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WePay (YC S09) takes on PayPal directly; Q&A with co-founder Rich Aberman

39 points by waderoush 15y ago

JacobAldridge 15y ago
I'm making the assumption that this is USD only at this stage, just because my understanding is that moving up to more currencies (GDP, AUD, EUR) is an order of magnitude more difficult, followed again by moving up to any / most currencies. Am I correct? Even if I am, I'm sure that's a future plan, and I look forward to it.
- aberman 15y ago
  You are correct, sir. On all accounts.
mootothemax 15y ago
Taking on PayPal directly? For all PayPal's faults, at least I can use them for when based in the UK or in Poland.
mbesto 15y ago
If WePay is really taking on PayPal directly then how is it going to differentiate itself? For all of the woes I've heard about PayPal, there's more legitimate woes about who can disrupt this industry without spending a ridiculous amount in fraud prevention costs and government regulations.
thinkcomp 15y ago
This seems as though it would change the character of WePay's business enough that it might now be considered a money transmitter.
danielhunt 15y ago
Yup - US only. unhappy face.
tluyben2 15y ago
Other people asked this not in so many words; Paypal really really sucks. Simple as that. Yet everyone uses it because it's everywhere and most online shops accept it. How are you going to prevent turning into a fraud outfit like Paypal? You know; taking thousands to tens of thousands willy-nilly without any proof of misconduct? Blocking accounts randomly because they were 'flagged as fraud' (based on, well, some if(full_moon)flag(account_no); Not documented, no possibility to fight it and so on)? Taking insane commissions on transactions as well as playing the forex market by always giving your clients the absolute worst conversion rate for their money possible? I know fraud prevention is important, but PP definitely takes it way way too far. I know 100s of legit small companies who had their accounts closed/blocked, money stolen (because, let's face it, that's what it is; they are just outright thieves in these cases) or locked for months and months without giving any reason just 'fraud detected' or something lame like that. While there was no fraud, at least never on the side of the company; MAYBE on the side of it's buyers, but what does that have to do with the company? Anyway; I can rant on about this forever, but I won't. I wonder what kind of warm feeling you can give us as co-founder. You just started, so answering whatever to the above will work; you will probably turn into pure undiluted evil in a few years (if you are successful) anyway. So then what's the reason to get away from Paypal if you can choose between evil#1 and evil#2? Sure it's nice to ride the waves of something that doesn't have horns for a while. I'm willing to bet most people won't though as they know everything which gets large will turn into Paypal and then the conversion and hassle is not worth it. And US only; how is that taking on Paypal? Taking on Paypal would mean getting all countries in, also the ones Paypal does not allow. And rapido.

39 points by waderoush 15y ago

I'm making the assumption that this is USD only at this stage, just because my understanding is that moving up to more currencies (GDP, AUD, EUR) is an order of magnitude more difficult, followed again by moving up to any / most currencies. Am I correct? Even if I am, I'm sure that's a future plan, and I look forward to it.

aberman 15y ago
You are correct, sir. On all accounts.

mootothemax 15y ago

Taking on PayPal directly? For all PayPal's faults, at least I can use them for when based in the UK or in Poland.

mbesto 15y ago

If WePay is really taking on PayPal directly then how is it going to differentiate itself? For all of the woes I've heard about PayPal, there's more legitimate woes about who can disrupt this industry without spending a ridiculous amount in fraud prevention costs and government regulations.

thinkcomp 15y ago

This seems as though it would change the character of WePay's business enough that it might now be considered a money transmitter.

danielhunt 15y ago

Yup - US only. unhappy face.

tluyben2 15y ago

Other people asked this not in so many words; Paypal really really sucks. Simple as that. Yet everyone uses it because it's everywhere and most online shops accept it. How are you going to prevent turning into a fraud outfit like Paypal? You know; taking thousands to tens of thousands willy-nilly without any proof of misconduct? Blocking accounts randomly because they were 'flagged as fraud' (based on, well, some if(full_moon)flag(account_no); Not documented, no possibility to fight it and so on)? Taking insane commissions on transactions as well as playing the forex market by always giving your clients the absolute worst conversion rate for their money possible? I know fraud prevention is important, but PP definitely takes it way way too far. I know 100s of legit small companies who had their accounts closed/blocked, money stolen (because, let's face it, that's what it is; they are just outright thieves in these cases) or locked for months and months without giving any reason just 'fraud detected' or something lame like that. While there was no fraud, at least never on the side of the company; MAYBE on the side of it's buyers, but what does that have to do with the company? Anyway; I can rant on about this forever, but I won't. I wonder what kind of warm feeling you can give us as co-founder. You just started, so answering whatever to the above will work; you will probably turn into pure undiluted evil in a few years (if you are successful) anyway. So then what's the reason to get away from Paypal if you can choose between evil#1 and evil#2? Sure it's nice to ride the waves of something that doesn't have horns for a while. I'm willing to bet most people won't though as they know everything which gets large will turn into Paypal and then the conversion and hassle is not worth it. And US only; how is that taking on Paypal? Taking on Paypal would mean getting all countries in, also the ones Paypal does not allow. And rapido.