Facebook wants to be your online bank!!

Fortune

Quote:

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Currently in an internal beta, with the first version built in March, the application is expected to launch sometime this year to customers. It will allow Facebook users who are bank customers to make payments to third parties as well as Facebook friends through the social media channel, according to the bank. Commonwealth will secure transactions with its own authentication system -- similar to how payments are secured on its online and mobile banking site, a spokesperson says. [more]

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How many sheep do ya think will do this??

Well, I have a pretty successful business, that until recently, I only took cash, and checks as payment. I just recently opened a merchant account, to accept credit cards. I did accept Pay Pal payments. Am I doing more business because I take credit cards? No, not really. Instead of them writing a check, they give me a card. It costs me money to process that. Did I raise my fees across the board to make up for it? You betcha.

If Facebook offers lower fees than my merchant account, I will most certainly accept that payment.

Please take this comment in the most relaxed way. You seem very resistent to change. Is this an age thing? I'm older too, but you have to realize the world will continue to change, and grow. You need to embrace the change, and go along with it.

Change is good yes, however having one entity manage way too many personal details is not anything I enjoy either. I already regret what little info I did divulge on FB and regret even more that others are able to openly put whatever details they want about me on there as well, regardless of the fact that I don't want it on there. Everything about FB bothers me because whatever is put on there is considered theirs to do with however they deem fit. The fact that a majority of the population misses this point and finds it fun and popular doesn't make it a good thing to do. The opposite also works as well, just because most of society thinks negatively about something doesn't make it bad either. Being informed is the real deciding point on what is good or not.

Since I've been in business over the last 14 years, I've used a few different credit card processors including my local bank, Intuit, Chase, and currently Square
I've had a very low rate of returned checks, but the fees most banks collect for returned checks, and the collection fees, make them a bad bargain. Give me cash or give me a credit card.