I've been reading around lately and I've found that there aren't many online store owners that are very fond of PayPal. There literally is a web site called "PayPal Sucks" that goes in depth about all the litigation against the business.
The two reoccurring themes I've noticed is that people hate their customer service and they think 2% is too high for commission. For the customer service issue, apparently PayPal doesn't like to give out their phone number and they're extremely slow in getting back to customers through e-mail. There's also alot of anger about people getting their account frozen. You literally can have 500 transactions done, and if the 501st transaction is paid with an illegal credit card your account gets shut down. Then it's a lengthy battle to open up the account and you have to go through all these crazy obstacles with PayPal.
It also needs to be understood that PayPal is its own beast and when you sell an item, the money isn't really yours yet. It goes into a PayPal account, not your bank account. So technically until you transfer the money you're still a passenger in the Fastlane. The second beef with PayPal that I've read is that 2% per transaction is too expensive for a company that large. I don't know what PayPal's numbers look like, but maybe there's room for a "WalMart" version of PayPal.
Alot of people probably think taking on a company owned by ebay is suicide, but this is the Fastlane. I'd like to open this thread up to ask what do you think of PayPal, do you think there's room for an alternative, and how feasible would it be?
The two reoccurring themes I've noticed is that people hate their customer service and they think 2% is too high for commission. For the customer service issue, apparently PayPal doesn't like to give out their phone number and they're extremely slow in getting back to customers through e-mail. There's also alot of anger about people getting their account frozen. You literally can have 500 transactions done, and if the 501st transaction is paid with an illegal credit card your account gets shut down. Then it's a lengthy battle to open up the account and you have to go through all these crazy obstacles with PayPal.
It also needs to be understood that PayPal is its own beast and when you sell an item, the money isn't really yours yet. It goes into a PayPal account, not your bank account. So technically until you transfer the money you're still a passenger in the Fastlane. The second beef with PayPal that I've read is that 2% per transaction is too expensive for a company that large. I don't know what PayPal's numbers look like, but maybe there's room for a "WalMart" version of PayPal.
Alot of people probably think taking on a company owned by ebay is suicide, but this is the Fastlane. I'd like to open this thread up to ask what do you think of PayPal, do you think there's room for an alternative, and how feasible would it be?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
