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Established in 1998, Paypal is an American company operating a worldwide online payment system. It was acquired by eBay in 2002 but became an independent company in 2015. The company’s headquarter is located in San Jose, California. Nonetheless, Paypal operates numerous offices around the world.
PayPal operates, under its brand name, an online payment system with the payment methods PayPal, direct debit, credit card or invoice (offered in limited markets). The PayPal account is a virtual account that can be used for the settlement of medium and small amounts, for example, when buying and selling online. The identity of the PayPal account is defined by the e-mail address of the PayPal member, there is no own account number. The account can be used to make payments to third parties and to receive payments from third parties. PayPal acts as a service provider for the transfer. PayPal does not assume the function of a trustee. That is, only the payment processing is accepted and is independent of the service provided by the seller. 210 million active PayPal customers use PayPal worldwide in 203 markets and 26 currencies.
Individuals wishing to pay with PayPal can easily create a personal PayPal account. PayPal has 203 million active users. Personal accounts are free of cost and allow individuals to shop securely worldwide, as well as send and receive peer-to-peer money transfers.
Businesses and people who want to accept payment with PayPal need to create a business account. Online invoicing and express checkout help get the merchant paid faster. PayPal’s seller protection ensure that merchant can sell securely.
PayPal offers a 6 months financing option on purchases of 99 USD and more. Customers only need to complete a quick application to get a credit decision in seconds. There is no limit on the number of qualifying purchases that can be made. No interest is charged if the purchase is paid in full in 6 months.
PayPal sells online digital gift cards for various merchants. A customized message can be added to the e-gift cards. Simply choose the gift card, select a gift value, personalize and send.
With the aid of a free tool, the number of merchants and the origin of customer transactions can be analyzed and eliminated in selectable time periods. In an overview, outstanding payments as well as completed payments are displayed separately. This gives traders an overview of the available credit.
Merchant pay according to their monthly sale volume. Merchants pay 2.9% + 0.30 USD per domestic transaction. The standard business account has no monthly charge. However, the Pro business accounts costs 35 USD per month. The Pro accounts comes with more features as the standard one, including the capability to accept credit card payments by phone, fax or mail order.