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eBay To Disallow Checks and Money Orders In US
Sir_Kurt writes "In eBay's latest FAQ, they explain that sellers (for the good of the buyers) will no longer be allowed to accept checks or money orders as payment. They can take electronic payments only. So, will Google Checkout, Checkout by Amazon or Amazon Flexible Payment be allowed? No, says eBay: 'Google's and Amazon's products and services compete with eBay on a number of levels, so we are not going to allow them on eBay.' Options are limited to PayPal, ProPay, direct credit payments to the seller, and 'payment upon pickup.' But remember, this is for our own good!"
eBay ran into trouble earlier this year for trying to restrict payment options.
Many may not remember, but when Sears first came out with the Discover card, they stopped accepting Visa/Mastercard.
Sales dropped, and it was the beginning of the end for Sears.
Those who don't study history....
Ok, I give up, why you?
Paypal acts like a payment processor, not a bank. They don't have a bank charter among other things. Payment processing regulation is very lax.
They allow you to move money from your bank account to your paypal account.
They allow you to elect to make payments from your paypal "balance"
They offer a "debit card" that draws from your paypal "balance".
If someone sends you funds, it goes towards this balance.
If they put a hold on your account, they deny you access to this "balance" that is your money.
They sure sound a lot like a bank to me.
I suggest calling your legislators, writing them, etc, to ask for tougher regulation and better regulatory oversight for the operations of companies like PayPal.
It is - in Europe Paypal is a licensed, regulated bank based in Luxembourg.
You forgot the part about how paypal has it such that your paypal balance can be a money market account which earns interest. When you consider that plus everything else, it's definitely acting like a bank.