Doing a Study on P2P Payments (PayPal, c2it etc.) - Need feedback from users

[UNCjigga]

Well I'm not sure if I'm allowed to do this here, but I figure this would be a good audience to ask.

I am going to be cowriting a study on P2P electronic payments services/systems and the market outlook for the various solutions. As part of my initial research, I am looking for feedback on some of the payments services out there. These include but are not limited to:

- PayPal
- c2it/AOL QuickCash
- eBay Payments/BillPoint
- CertaPay (Canada)
- Western Union MoneyZap

DEFINITION: P2P or Peer-to-Peer/Person-to-Person payments means transactions involving individuals. This would include sending money to a relative, or paying for something bought at an online auction. Credit cards are not a valid alternative because you cannot feasibly pay people direct via credit card--you need a middleman to process the transaction (which is what the P2P service does.) The electronic aspect involves a digital transaction taking place over a phone line, the Internet or a private network.

I understand that this is not the best forum to conduct research in because of the highly biased responses I am likely to receive. This is why I would like to have the feedback as objective as possible.

Here is what I'm looking for:

- Have you used a P2P payments service? If yes, which services have you used (name all that apply for sending money electronically to another person.) If you've used more than one, name your preferred P2P payments provider (no reasons necessary at this point!)

- Do you think P2P payments services over the Internet is a good idea? (Poll Question: See the poll in this thread!)

- If you haven't already used a P2P payments service, do you think it is likely you will use one in the future?
(Highly Likely) (Somewhat Likely) (Neutral/Don't Know) (Somewhat Unlikely) (Highly Unlikely)


I do NOT work for a P2P payments service provider. I work for an independent research and consulting company. I am sure many of you know more about these services than I do, so while I study the various ROI/revenue models and market pitches etc. I thought I would get some initial feedback from the users so I know which issues to address when meeting with various marketing managers and technical officers.

Thank you for your time!

edit: forgot the poll--how do i put one in here?

 

[UNCjigga]

ViperGTS:

Have you used a P2P payments service?

Yes, many times.

If yes, which services have you used (name all that apply for sending money electronically to another person.)

PayPal, Billpoint

If you've used more than one, name your preferred P2P payments provider (no reasons necessary at this point!)

PayPal's my favorite

Do you think P2P payments services over the Internet is a good idea?


Yes

And once you've forgotten the poll it's too late to add it.

Viper GTS

 

[UNCjigga]

Tenchim:

<< Have you used a P2P payments service? >>


Yes. Paypal (preferred), eBay Billpoint/eBay Payments, Yahoo Payments.



<< Do you think P2P payments services over the Internet is a good idea? >>


Yes. Eliminates the uncertainty of whether or not physically mailed payments actually reached their intended destination. One less obstacle = better.

 

[Viper GTS]

Weren't you banned?

:Q

Viper GTS

 

[Aenygma]

You mean given a vacation Viper.. banned is such a harsh word (He needs his rest)

 

[kranky]

For the benefit of those who might not be familiar with the terminology, you might want to define what you mean by "P2P" in your initial post and maybe the thread title. People who don't recognize the term might be blowing right past your thread. Just a thought.

Have I used one?
No.

Is it a good idea?
(voted in poll)

Likely I would use in the future?
Yes, once the number of horror stories I see are greatly reduced. For me, I would rather do 100 deals with a money order or check than be plagued by one P2P deal that got mangled. Also, my impression from reading the complaints is that the P2P payment providers don't seem very interested in jumping in to resolve problems. The whole point of net-based transactions is that you don't need a big staff of people to run it, and in my mind being a middleman for financial transactions isn't necessarily a good match with that concept. If I use a CC to buy something from a business, the business probably has an interest in making sure I'm satisfied. A middleman isn't that motivated.

[edit] fixed typo [/edit]

 

[Viper GTS]

<< Likely I would use in the future?
Yes, once the number of horror stories I see are greatly reduced. For me, I would rather do 100 deals with a money order or check than be plaged by one P2P deal that got mangled. Also, my impression from reading the complaints is that the P2P payment providers don't seem very interested in jumping in to resolve problems. The whole point of net-based transactions is that you don't need a big staff of people to run it, and in my mind being a middleman for financial transactions isn't necessarily a good match with that concept. If I use a CC to buy something from a business, the business probably has an interest in making sure I'm satisfied. A middleman isn't that motivated. >>



I have used PayPal for the vast majority of my 50+ deals that I have HeatWare for, & many more that I don't have HeatWare for. I haven't had a single real problem, once due to confusing error messages I sent a transaction through twice & overdrew my checking account, but that didn't end up costing me anything. PayPal returned my money in a couple days, & my bank waived the overdraft fee. So overall my experiences have been very good.

Then again I've never had a bad trade either, so it just be a result of the people I traded with.

Viper GTS

 

[hevnsnt]

I only use Paypal.. and I like it.

 

[NutBucket]

Yes, I've uses P2P payment services.

I've used Paypal and BillPoint.

Paypal is my preferred method.

Yes, these services are a good idea and will probably only continue to grow in popularity and useage. I think they are a little safer then a credit card in terms of controlling how much money you have to use. In other words, if someone gets hold of your cc info, they can charge till the cows come home. Using P2P, you don't have to necessarily specify a bank account or cc # so you can really control how much money is available for P2P use at any given time.

 

[dullard]

<< Have you used a P2P payments service? >>

No.



<< Do you think P2P payments services over the Internet is a good idea? >>

Not for me. I perfer paying with a credit card for all purchases - directly to the store I will get the goods/services from. It is convenient, 100% safe, and free (actually I earn money with each purchase). No P2P is as convenient - you have to go to a site, sign up, remember passwords or something like that, etc... No P2P is as trouble free and guaranteed 100% safe - If my CC info is stolen, I will never be charged, I'm not sure the same would be true with a P2P service. All P2P sites need money somehow - thus they cost me more than a CC.

The only possible use is to buy an item of unknown quality, from a stranger that you can't send a check and who refuses to accept a CC. This isn't the type of business deal I want to be participating in.

 

[UNCjigga]

Thanks for the responses AND the suggestions guys & gals.

Kranky: I totally forgot that P2P payments needed a definition!!! I couldn't find a relevant definition on the net, so I cooked up my own crappy definiton.

ViperGTS: I think the Fun Mod was out and playing a joke when it locked the thread...scroll down and you'll see "just kidding" (but that's the LAST time I joke about pr0n!)

Keep up the good work guys!!! Let other traders know about the thread too!!!

 

[RyeBread]

Newbie checking in - I've lurked here for a while now, trying to learn as much as possible - formerly just a buyer of PCs, and hope to build one soon...

As for this topic - Great Idea. I have been lucky enough to avoid P2P purchases with unknown individuals. To date, I have only bought items from people I have known for an extended period of time from either a discussion forum, or from IRC.

I have yet to sign up with any P2P service, because, quite frankly, each and everyone has had some high profile failures/frauds/hassles associated with them. At least in the experience of my friends who are more experienced in the likes of ebay, etc.

I would be extremely interested in seeing your paper published in some fashion.

 

[mithrandir2001]

The timing of this post is ironic because I recently got screwed for the first time on an eBay transaction involving paypal. My experience does not ruin my impression of P2P payments, but provides added fuel to the notion that this technology is no panacea. Of course, as long as trolls and thieves exist, no non face-to-face transaction will be perfectly safe.

P2P is nice because it is instantaneous. I hate the alternative: having to run out to get a money order, write out an envelope, stick on a stamp, mail it and wait for the person to get it. Is that secure? No. If you don't use DC (which requires Priority Mail, driving the cost to $3.90 for a stupid letter), then the receiving person can claim they never got it even if they did. If you write them a check, you can verify if they cashed it, but even if they defraud you, what is your recourse? If a $20 deal goes bad, what are you going to do? Call up their local police department? They probably won't get involved over such a petty amount. It may even involve going to court to resolve.

P2P is nice because it often free. If I pay somebody with paypal or Billpoint, I don't have to pay any service fees. Again, it is cheaper than mailing the seller payment. Faster and cheaper...does sound great.

But when you use P2P you have to realize you are essentially handing cash over to another individual and your only contact method with them is through email. A person can ignore you through email very easily. With a P2P payment, you may not even know where the person lives! You only have an email address. You just have to hope that the person you are dealing with will comply with the law.

 

[UNCjigga]

Any corporate takers getting off work wanna help me out? Puh-leeze?

 

[Blundar]

I use paypal fairly reguarly. At least 1-2 times a month, more often more. I have NEVER had problems with them, but then again, I used to move a considerable amount of cash through them ($2-3000/month) so they kind of liked me, and I have no doubt they look out for those who make them money.

 

[DurocShark]

<B>Have you used a P2P payments service?</B>

Yes

<B>If yes, which services have you used (name all that apply for sending money electronically to another person.)</B>

PayPal, Billpoint

<B>If you've used more than one, name your preferred P2P payments provider (no reasons necessary at this point!) </B>

PayPal

<B>Do you think P2P payments services over the Internet is a good idea?
</B>
Yes, and it will only get more stable and secure.

My main reason for using PayPal is because my credit sucks. I just don't want to deal with high interest rate creditcards. I have them, but they're for when my car blows up or something.

I think once the credit card companies jump into this market, the insecurities will vanish. Of course, then so will my use of them.

 

[kranky]

night shift bump for you.

 

[UNCjigga]

Thanks kranky! I love Tuesdays btw...