Late in 2010, BillMyParents Inc. dropped its signature internet button, which placed parents in the middle of transactions of their teenage children.
It worked like this:
Kids check off items they want to buy on an eCommerce or social media website. Parents approve those purhcases. And, voila, a payment is made.
The San Diego company, however, decided to lose the technology in favor of its prepaid SpendSmart MasterCard.
BillMyParents head Mike McCoy says it’s been a smart move. You can read my @AmerBanker story to find out why, here, when it’s posted.