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Paypal- are there any true competitors, bottom line?

by The 13th Warrior
7 replies
Does anyone know, for a fact, based on accurate, accelerating numbers that count that there is anyone that is going to be competitive or even have the real chance of taking down or at least going blow for blow to Paypal?

Sure, there is always conjecture about "this" company, or "that" company has potential and is looking up, but, really, I mean, REALLY, is there any company that in reality can put Paypal on its heels or give it a run for its money, speculation out of the window?

Seems like when a company has a monopoly on something, they usually get very arrogant.

I think the Paypal's "spending limit for security reasons" is a scam to push you to their other products.

Hey, I'm simply not giving them direct access to my checking account, they already have my credit card info.

So I thought getting that Paypal Plus Credit Card was a way to up my spending limit and I could pay it with my other credit card...., not. They still wanted funding thru my checking account info.

So I cancelled and closed the Paypal Plus Credit Card and removed my credit card since it seemed not to help increase in their "spending limit" scam. Talked to someone, you guessed it, from India( outsource). Surprised it was a quick and painless to finish it, was ready for a fight.

I am going to fund them thru MoneyDot , as needed.

Sure would be nice for a better company , competitive company to come along and actually kick them in the teeth like Google is starting to do to Microsoft.

Then we can a give a well deserved and proper big F. U. send off, once and for all to Payfoe.

The 13th Warrior
#bottom #competitors #line #paypal #true
  • Profile picture of the author Davids22
    Hello The 13th Warrior,

    I agree with you. They are annoying, irritating and they need a better/good competitor.

    However atm no one seems to be going at it.

    Would you like to start a competing company perhaps? (perhaps I'm being more serious than you think?) (It's a great start idea for a first company I should say

    If not, I hope a competitor arises sometime soon

    Have a good one,

    David
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    • Profile picture of the author Silas Hart
      In theory, Google Checkout. Once (and IF) Google launches their auction service, then Google could very well overwhelm PayPal.
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      • Profile picture of the author Jeff Henshaw
        PayPal have their good and bad points, just like any service run by human beings, whether on or off the Internet.

        At the moment PayPal is the 'King of the Ring' as far as payment processors are concerned IMHO. They make it so easy to both receive and send payments. So I'll stay with them for the forseeable future.

        Just my thoughts,

        Jeff.
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  • Profile picture of the author kposs
    I'm really surprised Visa/MC/AmEx haven't developed something directly themselves. Or even a Western Union type that's been doing it well offline for the majority of their existence.
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    • Profile picture of the author seasoned
      Originally Posted by kposs View Post

      I'm really surprised Visa/MC/AmEx haven't developed something directly themselves. Or even a Western Union type that's been doing it well offline for the majority of their existence.
      Visa, MC, amex are competitors, and really don't do anything. They have STANDARDS, a logo, etc... But WHAT ELSE do they do?

      Issue cards? Outside of AMEX, NOPE, the BANKS do!
      Credit Limit? Outside of AMEX, NOPE, the BANKS do!
      Check credit? Outside of AMEX, NOPE, the BANKS do!
      Set consumer terms? Outside of AMEX, NOPE, the BANKS do!

      BTW Visa, and MC ALSO don't issue merchant accounts. The fact is I have NEVER heard of them doing "it" offline EVER! AMEX is a special case since they started as a travel entertainment card, and do EVERYTHING themselves. In fact, they just changed their terms, and all paypal pro users have to agree to AMEX terms by 10/13, or they get SHUT OFF!

      NOW, COSTCO, for merchant accounts, last I knew, had a FULL gateway, through NOVA!
      Several others have various gateways....

      The structure is...

      GATEWAY(since most processors do NOT work through the internet, don't ask me why!
      PROCESSOR(NoT the credit card, the PROCESSOR) THIS is whatt merchants used before the internet!
      MERCHANT ACCOUNT(AT THE BANK)

      So the GATEWAY ALONE IS NO GOOD!!!!!! It merely emulates the gadget stores use, to communicate with the processor.
      The PROCESSOR alone is no good because it only communicates with the banking system.
      The merchant account is nice, but pretty worthless without the above, though you COULD issue a draft. THAT is what merchants did before computers became so popular, and the processing units cost so much. Of course they are SLOW, and you have to make sure the number isn't in a LONG list that comes in book form.

      Heck, I don't even know where the credit card company really comes in, outside of actually producing the card, and some terms the banks allow for. MAYBE visa/mc provide the actual amount, but even that is doubtful. I have seen the different personalities in banks issuing credit cards, so I know they have a LOT of autonomy. HECK, BofAs attitude and all became like MBNA when they bought MBNA!

      Steve
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  • Profile picture of the author seasoned
    I said here earlier, I was SO appalled by how hard it was, that I decided to create something like PAYPAL. Paypal didn't even exist yet. I asked my issuer about it, and they said I COULDN'T! They wanted me to use it ONLY for myself. It looks like that is what happened with stormpay. When 12DP(?) created that SCAM, and used stormpay like a piggy bank, what did storm pay do? They shutdown the WHOLE system and used it for their OWN business. Since they went from profitable and high volume with LITTLE effort to not very profitable, low volume, and they had to do everything, I guess they had the same experience that I did, but THEY went through with it.

    Although the wikipedia entry is confusing, it DOES mention that 12dp was the first real thing that happened prior to the closing, and that The auction site was setup almost like a clickbank type deal where they have more control over WHAT is sold. Also, it says they don't accept credit cards anymore, due to chargebacks. That is interesting, since I don't think they are in business anymore.

    One company, I believe CCBILL, at leastt USED to offer a franchise. They CLAIMED a special merchant account cost $10,000USD. As you may know, a regular one may cost as little as NO fee upfront. I think the costco one cost $20, and paypal/wellsfargo cost $0. Of course, they DO have a minor monthly fee. $10,000USD may cover the average merchant account's fees, including gateway, for about 25 years, give or take.

    Steve
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    • Profile picture of the author The 13th Warrior
      Now PayFoe is claiming, again, that for "security reasons" , anything funded by MoneyDot over $250 a year , you have to give them your street address, social security number, date of birth.

      For the love of pete..,

      I opted for a refund.

      Have to go the l-o-o-o-n-n-g way and fill out credit card info on orders, don't want to do that, but if the choice is either PayFoe or that, if I really want the product, guess I gots no choice.

      PayFoe, the MoFo, has done it again.

      The 13th Warrior
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