Saturday, March 29, 2008

Revolution Money Exchange improves referral program

Many exciting new companies are launching at the intersection of finance and technology. Mostly I write about peer to peer lending, but last month I wrote about Revolution Money Exchange - a PayPal competitor.

Much to my surprise, the article is now the most popular article on this site. A follow up article, Why does Revolution Money Exchange require my social security number?, is the third most popular. Lately, more people are coming here looking for information on Revolution Money than P2P lending.

Like Prosper and Lending Club, Revolution Money offers a $25 sign-up bonus. Last week they improved the referral program making it easier to promote on websites.

Previously you could only refer friends by emailing them. Now there is an ad that you can place on your website. After you sign up with the $25 bonus you can refer friends and earn a $10 bonus. Here's their ad:

Refer A Friend using Revolution Money Exchange

And, yes, it does work:

When you click on the ad, you are directed to the following sign up page:

In my opinion, this is far better than Lending Club or Prosper's landing page. Compare all three if you want:

Refer A Friend using Revolution Money Exchange

Earn Great Returns Lending with Lending Club. $25 Sign-Up Bonus.

Earn Great Returns Lending with Prosper. $25 Sign-Up Bonus.

All three offer a $25 sign up bonus. When people click on an ad offering $25 they expect to learn how to get the $25. Revolution does that and keeps it simple. In my opinion, Prosper tries to present too much information on their Landing Page. Lending Club, on the other hand, makes no mention of the $25 bonus on their landing page. In addition, Lending Club might do better if they just request an email on the initial landing page instead of security questions and a consent form. Keep it simple.

Many people have signed up for Prosper and Lending Club via this website but a very small percentage of those become eligible for the $25 bonus. With Prosper you have to make a loan of $50 and with Lending Club you have to verify your bank account and transfer funds to your account. Revolution Money is much easier - they transfer the $25 in your account immediately. Then, if you want to pull it out you have to verify your bank account.

I think some people signing up for Prosper or Lending Club through a $25 referral button become confused at the requirements to get the $25 and do not follow through. Revolution Money has a much higher conversion rate.

So, I'm quite pleased with Revolution Money's improvements to their referral program and I challenge Prosper and Lending Club to continue to improve their programs.

Refer A Friend using Revolution Money Exchange

1 comment:

ace said...

I never had a problem with RME yet. You can use RME with the Abundant Living System providing the inviter accepts RME. I love RME despite the 2500 monthly limit. It's not a bad thing to actually have a limit in place, as I have heard horror stories from those who had been fxxked from using paypal and how some people had thousands of dollars stolen from paypal via false complaints from buyers on sites like ebay and such.