WePay

[31 March 2010]

WePay is seeking to one-up Paypal by enabling individual and group payments. Based on my algorithm, their is tremendous potential, but mobile is the big flaw for now. As I learn more about WePay I may increase their VALUES score and ECOSYSTEM score. But, at start-up, it's a pretty good score.

TechCrunch has details:

From accounts on WePay, users can send emails with electronic bills (which can be paid with bank accounts or credit cards) and spend funds with a WePay VISA prepaid card, paper checks, or electronically. If group members don’t pay soon, the site will automatically remind them a few days later. WePay makes money by charging a 3.5% transaction fee (there’s also a different plan that charges 50 cents per transaction and limits you on the methods of payment you can accept). The site has been in private beta for the past six months but has received positive feed back from its limited number of users.

Co-founder Bill Clerico likens PayPal to the payment equivalent of email (meaning its more targeted towards exchanging information or money between two separate parties) and WePay as the payment equivalent of Facebook, in that there is one central place for everyone to see the latest information, and payments are exchanged between many parties.