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PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

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Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#21

Post by Zimahl »

nrj wrote: post #20

Fry: Do you take Visa? Clerk: Visa hasn't existed for 500 years. Fry: American Express? Clerk: 600 years. Fry: Discover Card? Clerk: Sorry, we don't take Discover.

Customer: Do you accept the Discover Card?

Peter Griffin: Ha! Hey, Lois! Diamond Jim Brady over here just asked if we accept the Discover Card.

Lois Griffin: Ohhhh! They're in an exclusive club that's called 'anybody'!

Peter Griffin: Yeah! No, no, no! I don't think so. You know, you know, I'd rather take two live chickens than your fly-by-night credit card. I would rather take a jar of pennies which value was less than your bill.

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#22

Post by sp332 »

dedward wrote: post #14
sp332 wrote: post #2

But PayPal still refuses to be regulated like a bank, right? And how long will it be before "PayPal is holding my funds" stories go mainstream?

It's not like banks get a choice - more like lawmakers have yet to force paypal into regulation.

They are regulated, but not as a bank (in the US). It's complicated. http://news.cnet.com/2100-1017-858264.html

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#23

Post by dangrossman »

sp332 wrote: post #2

But PayPal still refuses to be regulated like a bank, right? And how long will it be before "PayPal is holding my funds" stories go mainstream?

This is a silly complaint. You can't choose how to be regulated. I can't volunteer to have my software business regulated as a sewage treatment plant, or as a stock brokerage. PayPal isn't a bank so laws that regulate banks don't apply to them any more than they apply to Amazon Payments, Google Checkout or Stripe. However, the laws on money transfer organizations apply to them in all 50 states.

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#24

Post by amolsarva »

e1ven wrote: post #15

Part of where I get confused here, is that Paypal already has a debit card... Given the prevalence of places that accept debit cards to buy things, how is this a revolution? https://personal.paypal.com/us/cgi-bin/?cmd=_render-content&...

That debit card is an actual CARD, that you go get, and it has a Mastercard logo on it (not that it matters which so much, but that is one of the payment networks like Visa, Discover, Amex)

The big thing is you can use your Paypal ACCOUNT! Not get a whole new card. Seems pretty massive increase in their reach

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#26

Post by e1ven »

amolsarva wrote: post #24
e1ven wrote: post #15

Part of where I get confused here, is that Paypal already has a debit card... Given the prevalence of places that accept debit cards to buy things, how is this a revolution? https://personal.paypal.com/us/cgi-bin/?cmd=_render-content&...

That debit card is an actual CARD, that you go get, and it has a Mastercard logo on it (not that it matters which so much, but that is one of the payment networks like Visa, Discover, Amex) The big thing is you can use your Paypal ACCOUNT! Not get a whole new card. Seems pretty massive increase in their reach

"Starting in April, Kingsborough said, Discover’s merchants will be able to begin accepting PayPal’s charge cards."

It goes on to talk about other payment methods, but those seem optional. Most places that accept discover won't change POS systems to allow that..

So, again, it seems to be a pass-thru plastic card, just like they have now.

I KNOW I'm missing something. I just don't know what.

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#27

Post by jrajav »

s_henry_paulson wrote: post #7

As with many new technology advances in the finance sector, I predict this to be use for crime. Right now it's easy for criminals to get money into paypal accounts, but difficult to get money in their hands, because it often requires steps that involve tying a transaction to a bank account or something traceable. If someone can just walk into a store and type a couple of numbers into a keypad and walk out with items…

I'm assuming that the number tied to your account would be verified, in which case that becomes the new traceable tie between you and the account. If it's not verified, I certainly agree.

Re: PayPal Trumps Square’s Deal With Starbucks by Partnering With Discover

#29

Post by smallegan »

Square is a way for businesses to accept credit cards. Paypal is a "bank" that offers a type of credit card. I fail to see how they are really competitors. Square takes Discover so the way I see this is Square just got the ability to accept Paypal?
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