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() Even if the buyer never heard of QuickPay, the seller could offer a very small (1%, say) discount if he paid through QuickPay. It could work like this:
(1) you sell $500 worth of chips to a friend. PayPal would charge about $15 in fees. QuickPay would charge nothing.
(2) you tell the buyer that he can deduct $3 if he uses QuickPay. You tell him that he would give you no banking/personal information, and to enroll in QuickPay, he gives Chase no personal information, only information that would be found on his check. He says OK.
(3) you email the buyer a Chase QuickPay "Money Request" for $497. (it takes you seconds to do it.)
(4) when the buyer receives the Money Request, there are links there for him to enroll (a one-time thing) in the Chase QuickPay program. He is not applying for a Chase bank account. He gives Chase NO sensitive information (such as social security number, date of birth, mother's maiden name, etc.). He gives Chase just routine information (like that found on checks): name, address, phone number, the name of his bank and the account and routing numbers, and the email address associated with his bank account. That is all!
(5) After the buyer signs-up, Chase [like PayPal] will verify/confirm his account by making tiny deposits in his account, which he then acknowledges to Chase. That takes one to three days. He then can send and received funds.
So, (a) it takes about 2 to 3 days to enroll and be verified in the QuickPay program., and (b) once enrolled, it takes 1 to 3 business days for money to clear between two accounts.
Two final comments:
(1) it takes just seconds to fill-out these forms, requests and fund payments, about the same as with PayPal.
(2) as a practical matter, you accept just cash-funded payments with QuickPay. You can't accept credit card payments (unless you have a business Chase bank account.) I think that is good for the seller -- he doesn't have to worry about charge-backs.
Robert
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