By Mohammed Waseem
The technological innovator, Ribbon that launched the in-stream payments option and invited merchants to sell products on Facebook, Twitter, YouTube and their own websites has another great service to offer to American residents. It is the peer-to-peer money transfer service, compared to PayPal and Stripe.
They intend to simplify the complex world of payments. For merchants, they have the platform to sell on social networks and on their own websites, but for everyone else, they have a way to send and receive money online, on any device.
It works really amazingly and the users get a unique link to their profiles that can be shared for senders to send money to them. For example, if my username is waseem, my profile is at ribbon.co/waseem. Senders can pay using their Ribbon account balance, a debit card or a credit card. Another great feature is that if the sender appends the URL with the amount, the amount is pre-filled when the profile loads. For example, ribbon.co/waseem/5.50 pre-fills $5.50.
Ribbon users can send money to anyone with an email address or to the recipient’s Ribbon account. If they have a Ribbon account, recipients receive the money in their account. Otherwise, they can follow the instructions in the email to claim the money using a bank account or a credit card. Limits apply for unverified users to cash-out money from their Ribbon balance, which is $500 a month. Verified users can cash-out as much as $10000. They can cash-out to any US bank account and most major credit cards.
No fee is applicable for using a debit card with a Ribbon account, but a 3% fee is applicable per transaction for credit cards. The service is not available on demand, if users have not yet signed up. They would have to request for an invite by entering their email in the ‘Reserve your Username’ field here.
The service is really great as it does not require both the sender and the recipient to have a Ribbon account to send or receive money; only one of them needs to have an account with Ribbon. The fact that registrations are delayed hints that there is a huge demand for the service. Currently, the service is available in the US only, but maybe expanded with time.