Serve by AMEX, finally a competitor to PayPal!

Discussion in 'Current Events' started by tigres, Mar 28, 2011.

  1. tigres macrumors 68040

    tigres

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    #1
  2. rhett7660 macrumors G4

    rhett7660

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    I looked at the site and couldn't find how much it will cost? Or is this just the fee that is associated to your AMEX card?

    Is this a monthly fee or per transaction fee? Once again I couldn't find anything on the pricing. If the pricing is even close to paypal I would gladly jump ship and use AMEX. Now if we could get ebay to use them!
     
  3. aethelbert macrumors 601

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    #3
    I signed up this afternoon. So far, I am very impressed by the website and mobile applications. Hopefully this platform takes off, as I have completely stopped using PayPal. I'll be excited to receive the card and start using the service to its full potential.

    See here. The fees are almost identical to those of PayPal.
     
  4. tigres thread starter macrumors 68040

    tigres

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    Here's the press release that mentions fees rhett.

    From AMEX press release :



    Show full PR text
    American Express Announces ServeSM, the Next Generation Digital Payment Platform

    Serve Offers Person-to-Person, Online, Mobile, and Traditional Card Capabilities in a Single Account

    NEW YORK--(BUSINESS WIRE)--American Express (NYSE: AXP) today unveiled ServeSM, a digital payment and commerce platform that gives consumers a new way to spend, send and receive money with services that go beyond the existing global payment networks.

    With Serve, consumers can make purchases and person-to-person (P2P) payments online (serve.com), via mobile phones, and at millions of merchants who accept American Express cards. Serve unifies multiple payment options into a single account that can be funded from a bank account, debit, credit or charge card, or by receiving money from another Serve account.

    Serve is an easy-to-use, digital alternative aimed at consumers who currently rely on cash, check and debit card. Serve accounts can be accessed via Serve Apple iOS and Android applications, at Serve.com and through Facebook. Through Serve, American Express aims to expand into new segments of the market that do not rely on traditional charge and credit cards to manage their day-to-day finances.

    "Serve is a new type of payment platform that isn't tied to a single card or mobile operating system. It's a flexible, easy to use platform, which from day one brings tremendous assets to the alternative payments space and gives consumers an option to shop on-line and off-line at millions of merchants who accept American Express," said Dan Schulman, Group President, Enterprise Growth, American Express.

    "We intend to quickly evolve the Serve platform by adding new features and functionality as we learn from consumer and merchant experiences. To encourage a broad cross-section of people to experience the benefits and convenience of Serve, we are working with a range of partners to integrate Serve as a payment method and deliver customized offers, and we will waive most consumer fees for the next six months," said Mr. Schulman.

    How it works

    Consumers set up an online account at Serve.com or through a smartphone app. Funds can be added from bank accounts, debit cards, credit and charge cards, or other Serve accounts. Customers can use those accounts to send and receive money to friends, pay bills and make purchases online. Serve bridges online and offline commerce – each customer will be issued a Serve reloadable prepaid card linked to their Serve account that can be used at any merchant or ATM that accepts American Express cards.

    Unlike traditional debit card accounts, Serve offers users the ability to easily create, manage, and specify sub-accounts for their friends, family members or colleagues. Sub-accounts are linked to the master account and allow users to set spending profiles for everything from children's allowances to dog walker fees.

    The Serve platform evolved from technology obtained through the acquisition of Revolution Money in early 2010.

    Serve is available immediately to anyone in the U.S. and is expected to launch into other international markets over the coming year. American Express will continue to evolve the features and functionality of Serve based on market feedback. To gain consumer and merchant insights about Serve and to help shape upcoming releases, a marketing pilot will also be conducted in Eugene, Oregon.

    Partnerships

    While payments are the foundation of the Serve platform, American Express is also announcing a number of partners who will use the platform to deliver relevant offers that drive spend and build loyalty. Three of the first partners are Ticketmaster®, Concur® and Flipswap.

    "A cornerstone of the long-term vision for Serve is developing partnerships with commerce, gaming, entertainment, and social networking organizations," said Mr. Schulman. Partnerships, with players such as Ticketmaster, Concur and Flipswap will introduce Serve to new customers and help build scale. These companies have loyal communities of customers, and we are thrilled to partner with them as we grow and expand Serve's reach."

    Ticketmaster will offer Serve as a platform for customers to make and collect payments toward ticket purchases from other customers. Concur will utilize Serve as an expense management and reimbursement method for transactions processed via Concur's small business expense reporting service, Concur Breeze. Flipswap will utilize Serve to issue refunds more quickly to consumers who sell or trade in their old mobile and cell phones for reuse or recycling.

    Details around these and a number of additional partnerships will be announced over the coming months.

    Giving Back Widget

    Serve is also partnering with five major charities – Autism Speaks, Best Friends Animal Society, Malaria No More, Save The Children and Stand Up For Kids – to enable each organization to raise funds via a donations widget. Widgets can be downloaded on Serve.com and at facebook.com/paywithserve, and shared on other Web sites, including Facebook, to encourage donations. Serve will match all contributions via the widget up to $100,000 for each charity.

    In the coming months, Serve will offer selling widgets that give customers the ability to sell items through their own social networks.

    Highly Competitive Fees Waived for Launch

    Serve consumer fees will be highly competitive. There are only two fees for consumers and we are waiving the fee to put money into the Serve account for the next six (6) months. The two fees are:

    * Putting money into a Serve account: 2.9% + 30c/per load, discounted to 0% for cash, debit and ACH.
    * ATM cash withdrawal (after first one each month free): $2.00

    Unlike some other products in the market, Serve has no fees to open an account, no monthly fees, no fees for P2P transactions, no fees to set up sub-accounts (up to four accounts) and no fees to use the widgets.

    Merchants who accept American Express cards will pay a prepaid discount rate for transactions made both in stores and online with a Serve prepaid card.

    Investor Conference Call – Live Audio Webcast

    A conference call with members of the investment community will be held today March 28, 2011, at 11:00 am EDT. The call will be hosted by Dan Schulman, Group President, Enterprise Growth, American Express.

    Live audio of the conference call will be accessible to the general public at http://ir.americanexpress.com. A replay of the conference call will also be available at the same Web site address.

    About Serve

    Serve, by American Express, is a next generation payment platform designed to deliver emerging payments and services to address the changing ways consumers interact and exchange money -- with one another -- as well as merchants. Learn more at www.serve.com and connect with us on www.facebook.com/paywithserve and www.twitter.com/serve.

    About American Express

    American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at www.americanexpress.com and connect with us on www.facebook.com/americanexpress, www.twitter.com/americanexpress and www.youtube.com/americanexpress.

    Cautionary Note Regarding Forward-looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements contain words such as "believe," "expect," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:

    * the willingness of consumers to use the Serve product, and in particular consumers that do not traditionally rely on charge and credit cards to manage their day-to-day finances, which will depend in part on their willingness to try the Serve product instead of competing payment products and their satisfaction with the operability, fee structure and other features of the Serve product;
    * the ability of the Company to add new features and functionality and ease of use to the Serve platform on an accelerated basis that reflect the needs and desires of consumers, merchants and other participants in the payments space, which will depend in part on the Company's ability to retrieve and effectively assess information from users and other parties on a real-time basis and then make the right judgments in how to build-out the existing Serve platform;
    * the success of the Company in developing relationships with partners, both in and outside the U.S., who will effectively integrate Serve as a payment method for their customers, which will be critical in facilitating the Company's ability to expand the scope and number of Serve users; and
    * technology trends that will impact the environment within which Serve operates and influence how the Serve product will have to evolve to remain compatible and competitive.

    A further description of these uncertainties and other risks can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, under Item 1A. Risk Factors and Cautionary Note Regarding Forward Looking Statements, and the Company's other reports filed with the SEC.
     
  5. rhett7660 macrumors G4

    rhett7660

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    Ahh.. thank you very much! I love the fact you can do P2P for free!!!! That alone might be worth the sign up!!!!
     
  6. snberk103 macrumors 603

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    Only for Americans. Not a problem, of course... but for any 'furryners' don't bother at this time.
     
  7. einmusiker macrumors 68030

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    I'll gladly sign up. If this service is accepted anywhere Amex is accepted that would rule
     
  8. tigres thread starter macrumors 68040

    tigres

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    They will open it up in quick time I suspect. AMEX is global.
     
  9. WillEH macrumors 6502a

    WillEH

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    Is it regulated by what banks are regulated by? Which PayPal is not. Not sure what it's called in the USA, but it's the FSA here (Financial Services Authority)

    Because if not, they can just do what PayPal do, which is pretty much anything they want once you sign up and agree to ToS.
     
  10. SDub90 macrumors 6502a

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    Wirelessly posted (Mozilla/5.0 (iPhone; U; CPU iPhone OS 4_2_1 like Mac OS X; en-us) AppleWebKit/533.17.9 (KHTML, like Gecko) Version/5.0.2 Mobile/8C148 Safari/6533.18.5)

    This news made my night. I know what I'll be exploring this weekend.
     
  11. iJohnHenry macrumors P6

    iJohnHenry

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    Hark, the other shoe is about to drop.

    Was PayPal broken?

    I will wait this one out. ;)
     
  12. Bonch, Mar 29, 2011
    Last edited by a moderator: Apr 7, 2011

    Bonch macrumors 6502

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  13. tigres, Mar 29, 2011
    Last edited by a moderator: Apr 7, 2011

    tigres thread starter macrumors 68040

    tigres

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    Insiteful post.:rolleyes: I personally find them to be a good asset to carry in my wallet. Their CS is second to none in any CC or charge card category.

    Perhaps you do not know the benefits that AMEX offers.
     
  14. einmusiker macrumors 68030

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    Amex offers great incentives like insurance for iPhones and iPads etc when you pay for it with their credit card. If this service offers the same benefits that alone is worth the price of admission
     
  15. iJohnHenry macrumors P6

    iJohnHenry

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    Yes, and they also charge the Point Of Sale people higher rates for their card than most other C.C. vendors.

    And THAT costs you more in goods and services.
     
  16. tigres thread starter macrumors 68040

    tigres

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    Anyone get their serve card?
    Had no idea that was coming.
     
  17. iJon macrumors 604

    iJon

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    I'll gladly pay the extra percentage for the extra benefits I get with Amex.

    Often times businesses just eat the extra percentage (which isn't much) instead of passing it on the customer. At least that's how I've usually seen it but I'm sure other business might pass the buck on.
     
  18. EricNau Moderator emeritus

    EricNau

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    #18
    I wonder if Serve will allow me to transfer funds directly to another party using a credit card (rather than bank account, e.g.), and if so, how much will their fee be? I don't like to keep money in a PayPal account, but it's useful for transferring money online, so I usually just use my CC and pay the fee. I'd welcome another service if it was cheaper.

    Well, yes, but it is really close. And Discover Card as been ranked number 1 in customer loyalty for 13 years in a row. :D

    To the best of my knowledge, my Citi MasterCard offers all of the same benefits as the average Amex, including: 90-day purchase assurance (theft & accidental damage), free one-year extended warranties, 60-day price protection, automatic car rental insurance, lost luggage reimbursement, trip cancellation/interruption coverage, and roadside assistance. ...For NO annual fee and 1% (or 5% in special categories) cash-back on all purchases.
     
  19. fotomatt1 macrumors regular

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    Got mine today.
     
  20. einmusiker macrumors 68030

    einmusiker

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    Got mine today as well. So tis is like an american express card? Do we get the 90 day theft and accidental damage coverage?
     
  21. tigres thread starter macrumors 68040

    tigres

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    It's free for the intro 6 months. Then it is 2.9% + .30 per transaction. 1 free ATM withdrawal per month then 2.00 per; again free for the initial 6 month intro.

    You must fund the serve account to transfer/pay anyone or service. You can fund this by means of bank account or CC; unlike PayPal. Sub accounts can be setup as well for teens and kids of the accounts primary holder.


    No.

    AMEX the primary card accepted at Costco, and their magins most would argue are pretty slim. Not sure if retailers actually pass these onto consumers, or just absorb as the cost of business.
     
  22. iJohnHenry macrumors P6

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    It would not surprise me if Costco was one of very few retailers to actually dictate to AMEX, concerning the rate to be charged.

    Their client base all pay to shop there, and are relatively stable, financially.

    Plus the volume must be staggering, even at 1 or 2 percent.
     
  23. flopticalcube macrumors G4

    flopticalcube

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    Funny, it's my favourite card of all. Best service and great rebate.

    Now that sucks.

    Exclusive card to a warehouse store that sells hundreds of $ worth of goods at each sale? Yeah, Costco calls the shots here and Amex don't mind it one little bit.
     
  24. Hummer macrumors 65816

    Hummer

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    Anyone know the reason behind why this applies:

    http://d.pr/BvtH
     
  25. iJohnHenry macrumors P6

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    I don't do research, but I would surmise that the fees contravene State banking laws. :cool:
     

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