After dealing with Google Inc. (NASDAQ: GOOG)'s "Checkout" online payment and transaction service recently, I came away surprised but not really that impressed. The largest reason? It's probably in the name -- "Checkout." That's all Google Checkout allows a customer to do. Is the service comparable to eBay (NASDAQ: EBAY)'s PayPal's "online bank" look and feel? Not even close.

Now, this is not exactly new news -- I realize that. But the comparisons (for about a year now) that have pitted Google Checkout against eBay's PayPal have made mincemeat out of what does not exist -- true competition. PayPal is situated like an online bank. In fact, it operates and lets customers perform bank-like transactions. Sending money, receiving money, using several credit cards for online purchases, printing shipping information to sellers and quite a bit more.

Google Checkout allows paying for online purchases pretty easily, but that's just about where I see similarities end. I am pretty sure Google Checkout will evolve to take on PayPal, but right now it's not even in the same league: Checkout's international limitations (U.S. and UK currencies only) and PayPal's "bank-like" feel along with a whole gamut of customer-friendly options puts PayPal way (way) ahead of Checkout. Google's service needs to -- has to -- do better.

I'm anxious to see what Amazon Inc. (NASDAQ: AMZN)'s recently unveiled Flexible Payments Service will bring to the table. I hope it's more than Google's year-old effort.