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What is paypal

What Is PayPal?

PayPal is the online companies that carry out an online transaction is PayPal incorporation.  This is an American company that operates online payments all of the world. PayPal actively supports the transfer of money online and equally serves as an electronic alternative to using transitional paper techniques such as using cheque and money orders. This company operation is centered as a payment processor for important online vendors, for auction sites and different other commercial users. PayPal charges a few for every transaction in exchange of benefits such as instant one-click transaction as well as password memory.

Some Basic Facts:

  • PayPal was established as a confinity in December 1998, a company that aids the development of software for security and for handheld devices.
  • Confinity merged with a company known as X.com which was popular for online banking. This x.com was founded by Elon Musk who later insisted that x.com will stop other internet banking transactions and concentrate solidly on PayPal money service.
  • Later that same year Elon Musk was replaced by a new CEO whose name was Peter Thiel who Later renamed x.com to PayPal in 2001.
  • After expansion, PayPal went public in 2002 and later generated over $61 billion that same year.

PayPal Services:

PayPal has its operation in over 202 markets with almost 244 million active registered accounts. It allows customers to send or receive and hold funds in different currencies worldwide. It allows you to make transactions online by granting you the ability to transfer funds electronically between businesses and individuals.  PayPal also has currency conversion option in the account settings so just in case you want to transfer money to someone that uses a different currency, all you need to do is to convert the currency in the account section.

 

PayPal allows users to send money and receive payments for online auctions on platforms like eBay and allows you to sell goods and services as well as make a donation or even receive donations.  As from 2009- 2016 PayPal gave an opportunity for a student to operate an account thereby allowing parents to set up an account for their children in school. Parents can transfer money into these accounts and student are opportune to have debit cards so as to withdraw from this account. Its provisions teach you how to spend money wisely and equally take responsibility for any wrong action.

Advantages of PayPal:

PayPal comes with some advantages and they are

  • Flexible payment online

Payment does not only allow a customer to access money from other PayPal account but offers customers the opportunity to make payment via credit cards.

  • Easy access to funds

Once you are sure that your account has been credited, it is very easy to access your money. If PayPal is linked to your bank account, you can easily withdraw your money and expect it between the interval of three to four business days.

Disadvantages of PayPal:

PayPal has some amazing advantages as well as some disadvantages. Here are some disadvantages

  • Content worth questioning
  • PayPal is known for denying services if they are not in support of the content
  • Fees and Freezes

When using a PayPal account, you should be conversant with fees associated with making use of a PayPal account and also being aware of the fact that your account can be frozen at any time.

PayPal though is still one of the most effective platforms and if possible you can register and enjoy its amazing features.