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New cash transfer service rivals PayPal
 

Good Bye Pay-Pal, And we wonder why they have acted this way for years. They knew their run would be short lived


Banks launch clearXchange transfer system to rival PayPal - May. 25, 2011

That is great news now if all the banks get it not just the big named ones that would be sweet. No more paypal middle man this will help considerable for services sold here :) cause scammers wont be able to file bogus disputes to get a full refund. But money bets that ebay will have this method as a ban for useing to pay for items on ebay claiming its unsafe an that nonesence.

This is huggggge

I do think PayPal need to be rivaled in order for them to be 'made' to improve their service in many areas.

Doesn't mean much if eB won't let you use it. GC has been around for years and ppl threw around the same praises when they first started.

Do you really think that the service started by major banks would be easier to get around than PP?

Have fun trying to get around the new service, I know I'll try. Always easy to take advantage of new services the first year.

In the beginning Ebay banned paypal as unsafe, that is until they brought them and got a cut.

In the beginning EB banned no one. Western Union was the vendor of choice for scammers.

it still wont win paypal

ebay will make it to where if u sell on ebay your only opition will be paypal. This will win for people who use paypal for other things :D

This is a great system imo, but they will never beat paypal unfortunately.

I wouldn't bet on that - Paypal needs the co-operation of the banks to operate. This is a completely different ball game to GC. Something to be watched with interest I think
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This will completely change the game hands down. Other sites will pop up, and ebay will slowly fade.

:eek::eek: Wow this is awesome news!

I want to see paypal and ebay drop to their knees, so I can slap them with my glove and turn and walk away.

eBay will fight this tooth and nail. All of their earnings growth is coming from PayPal. They don't want a rival service taking their revenue.

When Google Checkout started, eBay claimed they could not give them "approved" status as they were not a proven service and they had safety concerns.

Of course,that was complete BS. Google may have started with a couple of college kids in a dorm room, but by the time Google Checkout came into existence, it was a major corporation already. Whatever Google Checkout's faults may be, I have never worried about them becoming insolvent or declaring bankruptcy.

So, even though whatever excuse they come up with for not approvng the new service will seem silly, they will try to announce their denial with a straight face and then do what they do best. Refuse to ever change their position or discuss it.

While I think jeffweico has got a good grasp on what is happening here I'm not sure I agree totally with him.

The fundamental difference between GC and this is that none of the payment service providers can exist without the banks but the banks can exist without them.

It only takes someone like Amazon to get on board with this and Ebay are going to be in a whole load of poo. It's going to take time to roll out but if you can do business without the likes of Paypal dipping in your purse you will.

In growth critical mass is important and I also think in recession you have the same importance.

In the event of a sales venue getting on board with this that has enough clout (Google Auctions?) you could well see a trickle and then a flood away from EB & PP.

The problem that any new start up has is the same problem that has dogged Ebay for years - and that's the sale of counterfeits and scams. While I readily accept that as a subject this can make uncomfortable reading it is a fact that the sales of the ⊗⊗⊗⊗ coming out of China and the resultant publicity has forced Ebay into an overkill situation. I don't think any new system is going to bring comfort to sellers of VERO items.

Ebay cannot be seen to back peddle on its policys without a huge change in its management structure and as with any chaos it is impossible to predict the outcome but I certainly think that certain executives may be having a few sleepless nights. Couple this with the reports of senior executives selling large amounts of stock and we may well be seeing the start of potentially revolutionary changes in the online sales market
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The banks will win here.

I think so too :pop2:

Might work well for Net business in general but for eb ay specifically, they will continue to fight back as usual.

I don't disagree with you RSOT, they will fight like rats in a barrel, but they will change nothing. If the banks set their mind to take that market Ebay will have one of two choices - play with them (which could be the worst scenario) or pack up and go home. I'm not sure if they would do either.

The change will come if someone like Amazon or a new player come onto the playing field. At that point all the disaffected sellers on Ebay may well leave. No sellers = no buyers = no Ebay = no Paypal.

Far fetched? maybe. But not beyond the realms of possibility
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I agree that this will definitely take business from PayPal. I just don't see eBay allowing it as a payment option.

For anything else, it is a no-brainer. Take care of the pasyment through your existing account without having to sign up for anything? That will work for most people.

The only thing to slow it down will be if the banks get greedy and decide to charge heavier fees on each transaction.

Remember, ATM's were once free. The banks wanted people to use them instead of bank tellers since it cost them less. As soon as people got used to it, they started imposing "convenience fees".

I don't know why this would be good, that would make it hard for stealth, paypal is still the best for that.

wow

am not sure this is a good thing

we would not be able to create stealth clearxchange accounts accounts,it would be braking the law to open a bank account with ⊗⊗⊗⊗ details

if your clearxchange account got the 180 days seeya later,dont come back again message,

that would be it,game over,unless you want to risk a prison sentence or a heafty fine,no thanks

I zgree, but I think that ClearXchange will probably NOT be doing business the way that PayPal does.

When PayPal started out, they made it VERY CLEAR that they were only a payment facilitator, that they did NOT guarantee any transactions. In fact, they also had sort of a feedback system that rated each user.

But if you complained that the item received was not as described, they didn't care. Same thing with the phakes. They just processed the payments, buyer beware.

Then eBay took them over and did what eBay does best - which is to screw everything up for everyone.

In ten years eBay will be irrelevant anyway. They will never be able to match Amazon's customer experience or logistics prowess. Larger retailers will be able to give customers a better experience on their own, more interactive websites. And smaller sellers will have found other sites on which to sell. eBay won't have a monopoly on traffic forever. And at the end of the day, that was really all they had to begin with - lots of eyeballs.

Good post jeffweico - good post!:thumb:

banks ,will not, in most situation, exchange details with ebay. this is good but then buyers will prefer paypal because buyer has the protection policy. it is still unclear in case of fraud, SNAD etc how will the buyers be compensated. it maybe suitable for day to day use such as paying ur colleagues, your mates but to pay for online shopping sites many things need to be taken into consideration. buyer will not accept this in a couple of years time.

Before we start forcasting doom and gloom for PP, someone else should actually read the press release. Pay close attention to "existing customers" and "person to person". Not going to be in the same playground as PP. At best, they might replace obopay.

Some of you give banks too much credit. Almost all of them would drool at the chance to work with PP and not the other way around. Take that recent skype transaction. Do you know how much went to the leading underwriter? Do you really think any commercial bank would not want a piece of that?

As for eB, it's not going anywhere. They finally realized that buyers are more important than sellers and they're making all the changes to retain them. And why worry about the sellers at all? For every account they limit, 2 or 3 pop up to replace it. As the buyers get more educated about ecommerce, platforms will only get stricter for the sellers. Maybe Amaz is working for some of you, but I only get 1/10th the sales of eB. And I have to assume all the risks of chargeback. Recently I flagged a transaction, called amaz and they still made me ship it. As we speak, the package is coming back to me, but I'm still out the shipping charge, total BS.

While never say never, but it'll be a long while before someone is more than a speck of dust on eB's radar. And if you have ever taken a look at the APIs available for PP and eB, you'll realize that they will be one expensive platform to reverse engineer.

And seriously, how many of you actually want eB to disappear? Can't qualify for unemployment if you didn't pay into it (OK, I'm not sure about this, always kept a day job for benefits).

Nobody NEEDS eBay. There are other places to sell, such as Amazon.

From a buyer's perspective, eBay has gone WAY downhill. The perception of eBay is that it was a fun auction site, but that it was easy to get screwed. Most of the people I know have not used eBay for years and they are most likely NOT going back.

As for CLearXchnage, they can say they are not trying to replace PayPal, but the reality is that they will taske away some of their business. Netflix insists that it is NOT trying to replace your cable company, but guess what? IT WILL. Or something like it will. More than likely a few such services.

eBay has all but abandoned auctions and small sellers. They really want the larger sellers and the more prestigious sellers. But no luxury brands are rushing to sign up. And high end retailers like Nieman Marcus and Saks likely feel that it would tarnish their names to be assoicated with eBay. So what does that leave? JC Penney, Kmart and Buy.com? Not exactly a compelling mix.

eBay's earnigs growth is coming from PayPal. Not so much from the auction payments, but from person to person payments. And ClearXchange will cut into that business.

Don't get me wrong, eBay is still a valuable sales channel for me, but I am smart enough to know that things change. I sell on many other venues as well. Never be dependent on any ONE VENUE for all of your sales. As a business, that leaves you too vulnerable.

Many of us, if not most of us, would not be on welfare if not for eBay. We will adapt. We accept change and make the best of it. Like the saying goes, when God closes a door, he opens a window.

In the last 20 years many businesses have disappeared, or are on the virge of disappearing. Record stores, Travel Agencies, Computer stores, Video stores, Newspapers... All of these have experienced changes. Magazines are disappearing too. DVD's days are numbered, and they will NOT be replaced by Blu-Rays. The future is streaming. It just makes sense. But the people involved in these industries have moved on to other things. Some of the have jobs now, some have started new businesses, some have retired. But I doubt that many of them are on welfare.

I hope no one seriously believes that the free P2P transfer is driving the growth of PP. For the last 3 years, PP has developed platform after platform and offered some really juicy bounties to affiliates and developers to woo new merchants. So unless they missed something obvious, they just flushed away a bunch of free money in all those locked accounts.

Any brand of value will not dilute its value by selling on a discounter site. Not on eB, not on Amaz. and certainly not some no name startup hoping to unseat either. So what does that prove? Absolute nothing.

You're right about streaming is the future, but dead wrong about netflix replacing the cable companies. Comcast just bought NBC Universal. Time Warner is Time Warner. Not only do they have the last mile to the consumers, they also have the contents to deliver. Netflix has licensing agreements and now they have to compete against the iTunes Store. Last time I checked, I could watch comcast On Demand from my PC anywhere with a good internet connection. Those Netflix flyers offering free service just end up as schredder fodder.

Lastly, my conversion rate from my monthly 20-30k clicks disagrees with the ppl you know.

Opinions are just that, 50 years from now someone will be proven right. When that time comes it wouldn't matter much. I'll be close to 90 and just be glad to be alive.

Let me point out something is it already hard enough to get buyers to send money by VIA Merchant account Why would buyer send money by something else then paypal . I`ve tried this with another service called billpay with Bank of America has Failed me everyone says I will only pay by paypal or I`ll have to buy from another seller

BANK System Combined with Ebay or New Auction Site is the only way it will work

Stealth will be a thing of the past with this, I agree. Another site will come along and allow you to sell whatever you want, leaving you liable. There will be no banning, in the fine print it will be all on the seller to use there services legally. You will be held 100% liable for what you sell. May scare some people away from shady stuff, but in the meantime legitimate sellers would push through with hard work and be able to move there products at a safer more efficient rate.

this is the definition of a free market which is the core of our economy

I TOTALLY agree with UnderBites08, Stealth will be a thing of the past..
it'll be impossible for a person in their right mind to try to open an account under billy bob joe, unless of course, you dont mind sitting in a cold 9x9 cold sell sharing a bed with a big black guy (plz dot be offended with that its a joke!)
2. ClearXChange might not b taking much from PP today/tomorrow, BUT eventually PP will be like VHS tapes a thing of the past, think about it.. over the last 10-15 years how MANY things have changed.. black and white tvs to 3D tvs, from bulky house phones to Iphones.

Point is eventually something could HONESTLY take PP/Eb down, like stated before, Eb makes their money through PP, and if PP cant compete with banks (which they cant! i dont care what you may think, alot more people have bank accounts then PP accnts). It'll be a domino effect if it expands to lower local bank branches, and this service is available with all bank accounts, then yea PP/Eb would be screwed. Unless another AUCTIONING website takes over, and im not talking about like Quibids or one of those sites... im talking about a EBAY-Like site with ebay like things (except for their wonderful customer service)... meaning, ebay like formats, but again it would need some major rewiring needed, Protect the buyers alot more.
There are ALot of websites out there, but honestly NONE can compete to ebay.. they always last for a little while.. o yea it looks good, but eventually you come back to your"safety net". Sure its safe to say Amazon has the second largest traffic compared to ebay but its not an Auctioning site and it has its downfalls like any other website...
No matter all the OPINIONS given here.. it will SURE be very interesting for the next couple years to see what happens with Eb/pp and all of this. :bump:

Anytime you sell something on ANY venue, online or offline, you are legally liable. Stealth cannot hide you 100%. It hides you from eBay/PayPal. That does not mean law enforcement couldn't find you within 5 minutes.

Stealth is not a license to sell counterfeits or to rip people off.

finally...hopefully if this does get implemented on ebay that means a great rival for paypal. Which means ebay will not ban me for selling too much again.

Yeah but a stealth paypal can be opened in a minute and there's no limit to how many you can make or how many you can send and recieve money to those advantages far out weigh a bank IMO some people can't even qualify for 1 bank and when they do it's usually a little more time consuming then opening a paypal. I'd much rather have a bank plus as many paypals as I want, then again I'm one of those wierd ones that loves paypal due to all of their wonderful benefits. :D

U got that right people on ebay will never go for useing anything but paypal. cause for 1. They can get there money back 100% of the time no ?'s asked and keep the items. and 2. ebay has them brainwashed like a heard of cattle the the buyer protection plan whish reverts back to #1. and 3. people are lazy and want to pay the easiet way possable.

ebayers are like cows to the slaughter

So such a service would befent poeple who dosent use ebay. and would make great payment opition if need be.