Do you know about this Paypal Killer for taking credit cards on your website?

12 years ago

Here's the problem as I see it. All these new services are great however the problem is the Internet Marketing and MMO crowd has not yet found out about them. Once a payment provider starts dealing with all the hassles and risk that come with MMO type products they would very likely and very quickly follow the same path as more popular payment providers like Paypal. They don't have much of a choice. The fact is the financial institutions backing a lot of these payment providers are not going to put up with the risk that IM and MMO presents to it's business. It's just not worth it for them.

Paypal is NOT the problem. The business model is.

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igrowyourbiz

12 years ago

i think this one has some good risk management...

Imers that do not conform to best practices won't like this (ie scammers)

people offering good quality and service won't have any problems at all

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Joseph Robinson

Banned 12 years ago

Originally Posted by igrowyourbiz

people offering good quality and service won't have any problems at all

Eh, that will hold true just as often (notice I didn't say always, before anyone jumps on the comment :rolleyes

for PayPal as well. Will pointed out exactly what will happen too. As soon as this service gets big enough, it is going to face the same challenges (and probably react in the same way) that PayPal does.

Definitely not a PayPal killer. Sites like these hope to work up to be viable alongside PayPal. Hoping to take out a payment processor that large before getting off the ground themselves would be the ultimate case of putting the cart before the horse.

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igrowyourbiz

12 years ago

Originally Posted by Bruce NewMedia

It seems to me for these new pay vehicles to be effective they have to earn BUYERS TRUST.

They can have all kinds of great vendor features, but until buyers feel safe with them, it's sort of academic. I'd like to see good PayPal competitors, but it will take some time for any upstart to be accepted by the buying public. (not months, but years).
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Bruce

actually they don't

This is a processor designed to integrate with a site. This means the customer never leaves the website they are on (unlike with a paypal transaction)

The buyers trust is in the vendor...not the processor whom the average consumer has no clue of a difference in gateways/processors (nor do they care)

Originally Posted by Istvan Horvath

US only... not good enough for us in other countries

true... USA only

Originally Posted by Joe Robinson

Eh, that will hold true just as often (notice I didn't say always, before anyone jumps on the comment :rolleyes

for PayPal as well. Will pointed out exactly what will happen too. As soon as this service gets big enough, it is going to face the same challenges (and probably react in the same way) that PayPal does.

Definitely not a PayPal killer. Sites like these hope to work up to be viable alongside PayPal. Hoping to take out a payment processor that large before getting off the ground themselves would be the ultimate case of putting the cart before the horse.

they will definitely face the same challenges, but already have things in place to stem that tide.

There are a ton of bonuses as to why a business would choose this over paypal...

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igrowyourbiz

12 years ago

there are drawbacks to paypal for many beginners and even advanced merchants.

By far higher sales volume and higher ticket sales come from "credit card" direct payments in my experience than paypal-to-paypal alone.

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Bruce NewMedia

12 years ago

It seems to me for these new pay vehicles to be effective they have to earn BUYERS TRUST.

They can have all kinds of great vendor features, but until buyers feel safe with them, it's sort of academic. I'd like to see good PayPal competitors, but it will take some time for any upstart to be accepted by the buying public. (not months, but years).
_____
Bruce

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Istvan Horvath

12 years ago

US only... not good enough for us in other countries

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John Romaine

12 years ago

Another "paypal killer" thread...

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Joseph Robinson

Banned 12 years ago

but already have things in place to stem that tide.

Such as...?

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igrowyourbiz

12 years ago

Originally Posted by Joe Robinson

Such as...?

7 day hold on funds.

this is no big deal to someone with quality product and service

to the anxious scammer or grubber they won't wait that long

to the garbage sellers, they will get refunds within that period of time

its risk mitigation

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Joseph Robinson

Banned 12 years ago

Originally Posted by igrowyourbiz

7 day hold on funds.

this is no big deal to someone with quality product and service

to the anxious scammer or grubber they won't wait that long

to the garbage sellers, they will get refunds within that period of time

its risk mitigation

Eh, that's quite the leap to make. Scammers can be patient too. I'm not on board with that blanket statement.

As to garbage sellers seeing the refunds within 7 days that doesn't always happen either.

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igrowyourbiz

12 years ago

3 of paypals founding group as well as netscape pioneer have already invested big money into this venture. so they clearly are on to something

Originally Posted by BIG Mike

But Paypal accepts credit cards too...and if it's only available in the US then it's a non-starter for international merchants.

Paypal does not direct accept credit cards with the free accounts. you must get a virtual terminal for that. Paypal will allow you to send someone to their site and issue them a temporary paypal account. (the card used and email address for that transaction will be permanently attached and can only be used in the future together to set up a paypal account)

also, telephone and mail order are not accepted by paypal for a merchant without their premium plans

Originally Posted by Joe Robinson

Eh, that's quite the leap to make. Scammers can be patient too. I'm not on board with that blanket statement.

As to garbage sellers seeing the refunds within 7 days that doesn't always happen either.

no leap at all.

naturally there are exceptions, but by and large it won't work...scammers are anything but patient. They want as much money as fast as possible from as many people so they can move on to the next sucker

and the VAST MAJORITY of refunds will come in the first 7 days...

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Robby54

12 years ago

Will check this out.. Kinda tired of paypal..

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The Niche Man 12 years ago

Whether it's a Paypal Killer or not. I like it because it's competition for Paypal. It not only offers us more options but helps to keep Paypal on it's toes if nothing else.
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- igrowyourbiz 12 years ago
  
  competition is indeed healthy
  
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Do you know about this Paypal Killer for taking credit cards on your website?

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