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PayPal Has Been Talking With Amazon on Payments, CEO Says (bloomberg.com)
A new feature could be coming to your Amazon checkout process. It's called PayPal. Amazon and PayPal are in talks about the possibility of the online retail giant supporting PayPal payments at checkout, PayPal CEO Dan Schulman said in an interview. While Schulman didn't say when -- or even if -- a deal might happen between the companies, he did tell Bloomberg that the companies are trying to determine how they can "use one another's assets to the mutual benefit" of their customers. From the report:"We're closing in on 200 million users on our platform right now. At that scale, it's hard for any retailer to think about not accepting PayPal," Schulman said.
So, PayPal will take a fee on the payment, and then the credit card in my PayPal profile will take another one. Can we make it even more complicated, please?
Did they magically become a cheaper credit card processor than the big three?
Amazon already handles payments for people who sell on Amazon. I can even make donations to third parties who participate in Amazon's services. Why would they want to accept Paypal too, unless just to allow people to spend their Paypal balance which they are foolish enough to keep at Paypal?
12:50 - press return.
From my eBay and paypal experience as a seller: buyer contests transaction, they loose on eBay side, but paypal sides with the buyer, you loose product and money. Google for issues people have with paypal/check consumeraffairs.com. Add this them as a payment to Amazon and I am gone from that market place.
I closed my PayPal account two years ago because I refuse their terms and conditions; which they updated all the fucking time and I have better shit to do than read dozens of pages - much of it the same shit - every goddamn time these assholes want to change shit. And it's ALWAYS to their benefit and fucks us over.
Cocksuckers.
And if Amazon does something stupid like uses them exclusively for payment, they can kiss my business goodbye.
"In talks" is such a hackneyed phrase. Are these people actually sitting down in one big room somewhere to negotiate a business deal? It seems like the old cliche gets trotted out whenever huge corporations with tons of money cooperate in any way. Sure man, "in talks" like I was "in talks" with my buddies about where to grab pizza later tonight. Oh sorry, our negotiation and compromise don't count unless we're billionaires. Take your bullshit phrase and shove it back up your ass please.
amazon should mediate between the reseller and the customer. Why should it be the resellers risk, what payment methods the marketplace offers?
I dont use paypal. Similarly,should amazon start using paypal for transaction processing... goodbye amazon. Doubtful such a complete implementation would ever occur though, as payl cant offer a more reduced processing fee percentage than amazon can get on its on directly from the card issuers.
"We're closing in on 200 million users on our platform right now. At that scale, it's hard for any retailer to think about not accepting PayPal," Schulman said.
Actually, it's quite easy to think about not accepting PayPal, once you realize that the number of people who use PayPal exclusively are likely a fraction of a fraction of a percent of that 200 million. Or put another way, how many of those 200 million are thinking "gee, if only Amazon accepted PayPal, then I'd shop there".
If you process less than $300/month, Paypal probably makes sense. You don't want to pay $35/month plus a percentage for a merchant account at that level.
If you process $3,000 / month, a merchant account makes sense.
If you're Amazon and you do $8 billion / month, you negotiate. Normal published fees don't apply. Buying a merchant bank might make sense.
Square fits in their somewhere, as does CCBill. It all depends on what you do and how much you do.
I know that we spend a little over 15% in fees and dishonest chargebacks when customers pay with PayPal. That's almost four times what taking a Visa or MasterCard costs for no gain. We're in Seattle so maybe the difference wouldn't be as great for somewhere with cheap labor since hassling with PayPal takes so much time each day versus only about seventy hours a month total for credit card transactions. The labor requirements at Amazon would just be massive to take PayPal.
...determine how they can "use one another's assets to their mutual benefit"
-ftfy
I would love to be able to just pay via my bank account instead of paying with the credit card and then repay it immediately.
...and competing with PayPal and possibly some smaller countries' national currencies.
There isn't much they don't sell so if you decided to accept Amazonians instead of Dollars for something, it's almost like it's not even a barter, but an actual usable currency.
This is one of the few Slashdot threads with no Trump references which I see in some time and, unfortunately, I will go full off-topic and change that.
After seeing what is lately happening with/around Trump, I am plainly not believing what I am seeing. I am not American (neither I am living in the USA), but this can affect all of us and is looking much worse than what I ever thought. The last drop has been the whole situation with Mexico, quick summary:
1. Trump tries to follow through with the wall nonsense (including Mexico paying for it).
2. Peña Prieto does a formal (but not too relevant) gesture of cancelling his visit to USA.
3. Trump doesn't change anything (even starts talking about getting the money via border tax).
4. Both presidents talk by phone (?!).
5. Slim, the Mexican Billionaire, offers his help to negotiate with Trump (??!!!).
Before that, Trump has already openly pushed various international companies to modify their activity!! And some of them have accepted it!!! Why?! Can he, as the president of the USA, force you to do something unfair/stupid? Wait/complain as much as possible! But don't accept his nonsense right away because you are converting it into logical! You are provoking an increasingly number of stupidities to happen!! How, when, why has a billionaire negotiated in the name of a whole country?! How could such a nonsensical offer have even occurred? Because things are starting to get weird and continuing in this direction might provoke some serious problems.
The main reason for this post is calling for resistance against stupidity! Don't do what the dumb bully wants you to do! Be a (wo)man and wait for he to try to beat you up! Don't convert the pure nonsense in the new normal! Don't validate pushy bluffs by immediately accepting them! Wait, force the aggressive nonsense to go further and see how it will always fail! Be patient, claim responsibility, never forget; your moment will certain come and then you should beat back as hardly possible (and the next day again, and then the next one, and then the next one, etc.). Make sure that this bully and all his friends will learn their lesson so well that they will never again dare to come back.
Sorry for being so off-topic, but I couldn't refrain myself. Hopefully, this will be helpful to some people starting to not like all this at all either. Even Trump supporters! Should billionaires start deciding what countries have to do?! Even in case of agreeing with a given policy, do you think that it should be pushed in the way a high-school bully would do? I don't think so.
Custom Solvers 2.0 = Alvaro Carballo Garcia = varocarbas.
Paypal needs Amazon a hell of a lot more than Amazon needs Paypal.
I've never wished on the Amazon checkout that they had a Paypal option.
Help! I'm a slashdot refugee.
Here's the simple answer. Paypall has bought their way out of having to comply with banking laws. Amazon has a lot of disputes, and they're trying to get away from credit card processors so they can keep your payment while you dispute, instead of the processor taking the money back. Paypall, being inherently evil, steals your money. Now, when there's a dispute between two paypal customers, they just steal the money, and might give it back to the aggrieved party eventually. With amazon, of course, they won't do that; for a cut, they'll let Amazon keep the money when you get ripped off, and maybe, perhaps, pay you back eventually
Paypall is as evil as the banks, perhaps more so, but without any consumer protection regulation.
What does it mean to compete with smaller countries' national currencies? How would they do that? Would that mean when I buy from my local South African store something here I would use Amazon Dollars? Really? And the people and govt here would allow it? And why would it want to do it?
I have had a few dozen PayPal accounts over the years, a few that were placed in forever limbo-land by PayPal and I'm sure are still counted though they can never be used.
I can't remember the last time I bothered using PayPal, they make life more difficult and provide zero advantages for the risk they'll put my money in 180 day purgatory for reasons they won't discuss. I prefer dealing with banks, at least until the current Congress succeeds in rolling back consumer protections.
Amazon's payment system is universal. PayPal functions differently in different countries Visa card in the U.K., uses a Visa card pop-up security message with PayPal, it would ask you a question like what is the fifth letter in your password what is the second letter in your password what is the seventh letter in your password. If you make 3 mistakes which is more than likely your Internet shopping capabilities will be suspended you will not be able to do any shopping even grocery shopping on the Internet without contacting your bank, security department for them to unlock your ability to shop online using your credit card or debit card.
The elderly and partially sighted under the discrimination laws can have the security pop-up message automatically answered as correct with shopping for groceries at Tesco's for example. PayPal with its pop-up Visa card security messages would have too many peoples accounts locked.
Amazon does not have pop-up Visa card security messages.
It is far too complicated for people to remember what their fifth letter is and what their third letter is and so on in their password. People remember their passwords from beginning to end the same as they remember their telephone number from beginning to end. The elderly and the partially sighted cannot cope with what is your fifth letter in your password what is the fourth letter in your password and what is the first letter in your password and so on.
The trouble I have had with banking companies over this problem especially with Santander. You have to listen to music for ages before you get through to security you have to get the elderly person to sit beside you they then have to answer security questions they then have to give you permission to listen to the conversation and then give you permission to act on their behalf to unlock the credit card or debit card.
Unless things have changed with PayPal what a fucking nightmare. Thank God for Amazon payment system.
The elderly and the end of life's are not feeling too great at the best of times and to have their Visa card, or credit card locked is just too much for them to cope with. The elderly and people coming to the end of life shop like crazy for some reason. They purchase things they do not need from shopping channels, from Amazon, from all types of places. They get very upset! when Visa card locks their card. they cry to people like me and it has nothing to do with me.. I am fucking sick of PayPal.. And fuck you Santander fuck you very much. they had me going for two days to reactivate a end of lifes persons card bastards.
Paypal has made it clear to merchants that it is Paypal's policy to be worse for merchants to work with than the credit card industry. Their only assets have been they are more convenient for small websites to use than a credit card processor and consumer trust of using Paypal over providing a small website their credit card details.
However, Amazon doesn't need the benefit of any of these assets. They already have direct credit card processing working and have been able to gain consumer trust. Also, why would an Amazon customer that has already trusted Amazon with their credit card details directly want to later go through Paypal? It is not like using Paypal will then hide the credit card details which have already been provided to Amazon.
Paypal selected policies to be an eBay-first company and to lock out anyone that was considered competitors of eBay including Amazon. They shouldn't expect the bridges they burned to suddenly reappear. Paypal for Amazon benefits no one other than Paypal.
Because no pay pal.
Fuck that.
As an Amazon Prime member I now get 5% cash back on my shiny new aluminum Amazon Prime Rewards Signature Visa credit card for eligible purchases on Amazon.com. If I used that card anywhere else, which I don't, I'd get 2% or 1% back, depending on where I used it. What does PayPal offer other than funneling more money from the retailer to more corporations in the form of processing fees?
--- Keep the choice with the user..
What does it mean to compete with smaller countries' national currencies? How would they do that? Would that mean when I buy from my local South African store something here I would use Amazon Dollars? Really?
That's exactly what it means, people start using Amazon dollars instead of [small country money].
And the people and govt here would allow it? And why would it want to do it?
Because the government barely can manage a currency, don't move quickly enough to outlaw it, or just don't care. Why would you want to do it? Because you can put Amazon money in a bank and not worry about 20% inflation the next year. Things like that.
"First they came for the slanderers and i said nothing."
Why would any company that give half a crap about customer satisfaction do any deal with Paypal. My rule for paypal has been (when advising clients) is that you use paypal because your bank hates you and other services don't yet trust you. But as soon as you establish a good revenue stream and can show that you are real, dump paypal like the turd it is.
You're giving shit advice. Paypal takes a smaller slice than credit card processors, and many shoppers look specifically for etailers who support paypal because they (we, actually) know that they are competent. Most small sites have horrible payment handling and I'd rather just use paypal. You're actively telling people to leave money on the table for someone else to take.
"You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
Simple rule of thumb: If something is great for corporate profits, then it is almost never good for the public.
Corporations in no way serve public interest; they serve their 1% elite investment masters. If they really were people, we'd lock them up as dangerous sociopaths.
Why do I say this? Paypal and Amazon alone are already some of the most evil corporations out there. Makes me ill to my stomach to see them uniting to boost profits and increase the fees you pay for goods and streamline the data harvesting and public profiling profit centers they operate as side businesses.
The phrase from the summary: >> they can "use one another's assets to the mutual benefit" of their customers. is Orwelian doublethink / double speak.
PayPal is still suffering from the reputational problems that came with the inevitable mistakes accompanying its pioneering role in the payments space, but it seems to have stabilized as well as any of the other payment processors that you've never heard of used by huge numbers of eCommerce sites. I still wouldn't let them hold my money interest-free, and I don't like anyone storing my credit card numbers (including Amazon). But PayPal has a security feature that nobody other than hardcore financial institutions do, namely the use of out-of-band one-time security codes for payment confirmation.
Anyone who's been keeping up with security technology knows that passwords are stupid these days - they're easily harvested by fake websites and lost to criminal hackers regularly. Amazon needs to get rid of passwords, even if they impair the frictionless "don't think, buy now!" experience. Interfacing between websites and old-timey phone technology like SMS text messages is practically a black art anymore - most people can't imagine how complicated it is behind the scenes. Using PayPal might well get them there faster and quicker, and with years of experience driving out bugs and attack-proofing, than trying to create their own system from scratch.
Taxation without representation is tyranny! Statehood for DC, Puerto Rico, Virgin Islands & Pacific Territories!