Product Brief: iKobo

iKobo
http://www.ikobo.com

iKobo, Inc.
1355 Terrell Mill Rd
Building 1466
Marietta, GA 30067
USA

iKobo money transfer company is unique in that it uses a Visa Plus debit card to allow the person who receives funds to get access to the money in cash via a handy ATM. iKobo allows payments from 170 countries and appears to specialize in allowing individuals to send cash to families in other countries, especially India and the Philippines. The system transfers money through mailing a physical debit card which can be used at ATMs all over the world. Once an individual has received an i-Kard, he is equipped to receive money through the iKobo; he doesn't have to receive a separate card for each transfer. Charges person-to-person exchanges 4% ($2 minimum).

Merchants pay no set-up fee, but US merchants pay 2.75% plus a 95¢ transaction fee ($2 minimum). Merchants outside the US pay an additional 2%. More information for merchants (http://ikobo.com/info_merchant.htm) and a 15-page PDF handbook "A Merchant Program & User's Guide" (https://ikobo.com/merchant/ikobo_merchant_program_user_guide.pdf) for setting up order buttons are available on the iKobo website. I signed up for a merchant account and was asked to select either priority delivery (2-3 days, $6.95) or express delivery (overnight, $15) for an i-Kard (Visa Plus debit card) that would allow me to withdraw money at 800,000 ATM’s worldwide. US merchants can also have funds directly deposited to a US bank account via ACH. Shoppers click on order buttons on the merchant's site and are taken to the secure iKobo site to make payment and then returned to the merchant's site. Funds are transferred to merchants within 5 days.

Currently, merchants in the following countries can set up a merchant account: Brazil, Canada, Ghana, India,  Indonesia, Malaysia, Philippines, Romania, Trinidad, United Kingdom, and the United States. Other Caribbean countries will probably be added soon.

I know nothing about the track record of this company. Caveat emptor! Google Groups indicates a few problems with spamming, i-Kard activation and customer service responsiveness. iKobo is a Georgia corporation funded by private and strategic investors including Global Bank of Commerce of Antigua and Barbuda. I think iKobo bears keeping an eye on as a possible solution for those in countries where receiving payment is difficult.  Potentially, it allows an international merchant who has possession of an i-Kard to receive payments in cash via ATM.