June 11, 2013 by Brian Ghidinelli
September 25, 2014 by Brian Ghidinelli
People ask us all the time if we accept Paypal. We don't. Of course the next question is, "why not?" This article from the Wall Street Journal contains the reason:
You'll Get Weaker Protections. Security is frequently touted as one of the upsides to alternate-payment programs. After all, there is no credit-card number to steal. "But that means you won't have the same protections as if you were paying with a credit card," said Consumer Federation's Ms. Grant. "[Fraud] coverage is extremely limited, and whatever protections the service does give you are voluntary."
I'm not singling out Paypal here; it's simply the most popular example of an unregulated financial institution. They are not bound by the same laws as banks and consumers do not enjoy the protection of FDIC insurance or credit card liability limitations. While the risk is low, it would be a critical condition if you're an event organizer with $10,000 of invoices and a frozen Paypal account.
Here at MotorsportReg.com, we'll continue to accept good old fashioned, guaranteed payment so organizers don't have to worry about their bank account going dry. We pay out every two weeks via direct deposit whether you're due $1 or $100,000. Like clockwork!
Update Jan 24th: Paypal freezes Ron Paul donations. Yikes!
Update 2014: To be clear, we're mostly talking about protections for event organizers who would RECEIVE money. Paypal is certainly secure in the sense of protecting attendee cardholder data. However, you have less control on the merchant side. Here are two examples from the past year that demonstrate this is an ongoing challenge that could be devastating to an event organizer who needs to pay their bills:
Paypal Freezes $45,000 of Mailpile's Crowdfunded dollars (2013)
Paypal Freezes $35,000 donation to fund treatment for a cancer patient (2013)
Topics: FAQ
June 11, 2013 by Mark
June 11, 2013 by Brian Ghidinelli
June 11, 2013 by Brian Ghidinelli
June 11, 2013 by Brian Ghidinelli
June 11, 2013 by Brian Ghidinelli
September 9, 2013 by Brian Ghidinelli
Topics: Features
June 11, 2013 by Brian Ghidinelli
I caught this in a presentation from one of our competitors:
"No commitments, no contracts to sign; If I get hit by a bus, you just go to my competition."
Wow.
In what world is it OK to tell your paying customers that you're not protecting their interests with every resource possible? That you'll leave them high and dry when disaster inevitably strikes?
And no contract?? What you mean is no written guarantee that your data won't be sold or misused. How convenient!
You always get what you pay for. Not everyone has the bucks for a Ferrari but who wants to be driving a Pinto when it bursts into flames? The good news is you can borrow our Ferrari today for free.
And yes, if you're wondering, those are computer guts plugged in and sitting on a shelf. Mark and I spied them in another cage while visiting our colo last week. Scary!
June 11, 2013 by Brian Ghidinelli