Tuesday, April 1, 2008

What's the Catch?

A perfect topic for April 1 is a question we get over and over at Safefunds. What's the catch? How can you provide the Safefunds service for such low cost? All the other services are a lot higher and get from 1% to 3%. Are you guys for real? We hear it a lot. Here is the answer. Our business is based on our software. Our software processes a transaction for a fixed amount. The value of the transaction has absolutely nothing to do with the cost of processing it (of course, this is also true of our competitors who charge those percentages). When you write a check, you do not expect to pay the bank a percentage of the amount for handling the clearing process. Why should you pay a percentage of a transaction for someone to process it? We depend on three elements for success: 1. The best possible service to our members so they continue to use our system, 2. Our patent pending software that cannot be duplicated, and 3. A high volume of transactions to allow us to keep our fee low. Thanks for using SAFEFUNDS.

1 comment:

Anonymous said...

I still don't know how you do it for so little; but I'm glad you do. You are saving me a small fortune compared to the fees I've been paying the credit card outfits for selling my paintings.