The GlassUp, an ambitious Indiegogo project that wanted to take the concept of Glass and make it more about passive consumption of content than about privacy-treading recording, video and photography, was in danger of losing a full third of its funding earlier today due to a PayPal rule, but is now on track again after the payments giant reversed its initial decision.
In what was potentially a disastrous development for hardware companies and others that use Indiegogo to fund projects and collect money from backers to help devices enter production, PayPal had at first stated that any backing pledges made via its service would have to be withheld until after GlassUp delivered its hardware to buyers. That’s fine and dandy when it comes to traditional e-commerce endeavours, where a product is generally shipped before someone is charged, but awkward when the whole point is to fund the creation of something that doesn’t exist with money freely offered up front.
GlassUp had managed to raise over $ 100,000 when it found out that PayPal had locked its account and made a third of its funds (those pledged via PayPal, as opposed to the other payment methods on Indiegogo) unavailable to the creators, which understandable put a bit of a dent in their plans. The project still has some ways to go – it needs $ 50,000 more in just a week – and it turns out that the PayPal donations were turned off around a week ago, with GlassUp creator Francesco Giartosio finding out only when a prospective backer notified him that his pledged didn’t go through.
PayPal has resolved the issue as of today, and offered the following statement to TechCrunch via a spokesperson:
We looked into what was happening with GlassUp and corrected the situation earlier today. GlassUp now has access to all of the funds that they’ve raised on Indiegogo through PayPal. We think they are developing a fascinating product and don’t want to impede their innovation in any way.
So from PayPal’s perspective, this was a simple screw-up and the company even goes out of its way to commend GlassUp’s “innovation.” But the fact remains that for up to a week PayPal had locked the GlassUp account, meaning it’s not clear where exactly the funding would be at this point had that not happened.
GlassUp could still make its goal by the deadline, but there’s always a chance that future crowdfunding programs face similar difficulties. Perhaps the answer lies in looking elsewhere for handling pledges to these kinds of campaigns, but keeping PayPal off the list of available payment methods would definitely limit the ease with which contributors can offer up funds, so hopefully this issue helps make sure similar problems don’t happen with other projects down the road.
That cat’s out of the bag a day early, it seems. Yahoo’s board has approved a $ 1.1 billion cash deal to purchase the blogging site Tumblr, according to The Wall Street Journal. We were expecting Yahoo to announce the acquisition during tomorrow’s NYC media event — CEO Marissa Mayer may instead use the last-minute gathering to detail the company’s plans for integrating the popular platform. It’s unclear how Yahoo intends to utilize its latest procurement, but with a 10-figure price tag now public, we can only imagine that Tumblr will be put to good use. We’ll be covering tomorrow afternoon’s event live, so stay tuned for more details from New York City.
Filed under: Internet
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Welcome to The After Math, where we attempt to summarize this week’s tech news through numbers, decimal places and percentages
We’ve been getting our first unfiltered experiences with Google Glass this week, which makes it the perfect time to go over some of the salient points up until now. At the same time, Apple sold more hardware, more apps and made even more money — it was largely another good quarter for the Cupertino coffers. Add in a million-second game show and there are more than enough numbers to play around with in this week’s After Math.
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Apple closed its record June quarter with $ 117 billion in cash reserves, up from $ 110 billion last quarter. Crediting strong sales of almost all products as well as an improved economy. Asia-Pacific growth increased 25% this quarter (down from 100% last quarter), 2/3s of which came from China.
Apple announced they would also continue their stock byback program over the year.
AAPL closed with a market cap of 561.90B while competitors like Dell and HP closed at 20B and 4.7B respectively.Related Posts:
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Visa Europe is muscling in on the European mobile payments game with V.me. The online service will allow you to store cards from different agencies (including American Express) for payments online and at NFC-enabled cash registers. It is expected to arrive in the UK, Spain and France in the Autumn, but it’ll sadly be too late for it to gain any traction, since we’ll have worked out how to glue PayTag stickers to our forehead by then.
Continue reading V.me by Visa coming to the Europe this autumn, cash starts begging for another chance
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Taking cues from an ING Direct app that used its API, Bump Technologies has developed its own version of the mobile payments software, enabling phone-to-phone “Bump” transactions using PayPal. Yes, PayPal. That minor processing detail aside, the service appears to offer a fun solution for simplifying the fairly painful process of paying the check at group meals, or splitting a tank of gas with a friend. Both you and your bud need to have the app installed before you can beam that green, and there’s no option to send payments remotely, though you could always use plain ole vanilla PayPal for that. The app is free, and if you have a checking account linked you won’t have to deal with any fees. Bump Pay is iOS only “at launch” (read: it could be making its way to Android as well), so for now you’ll need to bump the App Store to get folks paid.
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