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PayPal is an online vendor business that makes use of e-commerce tools to allow businesses and individuals the ability to securely process payments and fund transfers through the Internet. It was established in the year 2000 when 2 companies, X.con and Confinity, merged to develop more and take their email payment programs to greater heights. By the year 2002, eBay customers’ preference to use PayPal as the in-house payment processing program of choice prompted this world's biggest online auction to make an aggressive purchase good offer, which resulted in PayPal flying under eBay’s wings ever since.

PayPal utilizes many different protective measure, such as security tests and data encryption to ensure the safety of their customer’s information. All financial data and information is stored on the different PayPal secured servers, so the customers can facilitate online financial transactions without the need to provide the recipient or merchant with sensitive financial account information. After a customer has set up his account, they only need to supply one email address for the payment processing. The information is then sent to PayPal, which in turn sends the payment or funds to the merchant without exposing the customer’s information.

An individual can set up a personal PayPal account. He can link this account to a debit or credit card or bank account. A personal account can be utilized to securely shop at online stores, request from or send money to family or friends, and of course, to receive money. Almost all online stores now accept PayPal payments and PayPal even offers those that don’t accept PayPal payments with a virtual credit card. To withdraw funds from an account, an individual may transfer funds to his bank account, use a PayPal debit card in different stores, or possibly request a PayPal check.

Businesses are given more options. They can set up PayPal in their websites for website payments or they may request money from their clients by sending them a detailed invoice. They can set up email invoicing to receive only PayPal payments or they may choose an account that accepts payments from debit or credit cards. Each type of PayPal account has different stipulations; however, a small fee is usually involved in accepting funds or payments.

There is also the so-called PayPal option which is PayPal’s virtual terminal. It serves as PayPal’s alternative to a credit card swiping machine used in stores. This virtual terminal allows the vendors to receive payments over the telephone or fax. Merchants using this service have the freedom to expand their businesses and to increase their clientele and customer base. This service also creates automatic packing slips for the item shipping and generates reports to track payments and sales.

The advent of PayPal has helped fuel the internet explosion!

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Kurtis Kintzel

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