Accepting Paypal Payments

About PayPal

PayPal is an online payment portal that provides a secure environment for individuals and businesses to send and receive payments quickly, eliminating the conventional and time-consuming modes of payment by checks, money orders, etc.

About the company

PayPal was formed in the year 2000 by the merger of Confinity, an online palm-pilot-payments company with X.com, an online e-commerce company. PayPal’s niche service offering soon attracted a number of customers, with over 50% of eBay users resorting to PayPal for online payments. As a result, eBay’s payment system eBay Payments (Billpoint witnessed a drastic decline in payment volumes and account base. As expected, eBay acquired PayPal in October 2002.

As per PayPal’s official website, PayPal has won around 20 excellence awards from the internet and the business communities, with the prominent ones being the Webby Award in 2003 and the Webby People's Voice Award in 2003 again.

The current scenario

Today, PayPal is the leader in online payment services. PayPal’s operations are spread across 190 nations and geographic locations across the globe, with over 130 million accounts held and operated by individual sellers and buyers and businesses. In the last quarter of 2004, PayPal witnessed a total transaction volume of USD 11 billion, a 36% increase in volume, year over year.

PayPal supports sending and receiving money in 17 currencies: U.S. dollar,
Australian dollar, Canadian dollar, Pound sterling, Euro, Chinese renminbi, Japanese yen, Danish krone, Hong Kong dollar, Czech Koruna, New Zealand dollar, Hungarian forint, Polish zloty, Norwegian krone, Swedish krona, Swiss franc, and Singapore dollar.

Security

PayPal's payment services leverage the readily available financial infrastructure used by existing bank and credit-card accounts to enable payments. The portal uses the most sophisticated fraud-prevention systems to extend a safe payment solution.

To reinforce the security mechanism that is already in place, PayPal introduced an optional security key in 2007, where an additional layer of security is provided while logging on to a PayPal or an eBay account. When a user enters the user name and password, they have to press a button on a safety device, and then enter a 6-digit number to log on.

Safety Policies

PayPal safeguards the buyers’ interests through the buyer-protection policy which states that a customer may lodge a complaint within 45 days if they fail to receive the ordered commodity or if the purchased commodity does not match the description.

The sellers’ interests are safeguarded through the seller-protection policy which aims at protecting sellers against buyers’ inappropriate claims of non-receipt of a commodity or unauthorized payments.

PayPal has a whole lot of other policies to safeguard the interests of sellers and buyers and to ensure that conflicts, if any, are resolved in a way that benefits both parties.