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Factoring Service overview
I run a factoring service to facilitate LEGO® related commerce across
country boundaries. This page is about the x.com payment service.
For a more general overview, to to my overview page.
X.COM, an electronic payment system
This page will describe X.com in the context of factoring and of buyers of my auction or straight sale lots paying for their winnings or purchases.
For more information on X you should see their website. But don't sign up until you've read about my special offer, below.
I have been looking for a way to reduce costs in terms of time, and expense, when receiving and making payments on my own behalf, and on behalf of others. Bill paying services don't really cut it, as there is no easy way for others to pay me. They also are terrible for one time transactions as there is a lot of set up to do.
X enables transfers from one account holder to another in the easiest way imaginable. All you need to know is a fairly easy to remember ID (the email ID, which is usually easier to remember for a few seconds when switching from an incoming email to the X input screen, than some random long sequence of digits), and the payment amount. Very easy.
X also enables funding the account in several easy ways.
- You can EFT funds in from your checking account. It's a bit harder than paying another Xer, in that you need to know your bank account and ABA number if you want to fund your X account but I just usually type those in from a check. X even shows you a picture of the check so you know where to get the numbers.
- You can also, once you get your checks sent to you, do mail in deposits. I haven't done this yet, seems counter intuitive to me...
- You can do CC transfers in, but they are limited to 500 dollars total for, I think, the life of the account, so they are an OK way to get started but not really good for ongoing use...
I typically fund my X account with just enough to take care of transactions plus a little more, and I recharge it from my regular checking as I need to. Funding via check is instantaneous, you can use the money within seconds of putting it in. And X charges nothing for that.
X also enables getting money out in several easy ways.
- X gives you an ATM card charges you nothing for using it, and rebates up to 8 bucks per month of charges that other banks impose.
- This ATM card is also a VISA check card so you can use it for purchases at stores that accept VISA.
- X allows you to transfer money out via EFT into another checking account. Again, you need your own account information, and again, you can get it from a check that you have.
You sold me on X, now what?
If you want to join X, I'd appreciate it if you gave me as a referral. Click
this link to sign up. The sign up engine doesn't seem to be running 24 hours a day so you may have to try again.
If you use me as a referral, I get a 10 dollar credit. After I do, I will rebate 5 of it back to you.
Even if you don't use me, do give a referral from SOMEONE. There are other people out there soliciting for referrals. Seems silly that no one get the tenner from you signing up, eh?
Conclusion
So I'm pretty hot on X AND PayPal. If X, PayPal or systems like it catch on, and if they go world wide, my days of having to factor are over. And that's a good thing.
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