General Question

Meloncito's avatar

What is paypal service and what can we benefit from it?

Asked by Meloncito (13points) May 21st, 2009

I have seen many website using this kinds of system but I have no idea what it is. I used to search it in google but the result was too long that I still couldn’t understand! Somebody can help me sum it up?

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5 Answers

Kayak8's avatar

Short version, Pay Pal is a go-between. You share confidential financial info with them (bank account number, credit card number, etc.) and use them to pay for thiings on other sites. In this way, your private info is not provided to every website from which you might wish to make a purchase. Pay Pal keeps your info secure (oh so we all hope) and you know that only one source has YOUR private financial information.

dynamicduo's avatar

Paypal is how you can transfer money online. People can donate or give money to you, many merchants accept payment through it.

They offer many methods of service. One way lets you use your credit card just as you would in any other online retail, to purchase a product. Another method is where you have an account and you can interact with money (transferring, accepting, etc), which is good if you are a merchant. I believe they may also offer a credit or debit card where you can directly access your Paypal funds.

Paypal is not all great. They have a dispute mechanism where buyers can ask for refunds etc, and this service is far from judicial, there have been many problems in the past but I have experienced none personally. They also can freeze your account and keep your money for “suspicious activity” and you have to fight to get it back.

Oh, and they also take a percentage and a fixed rate for using their service, it’s between 2 and 3 percent plus 30 cents a transaction for US customers.

The benefits of using Paypal include that it is very secure, relatively speaking, and that most consumers have no problems or hesitations with using it.

Is it worth it for your site? That depends a lot on your business, your volume and traffic, etc. But Paypal is a very good and easy way to initially set up a storefront and online checkout, a much better testing the waters method than custom coding your own.

Since010501's avatar

I love paypal. It makes me feel more comfortable doing online transactions. I’ve been using it ever since I first started using eBay.

Meloncito's avatar

Well really thanks for answers, now I have some ideas of what is paypal!

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