Payments Systems: PayPal

Updated: 08/11/2005 18:29
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PayPal as a leading payment system worldwide. Learn about the role of PayPal on the Internet Marketing in terms of the most popular payment system online.
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We have paid much attention to coverage of different topical questions recently, at the same time we put off bridging gaps, which have been planned before to cover the basics that quite often remain to be mysteries for many people, despite their everyday use. Today we are going to tell you about PayPal payment system, which is definitely an important player of Internet-Marketing and is known to everyone. However, newbies definitely know nothing about it, and of course, professionals DON'T KNOW EVERYTHING about it as well. So, welcome to PayPal.

The PayPal payment system was founded in 1998 by Peter Thiel ? Max Levchin. It's an honest company, located in Palo Alto in California. PayPal gives its customers an opportunity to receive and send payments with the help of 3-mail or mobile phone, accessing Internet. Entering their site now, finding the question “What is PayPal?” you may receive the following reply: “PayPal, owned by eBay, is a global online payment system.

PayPal is a convenient, easy-to-use, and secure way for individuals and businesses to send and receive money online for goods, services, charitable donations, and so forth. It's also a full-service operation that provides front-end and back-end solutions to increase growth and revenue for merchants.”

You don't have to download some extra software to use this payment system. You manage it via web-interface and you need no any specific knowledge. The messages stored and transferred are protected with the help of SSL protocol; so, there's nothing to be afraid of here. Besides, customers' accounts are insured at $100 000 against unauthorized access and illegal money withdrawal.

But if you give your password to a third person by chance or specially, the admins won't be able to help you in such a way. To register into this system you need to give the real data about yourself, since registration, using the fictitious data is fraught with losing all funds, accumulated on the account.

There's nothing difficult in the registration procedure itself, and it's customary for a user of Internet investments. We are not going into details of it.
The rates of the system are simple and laconic enough: activation – free of charge, transaction fees – 0.7% - 2.9%, plus 30 cents per each transaction. Currently more than 42 000 sites accept PayPal.

The spectrum of services is very wide, and it should be mentioned, it's more convenient for the admins of programs or those, dealing with auction trades. There are built-in tools for making different transactions to pay the bills (account request, Auction Tools) in the system itself, the buttons “PAY” and other s are also placed on the site required (Web Tools). All this makes trading easier.

Besides, PayPal provides wide spectrum of extra opportunities. Mobile Payments. No matter how fantastic it may sound, today it's possible to complete money transactions via the mobile phones. Of course to do that one need the phone, supporting the function of Internet. Batch Pay. This service makes it possible to pay to a group of people simultaneously.

The checks were used for these purposes before. Compared to checks, PayPal payments are cheaper and the payment mechanism is faster. The service given is very comfortable while paying:
* Commissions on a partnership program, discounts for the clients, sponsors for surfing, employees' rewards, lottery prizes.
* You can read the detailed information about benefits fro senders and recipients on the site of the company, there you also will find detailed description of the scheme to work with this service and answers to many other questions.

Daily money transfer to your banking account. (Auto-Sweep). If you choose the service given, your balance on PayPal account will be transferred to your banking account every day via the electronic payment system. It means that amounts will be placed on your account within 3-5 working days. The commission for this transaction is 0.6% of all the payments.

It's worth saying about security of PayPal system. It enjoys wide popularity thanks to the security level, which really covers many techs, starting from direct transactions' protection, finishing with different “statuses” of sellers and buyers, which allows them not only securing the legality and safety of the transactions, it also makes possible to insure against any illegal clients' moves.

PayPal admins promise that in the nearest future system clients will have opportunity to use the Shopping Cart, carry out international payments, they will be granted an opportunity to receive percents for keeping money on the account, they will receive debit cards, and will be assigned with the settlement account of their own.

In case they will fulfill all these promises, PayPal can become the most powerful payment system. As far as I know, none of payment systems is able to offer such a wide spectrum of services in the nearest future.

PayPal nowadays is the most popular specialized internet-system in the USA. According to the official information, PayPal is used by more than 20 mln. people. Thist number is cerainly going to increase in future, so the knowledge acquired will definitely be in use. :)


About the author

Lella Prior has been at HYIPNews for five years. She is an articulate, confident person who relishes challenges and working under pressure. Lella Prior has been taking much care about writing. The greatest strengths are the research, communication and writing skills Lella has. Thanks to the work at HYIPNews Lella Prior has an excellent opportunity to write good quality content.
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