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PayPal – an overview
Quote: This week's article is about PayPal, one of the world's biggest online payment services. What is PayPal, what are the advantages and how do you use it? How much does it cost and what do you need to make payments through PayPal? What about security? Why does the payment behavior of family members matter? And of course: what disadvantages and criticism apply?

History and goals

PayPal was originally acquired by eBay and used to pay for items bought on their platform. They we're looking for an easy and fast way to transfer money from buyers to sellers without having to go through bank account or credit card numbers. That was one of the primary benefits of the technology: payment could be made without relaying one's banking information to the other party. Furthermore, there'd be no waiting period between the start and end of a monetary transfer as the requested amount would immediately show up in the receiver's account and shorten delivery times in the process. If you've ever waited for a shipment, you'll know that every day counts!

How it works

PayPal is a virtual bank account that acts as a broker between you and payees knowing both your banking information and theirs. The process is as follows: you make a purchase, PayPal remits the due amount to the vendor and then debits your bank account. All you need is a checking account or a credit card that holds the required amount and an email address. Once you register with PayPal, your identity is verified. If it is valid, your solvency will be checked. Since PayPal administers advance payment (the receiver already has the money before your account is charged!) this is a must. Once you pass the check you can pay online through PayPal. Every transaction is instantly confirmed and payable sums are then debited from your account. There's no more need for bank account numbers or pin codes, all that is required is your email address and PayPal password.

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[-] The following 5 users say Thank You to tarekma7 for this post:
  • Nicos18, Mike, dinosaur07, baziroll,
This is a well written article and is simple to understand. Thanks for sharing

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