c2it is a service by Citibank that allows you to move money from your computer to friends and family within the U.S. as well as internationally to over 100 countries. With c2it you can:
Send Cash to virtually anyone in the U.S. with an e-mail address using your bank or credit card account(s). Get Cash that has been sent to you and use c2it to put it into any bank or credit card account. Send International direct deposits or checks to anyone in more than 100 countries right from your computer. Request Cash from anyone in the U.S. with an e-mail address. Transfer Cash from your c2it Account to any other bank or credit card account. Download the c2it logo for use on your website or auction listing to collect payment electronically via c2it. You can access the logo from the c2it Home Page once you login to the service.
I already have a merchant account but I will look into the details of this further. Have you figured out the pro's and con's yet? This would really help alot of small web businesses if the fee's are not very high.
Hmm seems like there would be more than the 4-day transaction period for them to make money. States "no" fees for US transactions. I need to look at this further. It would be a great way to pay affiliates also.
Although Citibank is a trusted name, few will sign up. Citibank has gone overboard with creating a secure system. It is very difficult to register even for a tech savvy person. If they are going to compete with Paypal, registration needs to be simplified.