The most trusted on-line consumer payment mechanism in the U.S. has gone public with high ambitions to own your existing fee-based POS (Point of Sale) transaction activity, PayPal.
On July 20, 2015, PayPal separated from its auction-site owner eBay to become an independent company listed on the NASDAQ Exchange. Many mature financial service executives and ‘average joes’ still think of PayPal as a limited service auction-site payment vehicle, relevant to only those individuals who have moved from flea markets to the internet for their shopping and sales. Oh how wrong they are! It might be time for them to wake up and smell the Starbucks’ coffee.
While PayPal was founded way back in 1998, in seventeen years it has built a world-class brand based upon the security of person to person and person to business commerce. Banks and Credit Unions once held the valued franchise corner on payment security through checks, ACH and card-based transactions. How secure will your customers or members claim that their payment cards or accounts are today?