Tuesday, August 11, 2009

Why Should I Trust You With My Money?

Julien suggested that I respond to some burning customer questions through our blog, since we update this pretty frequently and I'm sure most customers Google us before signing up for an account so they would probably come across this anyway.

The question of the day is:
I've asked several people about you and they're hesitant about using your service. I think it's a great idea but the big thing is how can I trust you with my money?

Because we work to ensure that you know where your money is at all times. You can actually CALL us instead of clicking on a live chat button.

Because we've chased for over half a year to secure a big 5 bank to handle your money. We didn't take the easy route and go with an online bank - you know you can walk into a BMO branch today and know that your money is being handled by them through their online electronic system.

Because we make sure that our footprint is plastered all over the internet; our presentation is posted on YouTube, so you know who we are, you can attach a face to the people providing the service, a name to the people handling your transaction, and know that other customers have trusted us with their life savings and business income.

Trust and Credibility is built through three key channels for us: 1) Partners 2) Transaction Volume (past business results/history) and 3) trustworthy security channels (integrating with banking system etc.)

For example, how would you feel if I told you:
1) We are partnering with the largest business organization in the world to provide foreign exchange services for their website

OR

2) We've transacted over $400 million through our system

OR

3) We're integrated with the banking system and your money is monitored through the entire transaction process so you know where your money is at all times

YUP - undoubtedly this is what all customers would look for...but please bear in mind these key things you are looking for are found with large, established businesses.

Let me share with you how much it costs to integrate with a bank. They require that you pass all their "risk assessment evaluations". Now this includes having the assets that they could take as collateral, surpassing transaction thresholds on a daily basis and also assessing when they could recoup their costs of integration (psst! That amount is around $1 million bucks! YAY!)

So we're definitely not just avoiding security measures or making our process more streamlined, it's because it's all we can do within our power right now, and everyday we're taking the largest steps we can to improve in all the areas that will increase the level of trust for our potential customers.

We hope that we can post testimonials from our customers soon so that potential customers can see what we have done and what the experience has been like for our current customers.

Thanks again for sending us these questions, because without them we cannot respond to the issues that are keeping you (our potential customers) from signing up!

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