Is this yet another damned purveyor of merchant accounts for $249 and one who retains 35% as a "guarantee"?

Or am I missing something??:winkwink:

You're missing a lot.

Anyways, bump for Brad and Co. 'cause they're such great guys. I'm sure 123Bill will be huge. And to whoever suggested that someone like Brad would shut up shop and run off with rebills doesn't know of his reputation. He's stand up.

Obviously, collecting on adult is going to be harder than mainstream, but the sizeable cut they take suggests that they're being realistic about it. I'm sure they'll be able to knock that down over the next couple of years as they improve their system and their methods.

Hi Everyone,

Looks like there's a few new things here for me to address, so here goes.

1) The $249 setup is waived for merchants that are currently transacting business. So, if you're a NewB that's not doing any business you're going to pay a setup - if you're an established business you will not. The note about waiving setup was in a press release but is not currently reflected on the web site. Our goal, to attract qualified merchants who recognize the opportunity - not to make money on setup.

2) 123Bill is an option that is available to all US residents that are 18 years of age and older, regardless of credit history or worthiness. There are no interest or fees charged to the consumer and they are given 30 days from the date of purchase to remit their payment... the physical bill gets mailed the same or next business day after purchase.

3) Of course you can check out a signup form, you can go here: http://sinbucks.com/mpa2/signup/14/j...eferrer=&prg=0 This is one of our SinBucks pay sites so if you actually go through the process, please contact me directly to void the transaction. Click on the button near the top which says "Get Instant Access, Mail Me the Bill".

4) From the outside a 35% fee sure does seem high. However, realize that this is a guaranteed net payout for merchants which is not subject to chargebacks, reserves or uncollectables. The bulk of this "fee" is ultimately to accomodate for funds that go uncollected for whatever reason. The only exception to this rule would be affiliate or merchant fraud.

If you're comparing this to a traditional merchant account then you're misunderstanding the opportunity. Here I'm telling you that you can sell a recurring full price membership, free and cheap trials... in lieu of sending this same traffic to a dialer or 900 number where your net collections would be much lower than our 65% on gross and you would not have the opportunity for rebilling.

To further put all of this into perspective... The average new account with a 3rd party billing company is paying 15% with upwards of a 10% reserve for 6 to 12 months. That's still 25% that you're giving up right away to a company that is getting settlement on their merchant account (guaranteed funds) within days. We give the consumer a net 30, you simply can't compare the risk but I would think most see this as I do after thinking about it... a 10%+- premium over 3rd party billing for a guaranteed payout on discreet pay-later billing ain't bad. 3rd party CC billing companies are passing along chargeback fees now, etc. That will certainly eat into reserves, at the least.

I'm not prepared to be quoted on check return and processing figures but I believe that if a gallop poll was taken we would all see that returns and the total cost of accepting checks can be as high or even higher than 25% on original gross billings after return check fees are levied, etc.

I see many friends in the thread posting kind comments, thank you for your support :)

Cheers,

Brad

excellent, brad. :thumbsup

people, read this. understand it - from all angles. it's a win-win.

Brad and Jason are stand-up guys. Looking forward to the new program!

Just to piggy back on what Brad laid out about the program:

123Bill is an ALTERNATIVE processing option. We do not intend to replace existing processing solutions! That would negatively impact your bottom line. We strive to POSITIVELY impact your bottom line by offering a solution to those surfer's/Customer's that choose NOT to give out CC/Checking information online.

A good percentage of Credit Card transactions are declined ( we've heard numbers between 30% and 50% ), by WILLING purchaser's. Where are they going? If you do not have a viable alternative in place to process for these customer's you are losing an income opportunity.

We encourage anyone to continue to use the major 3rd party processors. We simply ask that you consider the 123Bill alternative as a means to capture, otherwise lost sales.

A number of our current merchants are offering the 123bill alternative from their join page, and are seeing additional sales.. and aint that what its all about? ;-)

We appreciate the kind words throughout this thread.... we will continue the hard work that has made 123bill a viable solution!

What she said. :thumbsup

Good luck guys.

Brad and his crew are good people....not only that, they are credible.

That goes a long way in this industry.

Great info Brad.

In general I'm pessimistic regarding the alternative billing options and time always confirms me, but honestly I believe this one is not the case.

checked it out a while ago. thought it looked good

100 people doin the 1,2,3