PayPal Descriptive Essay
Nowadays, when online financial transactions have become a part of daily life, many organizations and e-commerce businesses have come up with the aim of facilitating these transactions. One of the most renowned Internet payment organizations which remain a preference to many due to their fast and safe services to send and receive money online is PayPal Inc. PayPal is an e-commerce business which started in the US but spread its operations to a global scale. It provides Internet based money transfer services. The demands for such services have been increasing day by day because of the rise of globalization rates. They oblige the replacement of the traditional paper payment methods such as checks and money orders with fast and efficient online money transfers. PayPal has taken up the provision of these services and become the leading and largest Internet payment company. PayPal is unique because it maintains a high level of privacy for its customers while facilitating fast and easy online money transfer service (Grabianowski and Crawford). PayPal facilitates online money transfers between customers and peer to peer businesses through emails. PayPal acts as an acquirer and provides primary services such as processing payments for online vendors, commercial users, and auction sites at a fee.
History of PayPal
The history of PayPal is full both of successes and controversies. PayPal Inc. was established in1998 by Peter Thiel and Max Levchin, and was initially named Confinity (“PayPal Information Center: History”). In 1999, PayPal was involved in transaction partnership with eBay. This was coupled with venture funding that enabled PayPal Inc. to undergo a debut. The tremendous growth enabled PayPal to enjoy its first 1 million users in the first 15 months of operations (Steiner 4). In February 2002, PayPal Inc. had its first Initial Public Offer (IPO). The initial prices for each share ranged between $15 and $20. There was an enormous subscription that saw PayPal undergo development. In the initial growth phases of PayPal, eBay played a crucial role because many of its users affiliated to use PayPal to transfer money online for their online auctions. PayPal performed so well that it outdid eBay’s in-house online payment system, which was slowly performing. Thus, eBay acquired PayPal as its subsidiary in 2002 at a cost of $1.4 billion in stock. After this acquisition, eBay phased out its in-house online payment platform, Billpoint, which was replaced through the integration of the PayPal platform (Grabianowski and Crawford). After this process was completed, PayPal continued its operations from there henceforth as a subsidiary company of eBay.
In the modern period, PayPal has a wide acceptance globally. Many retailers, customers, and electronic shops have adopted the use of PayPal for online financial transactions. More importantly, many brands across the world have recognized PayPal and integrated it into their websites to facilitate online purchases by customers. Examples of these brands are Dell, iTunes, Symantec, Petsmart, the American Eagle Outfitters, Sports Illustration, Delta, the People, Tower Records, Musiciansfriend.com, and Sony Online Entertainment among others.
Ways to Use PayPal
PayPal provides a safe and convenient way of getting money. Also, PayPal can be used to transfer money to credit cards, bank accounts, or to another person’s PayPal account. To send money to another PayPal account user, one must sign up for a personal PayPal account. Afterwards, one is required to designate a bank account or a credit card account to which funds are to be deposited. Additionally, personal details such as an email address and a mobile phone number are required for the money sending process to be complete. Also, the recipients are also required to have an active email address and a functional mobile phone number and a PayPal account. This implies that after a person has all the required details and an active PayPal account, then they can pay online, send money, and get paid.
Paying Online. As earlier noted, PayPal enhances safe and fast online payments services. The payment process is safe and allows the users to have a confidential privacy of their financial information. Online payments facilitate payments for online transactions for goods and services acquired from online retailer stores from another person in a different location in the world. Usually, the payments are transferred from one customer to another or between peer to peer businesses. All persons using PayPal for the online transfer services must sign up for an account with PayPal. For a person to complete the online payment process, a multiple step procedure has to be completed. The sending party has to have the email details of the receiver’s payment account. The process starts with filling in the details such as the amounts to be transferred, the email address of the receiver, and the currency which is to be used. Also, the sender fills in personal information such as the billing address and, finally, the password so that he or she can authorize the transaction. At a click of a button, the online payment traction is complete, and the receiver gets the money instantly.
Client says about us
Thank you 123HelpMe.org. You fully met my expectations and instructions. The guys from your support service were very helpful. In a word, I'm more than satisfied with such top results.
My feelings? All I can say is that I'm totally impressed by the quality of my essay! I will recommend your essay service to all my friends at college! 🙂
I ordered an essay from your service yesterday. And I want to admit the high quality and prompt delivery. You are cool guys! I am pleased with everything!
It is worth using this 123HelpMe.org site to order custom academic papers. I ordered lots of my papers here and all of them were written professionally! I did not even expect such a high quality of writing!
I needed help with a Psychology essay, this was just what I needed. Definitely worth the money.
Sending Money Online. Through PayPal, people can send money to families and friends. For these people to receive the money, they must have signed up for a PayPal account. The process of sending money online is an instant transaction because it is completed in a matter of seconds. The process of sending money is completed from the PayPal account page (Kopytoff 5). Before the process is completed, it requires the sender to have the details of the purported receiving party such as their mobile phone number and email address. The sender is then required to fill in the preferred currency such as the US Dollars. This is followed by the reason for which the money is being sent. This is not an obligatory step, but the sender may include a note to indicate the reason for sending money. For instance, the money can be meant for purchases of goods or other purposes such as sending a birthday gift. Finally there is the confirmation page. This allows the sender to review the fill information such as the recipients email address and the mobile phone number. After this confirmation, PayPal notifies the receivers that a certain amount of money has been added to their PayPal accounts.
Getting Paid. This is the reverse of the sending money online. For a person to receive money online, one must have an active email address, mobile phone number, and a PayPal account. These details must be with the person sending the payment. After the sender of the money confirms a payment transaction, person receives instant cash to their PayPal account. This can then be transferred to the bank or credit card account by adding such details to the PayPal account. This service is used to get payments for goods, services, and works provided.
Advantages of Using PayPal
People who have not used the PayPal services before may wonder why so many people continue to use PayPal services as their preferred means of online payments. This is because of various benefits that one is deemed to enjoy every time he or she uses PayPal services.
Easy to Use. PayPal services are easy to use. In fact, a person may not need to have a PayPal account to pay by PayPal. This is because many of the major credit and debit cards are accepted and users with a PayPal account can make payments from their banks directly. Also, making payments from a PayPal account to another one is very easy (Grabianowski and Crawford). There are not any technical steps that one might incur during the process. The entire process from the beginning to the end is very simple and takes only a few minutes to complete. New users of PayPal services do not face difficulties in learning to use of these services.
Easy to Integrate. It is possible to make online payments without a human intervention. This occurs when the user of a PayPal account integrates it to online websites providing goods and services. After providing their information and authentication details, deductions are made accurately from the user’s account and payments will be made without requiring his or her authorization.
Cost. This is one of the best reasons for using PayPal. There are no costs incurred for being a holder of a PayPal account. Also, there is no sign up, membership, processing fees, or account maintenance fees. In fact, PayPal only charges a small fee from the total fees for a transaction.
Discounts. People using PayPal to pay for goods and services at specified retailers sites such as HP, Barnes and Noble, Walmart, and Nike among others are deemed to enjoy various discount benefits. Through this, PayPal helps the buyers to save money on the things that are needed from these retailers.
PayPal does not charge fees for the use of its services, but charges a commission out of the total transactional fees. At the end of a transaction, one can notice that the end cost of the customer remains unaltered, but PayPal deducts some amount from the total transaction fees (Grabianowski and Crawford). Online purchases are free of charge. However, a charge of 2.4% to 3.4%+$0.3 is subjected to each transaction. For personal payments for goods and services bought online, a credit card charge of 3.4%+$0.30 is charged. However, Payments from the PayPal account balance are free (“PayPal Fees”).