What's the best alternative to PayPal for accepting online donations?
rtrembley 2 years ago
Paypal has just frozen the account of Diaspora, an online social networking site. Their startup is building a competitor to Facebook, and now they have $45,000 in donations that is locked away which they cannot access to use to pay their staff. Diaspora filed a complaint with Paypal, who did not warn them that their account would be frozen, and the response stated that they would review the freeze in 180 days.
Since Paypal is a defacto bank, but not a real banking institution, they do not have to comply with federal laws. Yet they're the main source of income for Ebay due to their parent company's ownership and the limits that Ebay has put on third party internet financing companies. This presents a danger not just to startups like Diaspora, but to any business which uses Paypal as a payment handler. Think of all the charities which could be hurt by this kind of action.
Are there any worthy competitors to Paypal? Does anyone have experience with Square, the Google Wallet, or online banks like ING Direct? It would be good to hear your perspectives.
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