Thanks Leonsis & Case! D.C. Is Back in a Big Way
Steve Case and Ted Leonsis are back in a big way. According to Ted’s blog, Revolution LLC (the parent company of Revolution Health), is launching Revolution Money. Revolution money allows secure payment transfers for free online! This is going to be a major blow to Paypal and Google Checkout, especially to Google given that they failed to revolutionize the credit industry when they had the opportunity.
So how does the new company make money? Through a new payment technology system, Revolution Money has cut the costs of credit card fees to merchants down to 0.5% from an average of 1.9% per sale. Currently, these fees, called interchange fees, total a whopping $56 billion each year. This company plans on putting a serious dent in it and chances are they will succeed.
I’m surely going to start using the system when it launches to receive payments online and if I owned a store I would surely integrate this into my point of sale system. One company after the next seems to be launching in D.C. so this is great times! If you want to become an active member of the D.C. technology scene then go sign up for the DC Technology Network on Ning. Big thanks to Justin Thorp for putting it together.