If Google is the most popular search engine on the internet today, then Paypal can easily be considered the most popular payment service. Users can create an account that is linked to their bank account. The system is designed to give users a convenient way to pay or receive payments online that doesn’t sacrifice safety. For years, many people and businesses have used Paypal to service online customers or accept one time payments for almost anything. Well known auction and retail websites like eBay have used Paypal as their preferred payment system. Paypal allows users to upload funds, send them to other users or accept payments. Payments can also be made via credit cards through Paypal by those without an account, expanding Paypal’s function as a payment service for companies. Users can also add funds without using a credit or debit card by purchasing Green Dot money packs at local retailers. Using Paypal also eliminates the need to supply the user’s credit card information when making purchases online.
The current Paypal was created after X.com and Confinity merged in March of 2000. Paypal grew quickly as a popular payment option. In October of 2002, famous auction website eBay purchased Paypal for $1.5 billion. In January of 2008, Paypal acquired the Israeli based start up Fraud Sciences, a company focused on producing online risk tools. This helped improve Paypal’s ability to combat online fraud. In November of the same year, Paypal also acquired Bill Me Later, a company that offered transaction credits to more than 1,000 U.S. merchants on the internet. Today, Paypal continues to grow as the preferred payment option for many regular internet users and small businesses.
Paypal stands out because it is the most popular money transfer service available on the internet. The company has gone to great lengths to protect its users form fraud, which had made it even more appealing to many. It’s simply to use and can be linked directly to the user’s bank account.
Paypal uses a very professional, clean design that works well. The user can log in to their account and review their current transactions which are provided in neat lists along with the recipient or sender’s name, date and other relevant details. Sending money or requesting it is also easy, made convenient through basic forms.
New users can register for a Paypal account by clicking on the blue “Sign Up” link at the bottom of the log in box along the left hand side of the homepage. The user is asked to provide their country location and language. They can select the “Get Started” button that corresponds with their account type, which includes Personal, Premiere and Business. Individual users are asked to provide a valid email address, password, first and last name, address, city, state, zip code and phone number.
Creating a basic Paypal account is free. There are no subscription fees for maintaining an account. There are fees that are taken out of payments sent through Paypal. This is usually based on the amount sent and the type of payment being made. For example, a personal payment costs 2.9% plus about 30 cents additional. The individual sending money can choose to pay the fee or have it charged to the recipient. If it is charged to the recipient, it is automatically taken out of their funds transfer. International money transfers may require other fees, including exchange rate fees.
Anyone who does any buying or selling online can appreciate Paypal. It is also a great way to send money to individuals. Users can send money to family members or friends to make payments, purchase something or as a gift.