Facebook Money Sharing Application By Buxter

Facebook Money Sharing By Buxter (ClickandBuy)

Buxter’s parent company estimates 16,000 online traders accept payments via Buxter. They (Buxter) has now created a facebook application called “Buxter” – Very original I know

This social network site application ONLY allows Facebook Friends to send small payments of a “maximum” of 50 Euros directly to each other. All transactions are handled by Buxter and currently in US Dollar or Euros but the Pound will be added some time soon.

Facebook Friends share a lot of information already so the idea is why not allow them to share small amounts of money too?

Marketing wise, it’s a great angle on thier business model as I feel they’ll come across much less resistance that targeting communities that don’t share or used to the idea of sharing anything. Time will of course tell how all this will be received by the social network community and media as a whole but I think it’s a good thing.

ClickandBuy, the company that operates an online payment service across the web with an estimated 13 million users world wide is the one behind the Buxer Facebook application. The fact that they’re some company I’ve never heard of, I believe one would have to signup to their service first. This usually reduces the number of participants as many are happy with PayPal hence reluctant to go through the signup ritual with another payment processing company.

Basically;

• You’ll need a ClickandBuy account to use this application.
• You can only send money upto 50 Euros to your Facebook friends
• You can send other currencies but you’ll incur a 5% charge
• You don’t pay for transactions between Buxter accounts
• You pay to move your money to another account say a bank at a minimum of 2 Euros, 2USD or 1.9%

So, What Can You Use This New Buxter Facebook Aapplication For?

With my little thinking hat on some what, I can see several ways this can be explored. In general, just think outside the box depending on your intention obviously.

• Signup for an account as soon as possible if you think you’ll need it because usually when a new service is launched, it’s easier to get in than after they’ve tightened their belts.
• Use it to share your group outing’s expenses say you all went to dinner and now have to “chip in”.
• If you’re a marketer you could market your material and people could pay you through this feature.
• Facebook allows you to create a survey or poll “I think“. Poll your friends (I suggest a more specific group around a similar interest than spamming all your contacts) and ask if they’d buy a say $7 small report that shows them how to improve whatever the group is about e.g. SEO, Gardening, weight loss etc. If there’s an interest then create the report and advise they do the Buxter Application thing.

Can You See The Negatives To This?

• You must signup for an account with ClickandBuy.
• You can only hold a very small amount of money in your ClickandBuy accout at any one time meaning you keep paying the commission when you move your money out of that account to your bank.
• For those looking to use it as a downloadable product marketing tool, your friends can simply forward on your download link to the other group friends since its a community. There are product locking software packages for this but its yet another step.

All considered though, it’s a good application and I am sure we’ll see several of the limitations above removed or adjusted depending on user feedback and reception. The fact is that the less limitations they have, the more customers they’ll get as it’ll be more appealing to use.

Online marketers will be eagle eying this one no doubt

Out!