I just launched my new startup, and was hoping for some feedback. It's a micropayments site based around selling digital content, with a focus on making it dead simple for sellers to set up.<p>https://www.rubypay.com
<i>RubyPay has zero transaction fees.</i><p>I like the way you've worked around the transaction fee issue by offering different rates for buying and redeeming. The cheapest points are $0.00769 to buy and redeeming gets you $0.00667. So, on average, for every $57.69 coming in (or more, if people buy in smaller amounts), you're paying out $50, plus any interest you earn on parked balances.
Hey there, great initiative, make sure that you get approval to run a 'wallet system' or you could find yourself in a ton of trouble. Maintaining a balance on behalf of customers comes with a ton of responsibilities, in the EU you would be considered a bank.
How much time have you spent with lawyers and consultants on your verbiage, terms and agreements with payment processors? The thing that worries me about any new payment startup is whether they've covered all the right bases... if they haven't, they can be out of business overnight when they realize what they missed. It's a fine line between selling points and factoring (processing payments on behalf of another business), where factoring is contractually forbidden in almost every merchant account and 3rd party processor contract.
You should really find a way to incentivize people who want to pay to join the site. I can't even figure out how to join as a payer, let alone a reason why I should.
+ points:
Like the simplicity, if customer experience is good I would definitely try this for my blog<p>- points:
Need to support more payment options e.g. Paypal and Google checkout. No way am I putting my credit card into your application. If you are storing these details I also hope you know you have to be PCI-DSS compliant
Small bug: edit profile to add address etc gives you an error because the change password verification box is empty
It's a good idea. I like the idea that this can get around the high transaction costs per transaction, but the points system is a little confusing. The one line of code thing is cool and should be easy to get publishers to try it.
I could see myself using your service to charge monthly for access to a webapp. Do you have any plans for that, so that a user has to pay only once per month instead of each click? Apologies if that is already in place.
what's the phrase... content drives adaption... you are going to need some very compelling content providers to make this work.<p>have you considering to find a niche of content that people might pay for? istockphoto does seem like a relevant example... there are also lots of niche services that people pay for... like elance, 99designs, trada...