PayPal Holdings, Inc. is an American company operating a worldwide online payments system. Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders.
It has been on the market since 1998. The early history of the company was connected with the name of Elon Musk, who was one of the founders and the CEO of the company until 2000, when he left due to disagreement with other board members. Two years later, the payment service was acquired by eBay. However, as soon as the potential of PayPal became obvious, it became an independent company that now operates transactions all across the globe.
It supports transfers between members, for personal or business transactions, as well as guest checkout payment processing for online merchants. Payments can be funded by credit/debit cards, bank transfers, or existing PayPal balances. Payments can be initiated by email, phone number, PayPal’s website or the PayPal or Venmo mobile apps.
PayPal is used for online transactions, it protects your finacial information like your card details and your banking information, you dont have to disclose your financial details every time to the merchants you are paying to. With paypal you can save time shopping online and sending money. And you get more ways to cover your payments.
It is somewhat difficult to list all their services but here are some and the following Features of PayPal:
- PayPal lets you transfer money from your PayPal account to another user’s PayPal account.
- PayPal also allows the user to transfer money from their PayPal account to their savings account.
- PayPal allows its user to shop online by making payments online.
- PayPal allows the user to set up a merchant account.
- Hold money in various currencies.
- Get some protection when buying a product.
- Link with Ebay sales for convenience.
- Have a control panel that lets you store and set various convenient options.
- Buy postage labels for selling products.
- PayPal is safe and secure and it is free.
If you buy something on ebay, how will you pay and do transaction? One method to make the payment is using your credit card. But what if the seller doesn’t send you the goods to you after you had have make the payment? Or what if you buy stuff on some obscure website and the merchant steals your credit card details? To address this problem, you can use PayPal as a payment solution. You can just open for an account with PayPal and provide your credit card details on PayPal setup.
So, when you buy something on ebay or on some small merchant’s website, you can just enter your PayPal details such as your id (usually your email id) and your password to make sure the payment transactions is done. And if the seller doesn’t send you the goods, PayPal will refund you the money through your paypal account and you can withdrawal it from your bank account that link to your PayPal account.
That’s what PayPal does to provide a secure online transactions and it helps buyers to make purchases from unknown small-time sellers and PayPal takes care of the “Trust” in ecommerce transactions.
So, if you want to sell something on ebay, let’s say your old mobile phone and etc, you can just receive money through PayPal into your PayPal account. You can use the balance in your account to make purchases or withdrawal the funds to your bank account (you need to link your bank account with PayPal for withdrawing).