A new online payment service is now out in the market. Moneta (Latin word for “moneyâ€) offers a secure, quick and easy form of online payment that directly debits your checking or money market account.
Those who register for the Moneta service can make online payments directly from their checking or money market accounts using only a secure four-digit PIN. The unique PIN system means sensitive bank account or debit/credit card numbers are not jeopardized.
On the merchant side, the fee is up to 50 percent below those charged by credit card companies and other online payment options. Also, there are no ancillary fees, chargebacks or credit card transaction fees.
Currently, it has established relationships with several major airlines and some of the online retailers including Aloha Airlines, TigerDirect.com, ShoeBuy.com, and AirTran Airways.
Since the company is just starting the most apparent weakness is the short list of partner retailers. I think that’s just temporary given the network and expertise of the executives running Moneta.
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Originally posted on September 18, 2007 @ 11:21 pm
This is very promising, especially in my world working with the Merchants Payments Coalition. The hurdle is Visa and Mastercard, who control 80 percent of the market. You would not believe how much the interchange fee has risen over the years. The banks and credit card companies now get about $40 billion a year off these fees. I hope Moneta attracts more retail partners.
That’s very true and I hope the online retailers appreciate what Moneta intends to do. In the end, these savings can be passed on to online consumers and create a dramatic shift in the online payment services industry.