Quote:
Originally Posted by nynor
this. and why i sold everything else and i am sticking with ripple. it is an actual product that reduces money transfers with swift that take days to less than 3 seconds. brilliant.
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I can see the reason for their business plan to work.
My company recently accepted a bank transfer for a payment for a project we did. Our bank charged us $10.40 for the honor of accepting electronic bank transfer. If I make a payment via ACH (Automated Clearing House) it "only" cost 40 cents for the transfer. Of course if we stick to checks and do it in the analog world there is no fee at all. And it cost them a lot to run a check.
And the money if not really instant available like in the movies. They still had a 24 hour hold on the deposit for the bank transfer or the ACH.
The interesting thing is that I have the company credit card set up on an automatic payment. The credit card company is authorized to withdraw the statement balance on the day it is due. On the current statement balance, and I can terminate that at any time or change it.