A few years back, when I was making more money online, PayPal was a great way to receive payments from advertisers, especially if they were out of the country which otherwise meant you had to wait a long time for checks to clear. But Paypal charged a lot for this – a $1000 dollar transaction from England would cost, as I recall, something like $60 in fees.
The New York Times explains where some of my hard-earned-by-the-sweat-of-my-online-brow money went. After hitting the pockets of Paypal insiders it’s now spreading the gospel of YouTube, LinkedIn, and other Web startups.
I guess that should make me feel better about my little part in feeding funding to the PayPal behemoth, but somehow…. it doesn’t.