Burning man defeats PayPal
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Burning man defeats PayPal
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Re: Burning man defeats PayPal
#2There are precious few "victory" stories over PayPal.
Unlike a credit card company, if they feel they might have to dip even 1 cent into their own profits to deal with a bad transaction, they will immediately kill an account, no matter how large or how old.
I simply do not understand why there are not more competitors to PayPal - don't these corporations see the billions PayPal has made (THREE BILLION profit per YEAR) and how they get to skirt all the rules and regulations that banks have to follow? Why not jump onboard and give consumers some choices?
Re: Burning man defeats PayPal
#3There are precious few "victory" stories over PayPal. Unlike a credit card company, if they feel they might have to dip even 1 cent into their own profits to deal with a bad transaction, they will immediately kill an account, no matter how large or how old. I simply do not understand why there are not more competitors to PayPal - don't these corporations see the billions PayPal has made (THREE BILLION profit per YEAR…
> I simply do not understand why there are not more competitors to PayPal
If you read the excellent interview with Max Levchin in Founders at Work, he alludes to the fact that PayPal is really just a state-of-the-art, best-in-class fraud detection system with a payment frontend. He also says that Banks are more conservative than PayPal - in that they can't go after a business model where there is going to be fraud - and the game is to minimize the losses.
Re: Burning man defeats PayPal
#4There are precious few "victory" stories over PayPal. Unlike a credit card company, if they feel they might have to dip even 1 cent into their own profits to deal with a bad transaction, they will immediately kill an account, no matter how large or how old. I simply do not understand why there are not more competitors to PayPal - don't these corporations see the billions PayPal has made (THREE BILLION profit per YEAR…
> I simply do not understand why there are not more competitors to PayPal If you read the excellent interview with Max Levchin in Founders at Work, he alludes to the fact that PayPal is really just a state-of-the-art, best-in-class fraud detection system with a payment frontend. He also says that Banks are more conservative than PayPal - in that they can't go after a business model where there is going to be fraud -…
Yeah that probably explain why their customer service is horrible, they see it as an afterthought. I don't have an issue with them trying to kill fraud but there needs to be better communication between Paypal and it's business customers.
I wouldn't be surprised if at one point the government come in and tries to apply credit card regulation to them if thats not already the case.
Re: Burning man defeats PayPal
#5There are precious few "victory" stories over PayPal. Unlike a credit card company, if they feel they might have to dip even 1 cent into their own profits to deal with a bad transaction, they will immediately kill an account, no matter how large or how old. I simply do not understand why there are not more competitors to PayPal - don't these corporations see the billions PayPal has made (THREE BILLION profit per YEAR…
> I simply do not understand why there are not more competitors to PayPal If you read the excellent interview with Max Levchin in Founders at Work, he alludes to the fact that PayPal is really just a state-of-the-art, best-in-class fraud detection system with a payment frontend. He also says that Banks are more conservative than PayPal - in that they can't go after a business model where there is going to be fraud -…
He forgot to mention it has an extremely large number of false positives using that system. The reason it might work is because they take/freeze money from innocent customers. The amount of horror stories about Paypal significantly outnumber the horror stories about regular banks or credit card companies.
Re: Burning man defeats PayPal
#6Earlier quoted context omitted.
> I simply do not understand why there are not more competitors to PayPal If you read the excellent interview with Max Levchin in Founders at Work, he alludes to the fact that PayPal is really just a state-of-the-art, best-in-class fraud detection system with a payment frontend. He also says that Banks are more conservative than PayPal - in that they can't go after a business model where there is going to be fraud -…
Yeah that probably explain why their customer service is horrible, they see it as an afterthought. I don't have an issue with them trying to kill fraud but there needs to be better communication between Paypal and it's business customers. I wouldn't be surprised if at one point the government come in and tries to apply credit card regulation to them if thats not already the case.
Paypal is already a bank in the EU.
Re: Burning man defeats PayPal
#7I hear way too many stories about this. I was even paying a company through PayPal when they had their account frozen and their money taken. 3 times. The company continued to use them because so many of their customers demanded PayPal. They had continued to use PayPal because it was cheaper to lose their funds (they regularly withdrew) than the customers. After the third time losing everything in their account, they finally had to tell their customers 'no PayPal' and live with the consequences.
Yes, you read that right... PayPal took every cent in their account 3 times. And there's no law against it.
Re: Burning man defeats PayPal
#8There are precious few "victory" stories over PayPal. Unlike a credit card company, if they feel they might have to dip even 1 cent into their own profits to deal with a bad transaction, they will immediately kill an account, no matter how large or how old. I simply do not understand why there are not more competitors to PayPal - don't these corporations see the billions PayPal has made (THREE BILLION profit per YEAR…
Are you familiar with epassporte?
One of the reasons why newcomers have relatively little chance is because credit card companies hate start-ups that do wallet systems.
Re: Burning man defeats PayPal
#9Opencamp had similar issues, which only got resolved under public pressure
http://openca.mp/blog/the-paypal-and-opencamp-resolution/
Re: Burning man defeats PayPal
#10I refuse to go near PayPal. We don't accept it for PadPressed. We might be losing some revenue, but I can't support paypal / leave ourselves open to the shit they pull. Same thing with a conference we're putting on in October. Not allowing PayPal as an option. I hope WePay or someone else succeeds as being a viable+robust alternative.