If you’re an online shopper like me, then there’s a very high chance you’ve used Pay Pal or at the very least, must be familiar with it. We can both agree that PayPal is one of the most popular and convenient ways to pay for online shopping. It is a quick and easy way to receive money through your credit card, debit card, bank account or email address. PayPal is the World most popular intermediary service for online shopping. It operates as a payment processor for auction sites. On any online vendors and other commercial users. Since its start in 1998, Pay Pal has become the most trusted and suitable way to make money transfers online. With more users than its relative counterparts such as MoneyGram and wire transfers.
Who Owns Pay Pal
Well, there aren’t many things to talk about who owns Pay Pal, which is also called PayPay’s payment system. We really don’t know who the real owners of Pay pay are. But the key people behind this amazing payment system are; John Donahoe (chairman) and Dan Schulman (president) and CEO. The payment system has two types of product; Credit Cards, Payment System. And it’s headquarters is located at 2211 North First Street in San Jose, California U.S.
How Does Pay Pal Work
PayPal allows users to send money to each other’s email addresses. Without exposing each party’s credit card and account information at the same time. This idea is particularly good for purchasing goods from strangers. And also for transferring money to friends and loved ones. It also guarantees assurance on the side of both the buyer and seller. That they can recover their money or goods should the transaction go sour.
What Are The Requirements For PayPal
There is no business license or technological requirement to send or receive money through PayPal. All you need to have is a valid email address and a valid credit card or bank account details.
How Does Pay Pal Make Money
As a broker, PayPal makes its profit by charging you a percentage of the money transferred to you.
- Buyers are not charged to send money.
- It will only charge you to receive money (30 cent fee plus a percentage of surcharge).
- Pay Pal surcharges you to send money outside the country (roughly 2%).
- It may charge you to send funds to a friend or family member. If the receiver is not a registered user at PayPal, then there will be no charge included.
- Then Pay pal also surcharges you to send money from your credit card.
What Can I Use Pay Pal For – How To Use PayPal
There are three major uses of PayPal;
- For one-time online purchase: You like a nice wristwatch on eBay for example, Pay Pal is a better alternative to using your credit card. As your card information will be private and kept from the public eye.
- To send money to friends and family: You wish to send money to your kid brother in another country. Or you need to repay the cash you borrowed from a friend. PayPal is good at these transactions as they could have zero surcharges.
- For Subscriptions or renewing subscriptions: If you want to subscribe to Amazon prime or other internet subscription services that require a monthly payment. PayPal is a good choice instead of your credit card.
Why is Pay Pal So Popular
Pay Pal offers users three major benefits;
- It is very convenient, as all you need to know about a person is their email address to send them money.
- And it keeps your banking and credit cards information from the other party.
- It is used worldwide so there are a strong familiarity and trust around the PayPal service and operation.
PayPal is very sensitive when it comes to protecting your information from fraudsters as checks and balances are always put in place to ensure safe and comfortable transactions among its users. You may not find any other financial institution that is capable of protecting its customers than Pay Pal.