WePay’s co-founder Bill Clerico can sum up his company with a simple phrase: “We’re not PayPal.”
The online payment giant claims 94.4 million users, but if you Google the firm, above the fold search results include a link to PayPal Sucks, with horror stories of frozen accounts, scams and other bad consumer experiences.
“One of the problems is that PayPal was built back in 1998, but the world has changed a lot since then,” Clerico observes. And one of the biggest ways the world has changed is the emergence of social media, especially Facebook.
“A huge piece of the friction between financial services institutions and the customer historically has been identity verification,” says Clerico. But now, thanks to the way people share their true identity on Facebook, “it’s much easier to verify who you are and have that validated by the many people who agree you are who you say you are.”