Elon Musk And David Sacks Say PayPal Could Top $100B Away From Ebay
The billionaire investor now owns 2% of eBay and is calling for two board seats and for PayPal to be spun-off via IPO.
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Since: Nov 13
#1 Feb 19, 2014
Dream on guys ...
Amazon/Apple/Dwolla/Google/Squ are/Whoever Payments
Online or at physical point-of-sale, via plastic or mobile phonefrom the merchants point of viewall these non-bank providers suffer the same serious handicap that eBays clunky PayPal suffers: none have interactive access to buyers funds in retail banking debit accounts, nor to retail banking credit accounts as do have the bankcards MasterCard and Visa; their only reliable access to funds is as retail bank Credit Card Merchant Account operators (which is what PreyPal claims to be when it wants to appear not to be operating an unlicensed bank) via their own retail banker (Wells Fargo in the case of PreyPal).
Even if any of these middlemen make use of direct debits via the ACH system (as PreyPal prefers to do to more cheaply access buyers funds), the access is not interactive: there is no immediate acceptance of the debit by the bank nor any guarantee that, the following day, the bank wont reverse the debit due to an insufficiency of funds; direct debit via ACH is simply not a suitable medium for physical point-of-sale transaction payments; the only safe route for point-of-sale transactions (credit or debit) is via a retail bank Merchant Account with its interactive linking to the retail banking system
These pretenders are all parasitic middlemen, a superfluous additional layer that, in the main, rides precariously on the backs of the retail banks existing systems; they make their money out of the difference between what the banks/MasterCard/Visa charge them and what they then charge their merchant customers; therefore, their services, invariably, are going to be dearer, or are unlikely to be cheaper; anyone that thinks otherwise has been drinking too liberally of all the disingenuous nonsense that continually flows from the eBay Dept of Spin
PreyPal, however, is unique in that it operates a pretend bankthe unlicensed bank they have to hold onto merchants receipts, and the bank they dont have when the banking regulator comes sniffing around. That PreyPal manages to skirt wholly around US banking regulations while operating this clunky, unregulated, non-FDIC-insured,pretend bank, frankly, defies belief; possibly its due to the same bureaucratic laziness/corruption that allows eBay to knowingly and calculatedly facilitate, demonstrable, massive, blatant, auction fraud on the consumers of the world http://bit.ly/11F2eas
Regardless, if any of these middle-men players think that they are going to take other than micro-fractions, if any, of the payments market away from the bankcards, MasterCard and Visa, I think that they are delusional, or possibly they have accompanied Johnny Ho on one too many his many hallucinating trips with Alice down the rabbit hole to Wonderland, from whence, probably, he developed his obviously flawed approach to commerce
Off with his head!" many eBay merchants are shouting, but John is unafraid, calling them out as just noise Only time will tell; or, who knows, maybe the slumbering eBay BoD may awaken before the damage the Ho is doing becomes irreversible
For buyers,digital wallets undoubtedly are the way of the future, particularly for online payments, and with the recent arrival of the professional mobile/plastic POS/online digital wallets from MasterCard and Visa, all these pretenderswith the exception of where they are mandated/integrated into an online marketplaceare now effectively redundant
And, with respect to physical point-of-sale transactions by such pretenders (Square excepted, as it offers a hardware answer to a particular problem), can I simply invite readers to, next time they visit The Home Depot, ask a cashier how Pay Here With PayPal is goingLOL http://bit.ly/UVXx53
Hello "MasterPass"; goodbye clunky "PreyPal"it has not been nice knowing you ...
eBay / PayPal / Donahoe: Dead Men Walking ...
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