UseMyBank

Company Overview

Many companies offer a very similar service in the secure online funds transfer market. Instead of trying to offer something unique within an already saturated market, the founders of UseMyBank instead went the other way and invented a new system all by themselves. This is known as an alternative secure funds transfer method. Account holders are able to use their own bank accounts to shop online. The company has based its principles on basic banking rules and by keeping it simple, account holders are able to shop with ease. Furthermore, one must assume that shoppers are comfortable with their own mainstream banking accounts. With this in mind, UseMyBank has leveraged this fact by keeping their customers within their own comfort zones.

Benefits for the seller

The benefits for the seller are immense. With over 12 million users, the opportunities are endless. There is a nominal fee of $1 charged to activate an account and this is linked directly to a customer's personal banking account. All funds transfers are free of charge.

For the buyer

Buyers who use the UseMyBank service have complete control over all transactions. This is due to the fact that everything happens from their personal bank accounts. This allows the buyer to feel empowered. Privacy is guaranteed because there is no signup procedure. By using a personal bank account, buyers can choose the payment method which suits them best. All payments are completely free of charge.

For the biller

All online transactions happen in real time. This is due to a cutting edge automated system. Another huge benefit for the biller is that merchants are able to keep their own branding when performing transactions. Many secure online funds transfer companies insist on getting a piece of the limelight. UseMyBank is happy to play the role of the silent partner and get on with the job. In general, online funds transfer companies compete with mainstream banks for a share of the market. UseMyBank prefers to partner the larger institutions.

For the affiliate

When new sellers are referred to UseMyBank, affiliates gain 5% commission on new sales.

Security

Account holders trust their own banks. If they did not, they would be at another bank. UseMyBank uses the host bank's existing security systems so that customers need not feel unsafe.

Conclusion

Customers of UseMyBank now have a proper alternative to the host of secure online funds transfer companies out there. UseMyBank has managed to corner a decent slice of the market by taking a step back and examining what was missing in the market. Now that the gap has been filled, the market in general is benefiting from the added competition. By allowing customers to use their own bank accounts, UseMyBank has also managed to quell many fears of online fraud and a general mistrust of online shopping.