I went with a paid service because I've heard too many horror stories of IPs being blocked with your own mailing list software. A lot of ISPs now will ban your IP if they get too many spam complaints. If anyone here has their own mailing list of any size, you know that a lot of people hit the "report spam" link rather than the "unsubscribe" link. It's a real hassle trying to fight with an ISP to show that these people really did opt-in for your emails. I'd rather let the service deal with it as the big ones have established relationships with the major ISPs. I use GetResponse because it has all the features that I need but the prices is way lower than Aweber.
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