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Re: [OM] [OT] The fall of PayPal? Not in my opinion

Subject: Re: [OM] [OT] The fall of PayPal? Not in my opinion
From: "Barry B. Bean" <bbbean@xxxxxxxxxxxxxx>
Date: Wed, 14 Mar 2001 08:40:17 -0600 (CST)
On Wed, 14 Mar 2001 07:06:07 -0600, Tom Scales wrote:

>It's an interesting read, but a $20,000 transaction through PayPal?  What
>was he thinking.  PayPal is clearly intended for small transaction, not big
>ones. 

I agree. I'm a commodity trader and move 8 figures in cash every
year. I wouldn't DREAM of using Paypal for my business - Why would I
when <$20 wires funds anywhere in the country, and <$40 wires cash
anywhere in the world, not to mention the ever popular cashiers check
and overnight mail? There are just too many established, legitimate
ways to make and receive large payments in a prompt and secure
fashion to take a chance on using a consumer-oriented service.

I do, however use paypal regularly for eBay and Zuiko list purchases
and sales. These transactions, however, are small enough that I
wouldn't be out the rent money if someone failed to deliver a lens.
For these purchases, Paypal is simply more convenient than waiting
for personal checks to arrive and clear.

As with any kind of business, there is a point where people should be
expected to use good judgement, do a little research, and understand
what they're doing. Otherwise, they shouldn't be doing business. This
is particularly true with investing. If you don't know and trust your
broker, your customer, and your supplier, then you may as well go to
the casino and hope for the best.

BBB
-
B.B. Bean                                       bbbean@xxxxxxxxxxxxxx
Bean & Bean Cotton Co/Bean Farms                http://www.beancotton.com
Peach Orchard, MO


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