This whole concept seems so wrong to me, the fact that kids can make this huge shopping list, even if their parents don’t buy the items, listing all these material possessions they want? Maybe I just can’t put my finger on what really bugs me, but this really irritates me. The name perhaps? I really loathe “Bill My Parents”, it doesn’t seem “cute” to me, it’s insulting and puts no ownership on children to learn responsibility with money. Sure there is an allowance card, but the problem with online spending, and I am sure there have been many articles written, is that is doesn’t seem “real”. I myself know that its too easy to overspend on Chapters website! Am I being too cranky this morning, or does this irritate anyone else? Its absolutely not something we would use in my house. The thought that my kids would just send me an online list of material items that they want me to purchase for them sends shudders down my spine, with the feeling that I have done something terribly wrong in my methods of raising them with regards to what they consider important.
Telling it like it is has a good, in-depth review, go have a read, I discovered a few more things I was irked about, like the fact the kids can send a request to anyone. Anyone intended to be friends and grandparents etc, but sending purchase request to “anyone” is a dangerous place to go.
From Cnet news:
There’s a cute new payment service just launching: BillMyParents. It’s a way that kids (“tweens,” according to the founder) can shop in online stores and easily spend their parents’ money–if their parents later agree to buy them the stuff they want.
The system puts little BillMyParents buttons next to items in online retail. To check out, kids write optional notes to their parents about the items they want. Parents get e-mail notifications and can approve and pay for individual items directly.
Kids never get access to their parents’ credit cards. And parents don’t have to visit the store sites their children found the items on.
Jim Collas, CEO of SocialWise, which makes BillMyParents, says it is “focused on the communication between tween and parent.” As inclined as I am to disparage systems that put the Web in the middle of the parent/child relationship, I actually think this idea works. It doesn’t reduce or remove communication in a family, in fact it could increase it. And it makes it easier to mark, track, and purchase online items.
When a child sends parents a request through BillMyParents, the parent can buy the item directly from the request page. Or, of course, deny it.
BillMyParents is also focused on making money. Collas points to the $28 billion spent online by the “youth demographic,” and says he’s also eyeing the $40 billion spent offline on products researched on the Web. Much of this commerce, he says, goes offline because the child can’t buy the item. BillMyParents will make money from transaction feeds.
The challenge of BillMyParents is that is has to be integrated into online retail sites. At launch, the company has no customers to announce. The company will have an Amazon affiliate store, though, which will let any item on that service get routed through BillMyParents for approval, and then back to Amazon for purchase.
But Collas said he believes his solution will increase commerce on the sites it ends up on. He says the BillMyParents buttons can be placed on item pages, not in an online store’s shopping cart, which makes the kids’ “check-out” that much easier. Also, he points to the opportunities to integrate with sites and online worlds that sell virtual goods.
A secondary line of service, a debit card that can be loaded up with a kid’s allowance, is coming in the future. Also, when I jokingly asked Collas if he was going to release services like “BillMyHusband” or “BillMyWife,” he said seriously that he has registered many other “BillMy” domains. He does not have plans to expand his market from the youth demographic, though.
I believe this service’s primary challenge is one of sales. It needs to get some merchants on board. PayPal could compete with it. So could the credit card companies. But those companies could also buy BillMyParents. It’s a smart business.
I can see it being useful at Christmas, or for a birthday. As a mom of a 13 year old, trust me, it is sometimes difficult figuring out what to buy the kid, so him being able to pick out what he really wants on his own sounds nice.
But I agree with the concept of the kid routinely shopping this way. Damnit, if I had to be dragged around the mall in the desperate hope my mom would buy me something, so too shall my offspring!
D’Oh, that should say I agree with you on the concept…blah blah blah. I don’t like the idea as a regular shopping experience. Sigh.
I think the worst part is that I read later on another site that they can BILL OTHER RELATIVES. The thought of my kids sending their grandparents an online list, instead of talking to them, calling them, letting their grandparents ASK them what they want…that just makes me shudder!
Actually, the other site mentioned they can bill any other person, and that is a dangerous loophole. I am going to add a link to her page in a sec here…
customer service departments can be very helpful with information…
“huge wish lists” … Parents can actually LIMIT number of requests on any child’s account.
philosophy–a child’s PERSPECTIVE on spending and money will directly REFLECT on the PARENT who raised them…
“inviting anyone to give”… Parents can DELETE any other contributor on the account & be notified of any request over a set dollar amount
this would be GREAT for COLLEGE STUDENTS…
i would use this to help me teach my child how TO BE responsible with money & credit cards.
“you can’t have this right now because….”
ultimately, PARENTS are the big LOOPHOLE stoppers !!
You said that kids need to learn responsibility of money. Although, the thing is, must kids don't even have a credit card for online payments. If the parents will just buy absolutely anything that the kids want, that's their own business. However, must parents will probably make their children work for what they want. The advantage is that the parents can use their credit card so the child never has access to it.
Makes sense to me. It creates a way for your child to organize some things that they may want and you as the parent can create ways that they can earn those items.
Agreed. More and more people will continue to buy online this gives parents a safe way to do it at least.
Are you kidding me? If you think this is outrageous you need to get out a little more. I'm sorry if I'm coming across as offensive, but this teaches good methods of how kids can't treat money like it's nothing. If the list is a bit out of range, it's a good subject to talk about whenever you have some time with your child. You can teach them valuable lessons. I apologize, but I disagree with you completely.
Actually studies have shown how credit and even debit cards give a false impression of money for children and teens. Hands on cash and learning the basics of real banking, deposits and withdrawls of REAL MONEY is what is recommended. This is another false presentation of money, there is no hands on learning, no concept,there is nothing in this to teach real methods of financial responsibility that I can see. Making a list for OTHERS to buy has nothing to do with their money management. Banking their allowance in a real bank and saving for something they want, THAT'S teaching. This is still as obnoxious an idea as it was over a year ago when I first posted it.
Your right that cards do give a false impression of money but that is the reality of our world. In other words you might be able to teach your children how to be responsible with cash but what happens to them when they go to college? They will by books online, money will be put directly into thier account, they will be offered credit cards, they might even get a job that has direct pay. Won't children be better prepared if they are exposed to debit cards while still under thier parents supervision?
this is stupid, im 15 and no that i don't get anything unless i work for it, this is just an excuse for spoiled kids
Sounds like great preparation for welfare.
I can't see anyone who worked hard for their money buying into this . . . sounds like a site for spoiled parents with spoiled kids.
Awesome way to contribute to parents and children communicating what they want or need. This will be great for Back-to-School shopping or wish lists at Christmas. All this hand wringing I see on comments below is mind blowing. Talk to your kids.
I agree with the whole teaching financial responsibility but I’m not sold on the whole “Bill My Parents” thing. There is another product by Mastercard called Myplash and it allows the kids more freedom to spend their money, but it is a prepaid card that is monitored by the parents and has minimal fees and NO OVERDRAFT FEES! It just seems like a smart way to teach your kids about finance without any permanent damage like debt!
WHAT HAS THE WORLD COME TO? I am speaking to you all as a teenager without a credit card. I find this whole concept ridiculous. If you want to buy something online, just walk up to your parent(s) and say, “there’s this item I’d like to buy. Would it maybe be OK if I use your credit card?” The worst that can happen is they would say no. And that, by no means is the end of the world.
I like this concept a lot actually. We live in a virtual world. If you have grandparents who live a great distance away why not send them a notice of what your wish list is ? My kids do it all the time. I got them the each a card because I wanted to be able to hand them money if they had an emergency and called me from the road with a bunch of friends. They each have an allowance on their card, and they plan around it. Do their chores or they get docked, etc, etc. I found your site because I was looking to see how much this is catching on, because I think that at some point everyone is going to do something like this for their kids. I don’t know how many of you want to trust their kids with a gold card with a $50k limit on it. When there’s $50 to worry about at a time it’s worth the extra step.
my daughter is going on a trip for school and the idea of her having this card is great. If somthing happens and she need more money all I have to do is go online and put money on her card .She does not use the “wish list” at all ……In this day and age you never know what your child might be faced with and It makes me fell better to know that she will be taken care of even from miles away..If i were to gave her cash for this trip and someone stole her money how would she eat or even get back home ..she is 13..Some parents think it ‘s crazy and this is for spoiled kids but my child will not have to worry about her dinner….
It’s awesome. I mean it’s better than you think. They just make a list and send it to me. Knowin’ me I don’t care. I go ahead and bye the items for them. So I don’t have to hear them complain. As long as it makes them happy it makes me happy. That’s all that matters.
Is this what rich families do?
This isn’t giving ‘tweens’ any responsibility.
If you wanted to give them REAL responsibility, then send them out to get school clothes themselves, with YOUR credit card, and TELL them a budget limit.
If they go over the limit, make them return items until they’re back under it, or make them pay off the difference (by working, chores, etc… Obviously a ‘tween’ isn’t going to have a job.)
And this ‘bill-my-parents’ crap… There’s no dignity for either part in this. How proud would you be to be a parent of a holder of the ‘bill my parents’ card?
How cool is a kid going to look at the front counter pulling out a ‘bill my parents’ card from their purse or wallet. Instead of cash?
You give your kid this card, and what if they go buy things for their friends? They spend all of your money buying things for friends, expensive items from mall outlet stores… Because, in reality, it’s NOT their money. Why should they worry?
it’s PREPAID! you can limit the amount and limit things they can buy, parents think they know everything about us. honestly i think blogs like this are just excuses for “helicopter moms” to whine. maybe you should ask your kids what they DO know about money, you would be surprised how much you can learn in the world by example. plus, once they’re on their own. mommy and daddy aren’t going to be there to hold their hand anymore
I actually like the concept of this. First, it’s prepaid so the parents can put a limit to what us kids spend. Second, you get e-mail & text alerts to whatever we buy wether its online or in a store. It gives us teens more responsibility & so that if we go on a class trip, across the country, or to a new country all together they don’t have to worry about our money being stolen. If parents give us a card with like a $500,000 limit, then they know that were gonna spend it. But with this, now they don’t have to worry about us putting in debt.
Shocking thing is that you can also use a fraudulant card & info. The first time I heard of bill my parents, was on charges on my account. Fraudulant charge to Bill my parents for the .50 charge for each transaction. So how is it that this site can bill anyone through Bill my parents with fruadulant charges as in a wine company, porno. Hmmmmmm this is for kids?? So even if you do not approve the charges, GUESS WHAT!!!!! This opens up credit card theft which I was a victim. Lets teach these kids young how to get things without paying for it & committing theft by using stolen card #’s
Great article. I actually looked into Bill My Parent and ultimately decided against it. Besides the name being awful, I want my kids to have a little more responsibility. Instead I opened up a MONEY account for my teen with ING Direct. No fees or minimums whatsoever. Also think it’s great that they’re making financial aspects cool for teens with a Facebook page and sweepstakes.
http://www.facebook.com/ThatsMoney
Definitely worth checking out, great option for teen banking!