Quote:
Originally Posted by paxum
sorry to post the explanation on two threads but since it was asked twice please bear with me till I find my way around GFY.
How casinos could match your deposit is because you will eventually play that money there and will loose it. Statistically the overwhelming majority will play till they loos everything or there are some find print that says you have to play the free money given several times over before withdrawing it making sure you dont see any money. At Paxum we believe we should be transparent and if we do some promotion we will not make 100 fine prints to laugh at users and just bullshit them. If we give it away we have to give as I explained in my post close to $100 per account to pay for the expenses and those $100 will not be made back before years and years. everybody is used to very low fees and trust us that we make pennies on some transactions and on other transactions we eat up the fees to make it bearable for cardholders. We simply cannot make back $100 from fees and giving that away to people that might abuse it and bring all their friends and family mmebers in just to get $20 free is simply not worth unless the fraud is managed in perfect way. And if the fraud is manage too well that always comes with complains and abuses where real people will be denied their fair chance and again we are back to square one. We will consider the idea and I thank you and the rest for the suggestion but thats not a decision that can be taken in one day and not by myself alone.
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Well like I said, it doesn't have to be money on card - it could be that fees are waived for the first 90 days including the card fees for the first 1,000 members or something like that. Even to say the money on card thing can't be recouped is a little shortsighted given by far the largest payment processor online started that way and now makes an absolute killing.
It's not to say you have to do it for all members you get, but the first X members so that you guys get started off on a strong foot. I have to admit that while Payoneer took a bit longer to come here, their first post was much better than Paxum's first posts and included a very good thing to help alleviate trust issues - that their cards are FDIC insured. They're the first to have said that or anything like that so far.
I do appreciate you coming here and offering up responses as I'm sure others are. The fact of the matter is that you guys really should be doing EVERYTHING you can to get members in the door, which I think should include some "loss leader" tactics since you're going up against established players. I mean sooner or later, a smart company in your field will take a look at PayPal's beginning and do the same, and you all will be left wondering how you missed the bevy of post-Epassporte opportunity that was there before that company takes all your biz.
There's not room for a lot of competition in this area as people only want to use 1 or maybe at most 2 of you, and as I and others have mentioned, many of us are simply waiting to see which 1 or 2 will really step up and take the bull by the horns and prove themselves viable and worthy of our business.