Re: Credit Card processing

At 04:51 PM 7/28/2003, David Jones wrote:
>I do not trust PayPal. They have a problematic history.
>
>I also do not trust the entire idea that PayPal
>represents. They're essentially trying to duplicate the
>existing (and very regulated) credit card industry, only
>without the regulation that helps protect customers
>(both individuals and businesses) from the kinds of
>problems that have effected PayPal in the past.
>Reminds me of the days before banks were regulated,
>and banking was a popular scamming operation.
>
>David
>dvjones(at)ksbe.edu

I would like to find out more about the problematic history of PayPal.  I 
have been using them for years with zero problems.  I checked the FDIC site 
and can find no mention of PayPal.  I also checked the FTC and find two 
entries, one noting the PayPal's acquisition by Ebay and the other noting a 
PayPal VP participation on a panel discussion at a Consumer Information 
Security sponsored by the FTC.  The FBI site has no mention of PayPal.  I 
did find the paypalsucks.com web site, but it's hard to see any provable 
facts among all the noise.  Finally, I went to the Justice Dept. web site 
and found a settlement that PayPal has had to make due to processing 
charges to offshore gambling operations, but the vast majority of mentions 
there were frauds that were perpetrated against PayPal and not viceversa.

Personally, I see that PayPal fulfills a need that many people have, so 
much so that competing services are starting to appear.

I just hope I have not opened up a can of worms and started a "I Love 
PayPal - I Hate PayPal" flame war. :)

Norman
www.CraftedSolutions.com
803-405-1008

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