Earlier quoted context omitted.
Sending the SMS is instant, waiting until next time isn't.
And what does instant payment bring ? To me, it looks like a solution looking for a problem.
PayPal did pretty well with the idea.
Ask HN: Rate this Start Up - Venmo.com
21–30 of 65 posts
Re: Ask HN: Rate this Start Up - Venmo.com
#22Re: Ask HN: Rate this Start Up - Venmo.com
#23I think buying your own SMS short code is key to making this service look legitimate to new users. No one wants to text information about money transfers to a phone number that could be anyone.
Also, the phone graphics on your homepage are copied directly from the TextMarks site!
Re: Ask HN: Rate this Start Up - Venmo.com
#24I don't see the point here. I mean, I could pay Jenny back next time I see her. Am I missing something ?
I don't see the point here. I mean, I could write Jenny a telegram if I wanted to tell her something. Am I missing something?
Re: Ask HN: Rate this Start Up - Venmo.com
#25Just curious: Do you eat the transaction fee if people fund their accounts with credit cards? If so... it seems like people might pay themselves thousands of dollars to rack up rewards at your expense.
Re: Ask HN: Rate this Start Up - Venmo.com
#26You need some kind of a security code / pin system to prevent against fraud. Venmo has to match the pin in the message sent along with the phone number the message is sent from. And proceed with the payment only if the pin matches.
Venmo $10 to Jenny 1990
Where the last 4 digits of the message - 1990 in this case - is the security pin code.
Re: Ask HN: Rate this Start Up - Venmo.com
#27Re: Ask HN: Rate this Start Up - Venmo.com
#28What's the revenue model?
I love how this comment has no upvotes.
It clearly states on the site they make money of every text message sent.
edit: from the info pages
"We charge a transaction fee every time you receive money. Sometimes, the person sending you money can pay for the fees associated with the transaction. Those fees are outlined on our Venmo Fees page."
There's also a premium service for businesses.
Re: Ask HN: Rate this Start Up - Venmo.com
#29great idea, very clever. i posted this to pikk: Thrive or Fail? Send And Receive Credit Card Payments Through SMS Text Messages [VOTE] - http://www.pikk.com/297fd
Re: Ask HN: Rate this Start Up - Venmo.com
#30Earlier quoted context omitted.
I love how this comment has no upvotes.
It clearly states on the site they make money of every text message sent. edit: from the info pages "We charge a transaction fee every time you receive money. Sometimes, the person sending you money can pay for the fees associated with the transaction. Those fees are outlined on our Venmo Fees page." There's also a premium service for businesses. http://info.venmo.com/pricing/pricing-plan-comparison/
But the person who submitted the story says otherwise: