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Pay Pal: An Internet Age Money Transfer System
Pay Pal is an internet based money transfer system in which is money is sent and received by means of an e-mail address. This e-mail address serves as a payment account which is linked to a credit card for payments and a bank account for deposits. All the details like identity of the individual, address etc are verified with documents.
Typically a payment is made with paypal processor which sucks money from the credit card. When payments are received in the paypal account they can be transferred to the bank account.
Initially paypal faced teething troubles but now the system is quite mature. Security is very good in paypal transactions and you are saved the ordeal of sharing credit card details with tens of merchants online. Similarly small businesses are saved the headache of setting up of a credit card processor on their sites. Pay Pal is also fully compliant with local laws. It is an ebay company now.
Pay Pal is an internet age concept. I donot have to share my credit card details with different merchants. Thus my credit card data is safe. Pay Pal is secure. In years I had no issues with them. Transaction is smooth.Merchant accounts make it possible for small businesses to receive money online without having a bank online merchant solution.
It offers multi-currency payments worldwide on thousands of sites. Pay Pal also provides the facilities of recurring payments as well as batch payments. It offers several critical facilities and features to convert your site into an e-commerce site.When you signup for PayPal, you can start accepting credit card payments instantly. As the world's number one online payment service, PayPal is the fastest way to open your doors to over 230 million member accounts worldwide. Best of all, it's completely free to sign up! To sign up or learn more, click here.
