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PayPal

"We're Not PayPal," Says New Online Payment Player, WePay

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.”

The House That PayPal Built

It’s a rare designer who uses the term “data points” when asked about her sources of inspiration. But Shane Reilly is a rare combination of right-brained creativity (studying art and American history as an undergraduate at Stanford University) and left-brained logic; she got her MBA after putting in a few entry-level years during the dot-com era, then launched Decorati, an online resource connecting designers with product showrooms and potential clients.

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