand dollars b/c you don't do it for the money? I know many officials who only do it for the money.

And the money is deposited originally to your RefPay account. It doesn't make it to your personal bank account until action is taken.

So as soon as it gets deposited into the RefPay account, have it transferred to your bank account. Simple enough.

[Raymond]

Originally Posted by jTheUmp

So as soon as it gets deposited into the RefPay account, have it transferred to your bank account. Simple enough.

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.

[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?

[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.

[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.

[Adam]

Originally Posted by jTheUmp

So as soon as it gets deposited into the RefPay account, have it transferred to your bank account. Simple enough.

I just check when I know money is coming. I've never had more than $120 or so in there at a time.

I'm not interested in paying their fees for automated transfers.

[Nevadaref]

Originally Posted by Adam

I just check when I know money is coming. I've never had more than $120 or so in there at a time.

I'm not interested in paying their fees for automated transfers.

I did not know that there was a fee for an auto transfer. I was told this by one of my fellow referees this Fall season. So I did some investigating. It appears that there indeed is such a fee and it is about $1.50. Why?

I sign-in and manually do the transfer so there is no fee charged to me as the official. There is of course a fee charged to the paying administrator for generating my paysheet. The highest possible fee at this time is about $2 per paysheet.

I'll add that I have been on both sides of this with RefPay. So I have seen all the fees charged to the paying administrator. I have contacted RefPay and advised them that charging the officials is not in their best interest. Keep the fees on the people who make the payment, not those who receive them. These people don't have an issue with it as it actually saves them money since they do not have to cut a check and mail it, which involves a postage cost as well as the cost of the paper, ink, and envelope, plus the time of the person who must perform these tasks.

[Camron Rust]

Originally Posted by Nevadaref

I did not know that there was a fee for an auto transfer. I was told this by one of my fellow referees this Fall season. So I did some investigating. It appears that there indeed is such a fee and it is about $1.50. Why?

I sign-in and manually do the transfer so there is no fee charged to me as the official. There is of course a fee charged to the paying administrator for generating my paysheet. The highest possible fee at this time is about $2 per paysheet.

I'll add that I have been on both sides of this with RefPay. So I have seen all the fees charged to the paying administrator. I have contacted RefPay and advised them that charging the officials is not in their best interest. Keep the fees on the people who make the payment, not those who receive them. These people don't have an issue with it as it actually saves them money since they do not have to cut a check and mail it, which involves a postage cost as well as the cost of the paper, ink, and envelope, plus the time of the person who must perform these tasks.

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.

[fiasco]

Originally Posted by BktBallRef

No, it is not like a bank account. If these people go under and they still have your money, it's gone. It is not federally insured like a bank is.

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.

[Adam]

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.

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.

[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.

[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.