Shopit Inc., a free peer-to-peer social commerce network, teamed up with Revolution Money Inc., an online payment network, to offer the Revolution MoneyExchange, an online person-to-person payment service that allows account holders on the network to send and receive money at no cost.
The partnership with MoneyExchange developed from a mutual desire to offer a free social commerce experience.
"The partnership fit that bill exactly, and with the recent eBay policy changes that have created a very intense seller fizzle, Shopit is there to welcome [those sellers] with open arms," said James Revell, Senior Vice President of Marketing for Shopit.
"Folks can click a button on our home page to import their entire eBay catalog in one step.
"These power sellers don't want to pay fees, and it costs them nothing to do that. And with [MoneyExchange], Shopit is a truly free solution for sellers.
"It has the potential to harness and monetize an untapped group of social network friends, and the opportunity is quite large for new, average, and power sellers."
Social commerce has been defined as a subset of electronic commerce. According to Wikipedia, the main element to marketing products via social Web sites is the active participation of customers who make recommendations and comments about products.
In this relatively new type of commerce, individuals can build their own stores, search for products and read reviews, and buy and sell merchandise on networks like MySpace, Facebook, Bebo, Friendster or Blogger.
"So what this means is Shopit is essentially enabling users of these social networks to transact and monetize their existing network of friends," Revell said.
"Shopit brings buyers and sellers together, much like a facilitator, via our e-commerce platform. Users can browse, buy, shop, and set up a store for free, then grab the Shopit widget and put it on their blog. What's cool about the application is users can share and transact right from within the app without leaving their social network page."
According to Revolution Money, other payment options charge anywhere from 2 to 8 percent for online funds transfers; MoneyExchange charges no fee, which enables sellers on Shopit to make higher profits.
"We are very excited that MoneyExchange is the preferred payment method for Shopit, a premier social brand," said David Cautin, Senior Vice President, Online Business at Revolution Money. "This partnership offers Shopit users a better way to make and collect payments."
MoneyExchange also enhances fraud protection because PINs are required to send money online. Also, customers can log onto the company's Web site and create one-time PIN codes for individual transactions.
According to a spokesman at Revolution Money, "MoneyExchange is great for the parent who wants to get a child at college money quickly, or roommates paying each other for rent and, of course, sellers on eBay and other sites who need to collect payments from buyers. Online sellers save money by using MoneyExchange because the service eliminates fees that traditional card brands charge."
Revolution Money will soon introduce the Money Exch-ange RevolutionCard, which brings the MoneyExchange account into brick-and-mortar retail locations.
Like the company's flagship product RevolutionCard, the first PIN-based credit card in the United States, according to Revolution Money, the MoneyExchange RevolutionCard provides extra security, requiring secure PINs to complete transactions, without utilizing account-holder names, signatures or actual account numbers.
The MoneyExchange RevolutionCard will be available at over 150,000 store locations and for cash withdrawals at automated teller machines.
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