PayPal is an online payment service founded in 1998 that facilitates the transfer of money from one party to another over the internet. Payments can be made for goods, services, and online donations can be made as well. This service is not free; however PayPal only takes a small percentage of the money whenever a transfer is made. PayPal processes millions of dollars every day, and recently exceeded $6 million per day in mobile transactions alone!
Getting started with PayPal is very easy and that fact has contributed to their success over the last decade. It takes only a few minutes to sign up for an account and your bank and credit cards can be linked to the account just as fast. Transferring money to your PayPal account from your bank account is done at no charge as well! The simplicity of PayPal is exhibited by the 94.4 million people worldwide using the service. If you are a merchant, it would be very wise to consider adding PayPal as a payment option simply because so many people have a PayPal account.
Another reason PayPal is so popular is because of their tight security. PayPal treats its customer’s financial security as their highest priority and has many safeguards in place to ensure this. One of the most obvious security features is that your bank and credit card numbers are stored by PayPal, so nobody from the website you are purchasing from will ever be able to see this information. Almost all merchants would never consider doing anything nefarious with their customer’s credit card numbers, however sometimes the numbers can be misplaced or seen by the eyes of a criminal and PayPal eliminates this possibility. You can learn more about PayPal’s buyer protection here.
PayPal is a fast, simple, and secure way to make a payment online. The service has evolved with the internet and continues to do so every year, meeting the demands of customers and merchants alike. Everything about PayPal cannot be summed up in one blog article. This is a good jumping-off point to learn more about PayPal.