No Pay Pal

For work at home consultants who conduct business over the Internet, the advent of online payment for services through PayPal was a convenience that eliminated the costly need to set up a merchant bank account. For retainers and small projects, it was ideal for obtaining funds quickly without a trip to the bank. Evidently, though, the good service that PayPal once delivered was undermined by greed, and is now the subject of a class–action suit by PayPal account holders for intentional delays in transferring funds in order to collect interest on monies in transit.

I thought about this today as I waited for 48 hours to no avail for a retainer I was expecting from a client, and was trying to imagine why it took days for PayPal to do what took my bank or utility companies a matter of minutes, if not seconds.

Alas, it appears help is on the way, as the monopoly of PayPal is facing a formidable challenge from Google, which presently has them before a judge for restraint of trade, and has announced plans to compete with the shameful defendant that built our trust and then used its fortune to screw us. That model of business behavior may be profitable in the short term, but over time, others with more scruples are finding there’s plenty of money to be made treating customers with respect–a lesson PayPal seems to have missed.

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~ by Jay Taber on February 12, 2009.

One Response to “No Pay Pal”

  1. As usual so well articulated – could not have said it better!

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