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You are here: News > News > The BillMyParents Service Does Just That
| » IT Security NEWS |
| » 17 May 2009 |
| The BillMyParents Service Does Just That |
| A recently launched payment system named "BillMyParents" allows children ("tweens", according to the creator of the service) to shop online and spend their parent's money provided that their parents later agree to buy them the products they've chosen. Internet stores that support SocialWise's BillMyParents service put little BillMyParents buttons on their online retail products and services. Children can easily check out the items they want to get by clicking on that button and even writing optional notes to their parents about the accessory they want. From there, the parents get alerts via email that allows them to either approve or deny payment for individual items directly. By using the BillMyParents system, children won't be able to access their parents' credit cards when shopping online and parents can choose what to buy and what not to buy their children without the need to visit store sites themselves. The CEO of SocialWise, Jim Collas, claims that his company is focused on opening the lines of communication between child and parent through modern technology. Despite misgivings some people may have over putting the Internet in the center of a parent and child relationship, the innovative idea has its merits. For one thing, it makes it easier for parents to mark and track the purchases of their children online, and for another thing, it won't decrease the level of communication within a family. Collas also mentions that nearly $28 billion is spent online by the so-called youth target market, so he and his company is focused on taking advantage of that statistic. He is also eyeing the $40 billion spent offline on products researched through the Internet as well. Much of this revenue, he posits, goes offline because children couldn't buy the item online. BillMyParents intends to change all that by profiting from its transaction feeds. One of the challenges that BillMyParents will potentially confront in the course of its mission is the fact that it has to be integrated into online retail sites. Making as many affiliations with online merchants and credit card companies as possible is critical to making this service a success, and so far, its only affiliate store is Amazon. However, Collas is optimistic that his payment solution will cause increased sales on the sites it ends up with. If that turns out to be true, then it should serve as enough incentive for other e-commerce sites to follow suit and adopt this service. |
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