Monday, May 28, 2007

Money Handling Lags Behind Technology [in big chunks]

Finally, on 5/22, I got the payment through for cobb.com, sold 8 days earlier. As I suspected, the buyer has positioned the domain as a parking site. Whether or not the owners will now try to sell it to a "Cobb" business, I don't know. I contacted as many of those as I could ahead of the auction and they we obviously outbid by the new owner.

The length of time it took to complete the transaction was surprisingly long. What we have right now in the transaction field is a strange mix of models and technologies. Some transactions seem fast. For example, deposits to, and debit purchases from, my Bank of XXXX account seem almost immediate, although the 'posting cycle' may not match always match what you see when monitoring online. Paypal seems to happen fast and top-ups from my bank account are pretty quick.

But try moving a lot of money and things slow down. When you go from moving hundreds of dollars to shifting thousands, your choices start shrinking. At the same time, confidence in the system and trust in the customer seems to decline (as anyone who has heard the dreaded words come through the drive-thru speaker: "There'll be a hold on these funds").

As with all things commerce-related, it's all about trust and so far there is little evidence that the new forms of trust enabled by technology have outpaced the new forms of trust-abuse, a.k.a. fraud, that technology has engendered.

Anyway, cobb.com has gone, long live cobbsblog.com!

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