Who Remembers What Life Was Like On The Internet Before Paypal?
Can you remember what life was like on the Internet before PayPal? Do you remember how buying from online auctions was a time-consuming lottery? Before PayPal came along most auctions required the buyer to send a personal check to the seller. If things went well the seller would receive the check two or three days later and would deposit it. It then took about five to 10 business days for the funds to clear. Only after the transfer of the funds had been verified would the seller send the item. Of course, if the seller was a fraud, there was precious little the buyer could do about it since the transaction had already gone through the account. Paying by certified check was a bit faster, but once again the buyer needed to have extraordinary faith in the seller, and also had to go to the grocery store or bank to purchase the check.
Once PayPal had entered the scene those two forms of payment became virtually obsolete, although some sellers still offer the option of paying with a personal or certified check. However, most buyers do not want to bother with these kinds of payment any more. Thus PayPal...
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