Paypal !!!!

[Briank]

Paypal have been up and down for the last couple of days, What a pain I get double dipped on fees when I sell on Ebay and get paid with Paypal (an Ebay company). Does anyone have Ebay's pres. and CEO Meg Whitman's ear.

Hey I just thought of something imagine going to your bank 2 days is a row and being told that the computers are down and you will have to wait "Sorry".
I have real money sitting in my Paypal account that I have no access to. Boy this is much bigger then it seems, Paypal has 50 million users. Somebody call CNN!!!

 

[Malibu Rapper]

I have stopped doing business with Paypal for years now and have not looked back. Sure it's convenient sometimes but if you've ever had problems with them, you know how bad they can be...

http://www.paypalsucks.com/

 

[KGP]

Paypal have been up and down for the last couple of days, ... Somebody call CNN!!!

http://money.cnn.com/2004/10/11/technology/ebay_paypal.reut/index.htm
Paypal's problems might just be someone else's golden opportunity. Paypal's strength is, and always has been, the fact that they were first to enter the payment aggregator marketplace. The discount rates they charge, given the exposure they are subjected to, simply doesn't wash, except to fulfill the purpose of high profits (nothing wrong with that if they can get it). There are far better business models out there, but none that have the leverage that Paypal enjoys - being first in the marketplace. Gimme 30 mil for seed, and I'll crush them.

 

[nsx-animal]

I like Escrow, it's a little safer also.


-Frank

 

[O-Ace]

Can you guys post some alternatives to PayPal? Or give KGP and myself seed capital so we can CRUSH them

 

[steveny]

Hey I just thought of something imagine going to your bank 2 days is a row and being told that the computers are down and you will have to wait "Sorry".
I have real money sitting in my Paypal account that I have no access to. Boy this is much bigger then it seems, Paypal has 50 million users. Somebody call CNN!!!

I believe there is a law in effect which states banks can not be closed for more than 3 days in a row. Correct me if I am wrong?

Paypal and Ebay both have the edge because they were the first to market the idea, but both companies could operate better than they currently do. Paypal is just a big money grab and fraud is rampant on Ebay. Customer service for either company is crap.

We should all pool some resources and put them both in the poor house.
I have a great idea that would fold ebay in a few months all I need is the funds to launch it.

 

[KGP]

I believe there is a law in effect which states banks can not be closed for more than 3 days in a row. Correct me if I am wrong?

It doesn't matter. Paypal is not considered to be of a financial nature, at least not as they started, and not as far as the regulators and laws are concerned. That might have changed since I processed their transactions, but I suspect not.You must understand that none of the actual financial transactions are processed by them. They only process the "Paypal" money, not the credit card transaction or the EFT from your bank account.

We should all pool some resources and put them both in the poor house.

It is something that I have tossed around for more than 3 years now. For that long I have had a complete business plan that would not only capture their market, but also seriously challenge VISA and MC. Talking huge angel funds though, but the reward is something near the magnitude of FedEx times 5. Someone will evantually do it. It's only a matter of time, and it will be for the better for consumers and merchants alike.

 

[KGP]

As to the alternatives - I have at least one of these companies cross my desk each month. When it gets down to it, most of them are a bunch of clowns.