As several sources wrote last week, Amazon.com (NASDAQ: AMZN) will start its own online payment system that will put it into competition with eBay's (NASDAQ: EBAY) PayPal and Google's (NASDAQ: GOOG) CheckOut service. Although CheckOut is not a large business for Google, PayPal is a very large revenue source for eBay.

The new product will be called Amazon Flexible Payments Service, according to MarketWatch.

The investors in eBay have reason to watch the development closely. PayPal revenue rose 34% last quarter to $454 million. The unit had almost 36 million active accounts at the end of the June 30 period.

While Google's major business is not as likely to funnel customers to become users of an online payment system, Amazon's retail customers might well use its systems if it become part of the standard e-commerce operations at the company's websites.

That could give eBay fits.

Douglas A. McIntyre is a partner at 247wallst.com.

Conventional wisdom says there's a tenuous relationship between eBay Inc. (NASDAQ: EBAY) and Google Inc. (NASDAQ: GOOG). Common knowledge says that eBay and Google compete in the realm of online payment services. It also seems to be an accepted fact that you can't use Google Checkout for purchases made on eBay, but did you know that Google Checkout has a back door into the eBay family? That's right, the eBay companies are not PayPal exclusive after all.

ProStores is an eBay merchants' option for the serious online retailer. ProStores is in fact an eBay company. ProStores directly competes with the in-house eBay Stores feature. The most interesting part is that ProStores allows the use of Google Checkout, while eBay itself does not.

Perhaps this isn't big news in the investment world, but I'll guarantee you that it's not common knowledge among eBay sellers, especially those who are straining to successfully operate eBay stores. The questions are, why does eBay keep this fact so quiet and why the double standard?

Could it be that eBay is using the availability of Google Checkout for ProStores as a marketing tool to create appeal to sign up for the ProStores service? If that's the case, then eBay is making a very odd, confusing, yet powerful statement. The availability of Google Checkout in ProStores says that eBay recognizes that service as a desirable option, yet the fact that Google Checkout is still being stonewalled from the eBay site itself says that eBay management still recognizes it as a considerable threat.

In the face of impending PayPal fee increases, which indicates that eBay profits are becoming stressed, the above scenario places some interesting angles on an already muddled eBay future.

What's it gonna be eBay: Do you Google or not?

eBay Inc. (NASDAQ: EBAY) announced second quarter results not too long ago and easily beat estimates. Sales were strong across all business segments.

Soon the webcast will begin and I'll be right here liveblogging the event with Meg Whitman and company. I want to hear what eBay has to say about the lower listings growth.

You can listen yourself to the webcast or just stay here and remember to refresh your page.

4:59 pm: Listening to violin music and waiting for the welcomes and the disclaimers that are bound to follow before we get to the real interesting stuff.

5:01 pm: OK, the webcast is officially starting late. I'll try to refresh, maybe it's me.

5:03 pm: And we're starting! Meg Whitman, Bob Swan and Bill Cobb. Disclaimers galore now. Checking eBay's stock price, down 0.9%.

5:05 pm: Meg is speaking, saying the quarter was great and giving some highlights. She sounds relaxed and calm, the best I've heard her in the past year.