- Saturday, 11 July 2009
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It was not caveated [TurnVerbsIntoNounsWatch] - John Reid, UK Health Minister
Amazon takes on Ebay in the payment ring
AMAZON HAS OPENED up its online payment system, Checkout, to compete directly with Ebay’s Paypal.
Checkout will give online retailers the option of having Amazon manage their payments, avoiding having to register customers afresh. Sites which adopt this service will then be able to use billing and address details that customers have already logged.
Sites using the service will be able to use features similar to Amazon such as order tracking and one-click purchase. Vice president of Amazon payments, Mark Stabingas told the New York Times: “people will like the familiarity and comfort associated with that”.
Let's not get too cosy though, as Paypal is still the most popular service due to its having built up reputation for being trustworthy and reliable, if expensive. Paypal has been responsible for a quarter of Ebay’s revenue since the company bought it for $1.5 billion in 2002.
Strangely Google also launched a shockingly similarly named service ‘Google Checkout’ just two years ago, which didn’t take off too well, especially in the UK. We’ll have to wait and see if the services’ namesake has the same fate laid in store. µ
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Since when has paypal been trustworthy they dont even go by bank rules and they side with people that claim for an item thats not been recieved even when you can prove they did.Paypal lost 400 pound of a mates money and refused to give it back you have to take a 50/50 chance when you transfer funds from paypal to your bank .I am not pleased at being bullied into taking paypal by ebay either .
I'm all for anything to give Ebay and PayPal competition, hopefully to bring their inflated fees down.
"...as Paypal is still the most popular service due to its having built up reputation for being trustworthy and reliable" - as anyone who has ever been screwed by an Ebay seller would testify, PP's "guarantee" is pretty worthless. Sellers set up shop using PP, screw lots of buyers, and cash out. PP won't do a damn thing about it.

Jim
You're joking, right? Amazon I might be inclined to trust as the transactions I have had with them have been satisfactory. Even though, they will have to earn my trust again for a payment system. I'm a suspicious little bastard :)
Ha. If you read their fine print and sign up for their services, one of the items in there is that you waive your right to sue them if you lose money using their service.

Why would a trustworthy company have that?
Amazon Payments does not disburse customers funds. They let you create the account, then they collect funds from your customers and then they KEEP YOUR CUSTOMERS MONEY. They do not let you withdraw funds. All of your customers money WILL be kept by Amazon. If you are sceptical, please research this service online before opening an account. They took me for $1500+. If anyone is considering a class-action law suit please contact me at nda231@aol.com.