That seems to be the case, mostly because we've heard that sometimes there's a delay between the payment being taken on your credit card by Google Checkout and DreamHost receiving the payment.
OTOH, it's hard to compare apples-to-apples because everyone only picks one form of payment. Also, I think most people pick a direct credit card payment when they're offered it and only choose Google Checkout if that's the only credit card payment option offered them. (I mean, there's no incentive like at some retailers where you get $10 off for using Google Checkout the first time).
So mostly I think most of the people picking Google Checkout are doing so because it's the only payment option being presented to them and that it's the only option being presented them because of the extra fraud protection this option offers dreamhost. As you can imagine, this fraud protection means that approval takes longer, thus the perception that Google Checkout takes longer.
But even if all things were equal, I think you'd be right.
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