Monday, June 1, 2009

Tipjoy! I think not yet...

...I enjoyed learning about a money transfer service called tipjoy!

The intention is that they make it easy for people to pass small amounts of money, and for people to give money to a cause.

But for a system that does something important to facilitate money getting where it is going, I don't find enough transparency present, and the policies seem to all fail over to "tipjoy keeps the money."

The obvious inevitable clause in the privacy policy stood out large for me today. In effect, they say, if the company is acquired, any of your personal information and the information about your activities, becomes the property of the new company. I know that's true for everyone, but for a company at this obvious stage of development, that's a little scary.

I'd like to see a lot more about the organization, about the protections for the "contributor" and their money, and some bold success stories about people and organizations which are having the system work successfully for them.

The folks at tipjoy can provide these things easily if they're actually going to make it. And if they can't then it would be a bad idea to give them more information about yourself.

To say it another way, "Okay tipjoy! I will come out and tell you all about me, but I want to see a little more evidence that you're actually going to make it before I sit down over coffee with you. 'Specially if you want to put your hand near my wallet."


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